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1 RESOLUTION NO. 19829 2 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE APPROVING THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF 3 RIVERSIDE OF NOT TO EXCEED $8,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE BENEFIT OF SABERT 4 CORPORATION OR A RELATED OR SUCCESSOR ENTITY 5 WHEREAS, the Industrial Development Authority of the City of Riverside (the "Authority") has 6 accepted an application from Sabert Corporation (the "Applicant") requesting the Authority to issue 7 its industrial development revenue bonds pursuant to the California Industrial Development Financing 8 Act, being Title 10 of the California Government Code, as supplemented and amended (the "Act"), 9 to finance a portion of the cost of the acquisition, construction, rehabilitation and installation of certain 10 property and equipment (the "Project") for the benefit of the Applicant and/or a related or successor 11 entity (collectively, the "Company"); and 12 WHEREAS, the Company will use the Project to manufacture and distribute disposable plastic 13 platters, bowls, plates, lids and utensils or for the manufacture of other tangible personal property; and 14 WHEREAS, the Board of Directors of the Authority in its Resolution of Intention No. 15 51 , adopted on December 19, 2000, authorized the issuance of its tax-exempt and/or 16 taxable industrial development bonds in an aggregate principal amount not to exceed $8,000,000 (the 17 "Bonds") for the benefit of the Company; and 18 WHEREAS, the Authority has made the determinations required to be made pursuant to Section 19 91530 of the Act preliminary to the issuance by the Authority of the Bonds; and 20 WHEREAS, this Council has considered the information contained in the aforesaid application 21 and has considered the determinations of the Authority; and 22 WHEREAS, the issuance of the Bonds must be approved by this Council in order to satisfy the 23 public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the 24 "Code") and Section 91530(f) of the Act; and 25 WHEREAS, the Clerk of the City of Riverside (the "City") has caused a notice to appear in The 26 Press-Enterprise, which is a newspaper of general circulation in the City, on December 22, 2000, to 27 the effect that a public hearing would be held by the Council on January 9, 2001, regarding the City Attorney's Office 3900 Main Street Riverside, CA 92522 (909) 826-5567