Laserfiche WebLink
<br />DF.S:djg-c <br />1 ): rks <br /> <br />6/29/84 <br />7/02/84R <br /> <br />ORIGINAL <br /> <br />RES 0 L UTI 0 N <br /> <br />N o. 9 61 2 <br /> <br />JUt 2 1984 <br /> <br />RESOLUTION APPROVING A FINANCING PLAN FOR THE <br />CONSTRUCTION AND ACQUISITION OF CERTAIN WHARF <br />FACILITIES FOR THE PORT OF REDWOOD CITY (WHARF NO.3) <br /> <br />WHEREAS, the Board of Port Commissioners of the City of <br /> <br />Redwood City has presented to this Council a financing plan for <br /> <br />the <br /> <br />construction <br /> <br />and <br /> <br />acquisition of those <br /> <br />certain wharf <br /> <br />facilities <br /> <br />and <br /> <br />appurtenances <br /> <br />designated <br /> <br />"viharf <br /> <br />No. <br /> <br />3" <br /> <br />(hereinafter, the "Wharf Facilities"); and <br /> <br />WHEREAS, the wharf facilities are, and will be, used by <br /> <br />Levin Metals Corporation, a privately owned company, under a <br /> <br />non-exclusive preferential right; and <br /> <br />WHEREAS, <br /> <br />said financing plan includes a proposal for <br /> <br />entering into an Installment Sale Agreement in the principal <br /> <br />amount of not to exceed $2,000,000 under which the interest <br /> <br />component of installment payments is intended to qualify for <br /> <br />income tax exempt status in the hands of the seller thereunder or <br /> <br />its <br /> <br />assignee <br /> <br />pursuant <br /> <br />to <br /> <br />applicable <br /> <br />taxation <br /> <br />laws <br /> <br />and <br /> <br />regulations; and <br /> <br />WHEREAS, in order to qualify for such status under Section <br /> <br />103{k) of the Internal Revenue Code, it is necessary that <br /> <br />approval for the execution and delivery of such Installment Sale <br /> <br />Agreement be obtained from the applicable elected representative <br /> <br />having jurisdiction over the area in which the Wharf Facilities <br /> <br />are located; and <br /> <br />~~G12 <br />