HomeMy WebLinkAbout88-10 - Cannery Village Parking FacilityRESOLUTION NO. 88 -10
A RESOLUTION OF THE .CITY COUNCIL OF THE CITY
OF NEWPORT BEACH RELATING To THE REAL PROPERTY
LEASE /PURCHASE AGREEMENT FOR THE CANNERY
VILLAGE PARKING FACILITY AND DESIGNATION AS A
• QUALIFIED TAX EXEMPT OBLIGATION
WHEREAS, in connection with the acquisition and
construction of a paved and metered municipal parking facility in
the Cannery Village area of Newport Beach (the Project), the City
Council has found and determined that it is necessary and in the
best interests of the City of Newport Beach that it enter into a
Real Property Lease /Purchase Agreement (the Lease) with First
Continental Financial Corporation as.,.Les.sor (the Lessor);
WHEREAS, Lessor has requested that the Lease be
designated as as "qualified tax exempt obligation" for purposes
of the Internal Revenue Code of 1986 (the Code); and
WHEREAS, pursuant to Section 265(b)(3) of the Code, it
is found and determined that it is appropriate to designate the
Lease as a qualified tax exempt obligation.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach:
Section 1: The City Council hereby designates the Lease
as "qualified tax exempt obligation" for purposes of Section
265(b)(3) of the Code;
Section 2: The City declares that the Lease is not a
"private activity bond" as defined in the Code and that neither
the City nor any of its subordinate entities reasonably expect to
issue in excess of $5,000,000 aggregate amount of qualified tax
exempt obligations during the calendar year in which the Lease is
issued; and the City hereby covenants not to designate more than
$5,000 aggregate amount of qualified tax exempt obligations
during the calendar year in which the Lease is issued;
Section 3: The City hereby represents that it has not
previously, during calendar year 1988, designated any obligation
as a "qualified tax exempt obligation."
ADOPTED this 8th day
ATTEST:
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City Clerk