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HomeMy WebLinkAboutMINUTES - 11271984 - T.11 Til THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA DATE: November 27, 1984 MATTER OF RECORD SUBJECT: Public Hearing on the proposed issuance of industrial revenue bonds by the Industrial Development Authority of Contra Costa County for the purpose of assisting in the financing of a facility to be owned and used by Feralloy West Company, Pittsburg. In accordance with Section 103(k) (2) of the Internal Revenue Code, the Board this day held a noticed public hearing on the proposed issuance by the Industrial Development Authority of Contra Costa County of indus- trial revenue bonds in an amount not to exceed $2,000,000 for the purpose of assisting in the financing of a facility to be owned and operated by Feralloy West Company, consisting of steel processing equipment, to be installed at the Feralloy West Company plant located at 1601 Loveridge Road, Pittsburg, California, within the unincorporated area of Contra Costa County. No one appeared to orally express their views on the issuance of said revenue bonds, or on the nature and location of the facility proposed to be financed. Supervisor Torlakson read into the record a statement by Mr. Michael Tucevich, 132 Regent Drive, Pittsburg, in which he re- affirmed his objections to the proposed financing as articulated at prior hearings held by the Board on May 8, and May 22, 1984. The hearing was declared closed, and the Board thereupon ADOPTED Resolu- tion 84/694 approving the issuance of bonds by the Industrial Development Authority of Contra Costa County THIS IS A MATTER OF RECORD ONLY 00 313 BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA RESOLUTION NO. 84/694 APPROVING THE ISSUANCE OF BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF CONTRA COSTA TO FINANCE A PROJECT FOR FERRALLOY CORPORATION WHEREAS, the Industrial Development Authority of the County of Contra Costa (the "Authority") has accepted and, filed with this Board of Supervisors an amendment to an application (originally filed by Ferolloy Corporation) from Feralloy West Company (the "Applicant") requesting that the Authority issue its revenue bonds pursuant to the California Industrial Development Financing Act, being Title 10 of the California Government Code, as supplemented and amended (the "Act"), to finance the acquisition and installation of certain ipdustrial facilities (the "Project") as described in Exhibit "A" attached hereto and to be used by the Applicant; and WHEREAS, the Board of Directors of the Authority has made the determina- tions required to be made by it pursuant to Section 91530 of the Act preliminary to the issuance by the Authority of such revenue bonds; and WHEREAS, this Board of Supervisors has considered the information contained in the aforesaid application and has considered the determinations of the Board of Directors of the Authority; and WHEREAS, this Board of Supervisors has established interim guidelines to be used in evaluating applications pursuant to the Act, including the hiring of local unemployed and disadvantaged persons, length of commitment to locating in the County by the Applicant, the extent of impact on existing jobs and the extent of positive economic relationships with existing County business; and WHEREAS, notice of a public hearing with respect to the proposed issuance of such revenue bonds was published on November 12, 1984, in the Contra Costa Times, and - 1 - RESOLUTION NO. 84/694 00 314 on November 23, 1984 in the Antioch Ledger, newspapers of general circulation available to residents of the County of"Contra Costa (the "County"); and WHEREAS, on November 27, 1984, said public hearing was held before this Board of 'Supervisors and an opportunity was provided for interested persons to present arguments for and against the issuance of the Bonds and the nature and location of the Project; and WHEREAS, the interest on such bonds may qualify for tax exemption under Section 103(b) of the Internal Revenue Code of 1954, as amended (the "Code"), only if such bonds are approved in accordance with Section 103(k) of the Code; WHEREAS, the Project is to be located wholly within. the geographic jurisdiction of the County; and WHEREAS, the Authority has no elected legislative body, officers or other officials; and WHEREAS, this Board of Supervisors is the elected legislative body of the County and is the applicable elected representative required to approve the issuance of the Bonds within the meaning of Section 103(k) of the Code;, - NOW THEREFORE, BE IT RESOLVED, that the Board of Supervisors hereby declares that each of the foregoing recitals is correct and is certified to be a representation of the Board of Supervisors; and BE IT FURTHER RESOLVED, that the Board of Supervisors hereby approves the Project, subject to fulfillment of all requirements under the Act, the Preliminary Agreement previously approved by the Authority, and the inclusion of language in the Loan Agreement establishing the Applicants unconditional commitment to maintaining its operations in the County for three years, and for ten years or more.subject to favorable economic and business conditions, and approves the issuance of revenue bonds of the Authority to finance costs of the Project, which bonds and the interest thereon shall be paid from revenues received by the Authority from the Applicant pursuant to a financing 2 00 315 RESOLUTION NO. 84/694 agreement with respect to the Project to be entered into between the Authority and the Applicant; and ` BE IT FURTHER RESOLVED, that-it is the purpose and intent of the Board of Supervisors that this Resolution constitute the County's approval of the Project and the issuance of bonds in accordance with Section 91531 of the Act, as well as the approval of the bonds by the appropriate applicable elected representative in accordance with Section 103(k) of the Code; and BE IT FURTHER RESOLVED, that in accordance with the Act, the County Administrator and Ex-Officio Clerk of the Board of Supervisors or a Deputy Clerk is hereby directed to certify and deliver this Resolution to the Authority and to transmit to the Authority copies of any assessments, supporting studies, notices, certifications, declarations and environmental impact reports, and statements of agencies in connection with environmental matters, which relate to the Project and area in the records of this Board of Supervisors; and BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately upon its passage. cc: Ferralloy West Company 1601 Loveridge Rd., Pittsburg Orrick, Herrington & Sutcliff via Planning Director of Planning Private Industry Council (Art Miner) County Administrator County Counsel California Industrial Development Financing Advisory Committee via Planning - 3 - RESOLUTION NO. 84/694 00 316 EXHIBIT "A" Proposed Use of Industrial Development Bond Proceeds (Estimates) Sheeting Line $ 110009000 Slitting Line 400,000 Packaging Equipment 3509000 Installation 250,000 2,000,000 00 317 CLERK'S CERTIFICATE I, the undersigned, the Deputy Clerk of the Board of Supervisors of the County of Contra Costa, hereby certify that the foregoing is a full, true and correct copy of a resolution duly introduced and adopted at a regular meeting of the Board of Supervisors of the County of Contra Costa duly and regularly held on the 27th day of November, 1984, of which meeting all of the members of said Board of Supervisors had due notice and at which a majority thereof were present; and that said resolution was adopted by the following vote: AYES: Supervisors Powers, Fanden, Schroder, McPeak and Torlakson NOES: None ABSENT: None I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that said resolution is a full, true and correct copy of the original resolution so adopted and entered in said minutes; and that said resolution has not been amended, modified or rescinded since the date of its adoption and is now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the County of Contra Costa this 27th day of November , 1984. ATTESTED: PHIL BATCHELOR, COUNTY ADMINISTRATOR EX OFFICIO CLERK OF THE BOARD Deputy Clerk of t e Bo d of Supervisors of Contra Cost ounty (SEAL) Ute 318 RESOLUTION NO. 84/694