Laserfiche WebLink
RESOLUTION NO. 1 -4 <br />A'RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE INDUSTRIAL DEVELOPMENT AUTHORITY <br />OF THE CITY OF FULLERTON SETTING A PUBLIC <br />HEARING FOLLOWING REASONABLE PUBLIC NOTICE <br />WHEREAS, on June 19, 1984 the Board of Directors (the "Board ") of the <br />Industrial Development Authority (the "Authority ") of the City of Fullerton, <br />• California (the "City ") has duly adopted Resolution No. 2 entitled "A RESOLU- <br />TION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF FULLERTON AUTHOR- <br />IZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION OF <br />EQUIPMENT AND FACILITY IMPROVEMENTS FOR PCL.PACKAGING, INC." wherein the <br />Authority, among other things, approved the.issuance of its industrial develop- <br />ment revenue bonds (the "Bonds ") to finance the cost of acquisition of equip- <br />ment and improvement of a plant facility in the City of Fullerton for PCL <br />Packaging Inc.; and <br />WHEREAS, it is the intent of the Board that such Bonds shall constitute <br />small issue industrial development bonds as provided in Section 103(b) (6) <br />of the Internal Revenue Code (the "Code "), the interest on which is exempt <br />from the gross income of the holders thereof; and <br />WHEREAS, Section 103(k) of the Code requires that such tax - exempt indus- <br />trial development bonds must be approved by the elected legislative body of <br />the governmental unit issuing the bonds (in this instance, the Authority) <br />after a public hearing following reasonable public notice; and <br />WHEREAS, the notice is presumed reasonable under the temporary regula- <br />tions of the Internal Revenue Service if it is published no fewer than 14 days <br />before the hearing and is, reasonably designed to inform citizens of the <br />affected governmental units (in this instance, citizens of the City) in the <br />same manner and the same locations as required of the approving governmental <br />unit (in this instance, the Authority) for any other purposes for which the <br />law of the State of California specifies a notice of public hearing require- <br />ment; provided, however, that notice is presumed to be reasonably in a locality <br />where the facility is located (in this instance, the City) only if published <br />in one or more newspapers of general circulation available to residents of <br />the locality or if announced by radio or television broadcast to those resi- <br />dents; and <br />WHEREAS, the California Industrial Development Financing Act (Title 10, <br />Chapter'l, Articles 1 and 2 of the Government Code of the State of California, <br />commencing with Section 91500) (the "Act ") pursuant to which the Authority <br />is authorized to issue the Bonds, provides that certain notices shall be pub- <br />lished pursuant to Section 6061 of the Government Code of the State of Cali- <br />fornia, which provides that notices be published once; and <br />WHEREAS, under temporary regulations of the Internal Revenue Service <br />such public hearing requirement is satisfied if the hearing is designed to <br />provide individuals of the affected governmental unit (in this instance, <br />individuals of the City) a reasonable opportunity to express their views on <br />the proposed issue; <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS: <br />SECTION 1. A public hearing to provide individuals of the City a reason- <br />able opportunity to express their views on the proposed issue of Bonds is <br />hereby set for 4:00 p.m., or as soon thereafter as the matter can be heard, <br />on November 20, 1984, in the Council Chambers of the City in City Hall, 303 <br />• W. Commonwealth Ave., following notice published in its entirety in a news- <br />paper of general circulation in the City at least fourteen (14) days before <br />the date set for said hearing, which publication is hereby ratified and ap- <br />proved, in the following form. <br />- NOTICE OF PUBLIC HEARING <br />NOTICE IS HEREBY GIVEN that the Board of Directors of the Industrial <br />Development Authority of the Citv of Fullerton will hold a public hearing <br />on November 20, 1984, as required by Section 103(k) (2) of the Internal Reve- <br />nue Code,'with respect to the proposed issuance by the Industrial Development <br />l�.v ,lYnv <br />' kn� <br />Cttts� <br />oc� <br />(atta�� ,t 1`iiu'ih, <br />