HomeMy WebLinkAboutRES-85-4803 (CIVIC CENTER/LIABILITIES)RESOLUTION NO. 8-a_4803
A resolution providing for the assumption of
liabilities of the City of Hermosa Beach Civic Center
Building Corporation, a non-profit California
corporation, by the City of Hermosa Beach upon the
dissolution of said corporation.
WHEREAS, the City of Hermosa Beach Civic Center
Building Corporation, a non-profit California corporation, was
formed in order to construct a city hall facility for the
benefit of the City;
WHEREAS, in order to finance construction of the
improvements, the corporation issued and sold bonds in the face
amount of $420,000.00;
( WHEREAS, all bonds issued have now been redeemed and
the purposes of the corporation have been fulfilled;
WHEREAS, the corporation is preparing to dissolve and,
after payment of all known debts and liabilities, pursuant to
its Articles of Incorporation transfer all remaining assets to
the City;
WHEREAS, prior to dissolution it is necessary for a
surviving entity to formally assume the corporation's
liabilities;
WHEREAS, it is deemed necessary and desirable by the
City Council of the City of Hermosa Beach to assume such
�•- liability; and
WHEREAS, it is necessary to authorize and direct the
execution of appropriate documents by the Mayor and City Clerk
of said City to effectuate said assumption;
NOW, THEREFORE, the City Council of the City of
Hermosa Beach does resolve as follows:
Section 1. That the City Council of the City of
Hermosa Beach hereby authorizes the City to accept such assets
of the City of Hermosa Beach Civic Center Building Corporation,
a non-profit California corporation, as said corporation may
transfer to the City upon said corporation's dissolution.
Section 2. That the City Council of the City of
Hermosa Beach hereby authorizes the City to assume all Cali-
fornia franchise tax liabilities and to assume all other
liabilities of the City of Hermosa Beach Civic Center Building
Corporation, a non-profit California corporation, when and to
the extent only that the City actually receives assets from
said corporation.
Section 3. That the Mayor of the City is hereby
authorized and directed to execute in the name of and on behalf
of the City a Franchise Tax Board Corporate Assumption of Tax
Liability document in substantially the form of Exhibit "A"
attached hereto and made a part hereof.
Section 4. That all resolutions or parts thereof in
conflict herewith be and the same are to the extent of such
conflict hereby repealed.
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Section 5. That this resolution shall become
effective upon its adoption.
Adopted and approved this26thday of February
1985.
Attest:
r./.,i i. rt.. . d
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✓� 'a,CC-J�,
Mayor
STATE OF CALFFOU IA.
COUNTY OF LOS Ai10ELEs )
CITY OF 11-RhO` A REACH )
I, KATK EEN REVICZKY, City Clerk of the City of
Hermosa Beach, California, do hereby certify that the
foregoing Resolution No. 85-4803 was duly and regularly
passed, approved and adopted by the City Council of the
City of Hermosa Beach at a regular meeting of said
Council held at the regular meeting place thereof on the
26th day of February, 1985. The vote was as follows:
AYES: Brutsch, Cioffi, DeBellis, Wood, Mayor Barks
NCES: None
ABSENT: None
ABSTAIN: None
DATED: July 9, 1985
i
Kathleen Reviczky, Ci y Cle.k