HomeMy WebLinkAbout81-204REL:jd
11/24/81
RESOLUTION NO. 81- 204
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS
FOR THE PURPOSE OF FINANCING THE CONSTRUCTION
OF MANUFACTURING AND RELATED FACILITIES BY
MARTIN-DECKER DIVISION OF COOPER INDUSTRIES, INC.
WHEREAS, the City Council of the City of Santa Ana
(the "City") has adopted its Ordinance No. NS-1609 (the
"Ordinance") authorizing the City to issue and sell its
bonds, notes, interim certificates, debentures or other
obligations ("Bonds") pursuant to the City Charter for the
purpose of providing financing for the acquisition, rehabil-
itation, construction and improvement of industrial projects
located within the City;
WHEREAS, Martin-Decker Division of Cooper Industries,
Inc, a corporation qualified to do business in California
("Company") has requested the City to issue and sell its
revenue Bonds for the purpose of financing the construction
of certain industrial facilities consisting of an oilfield
instrumentation product manufacturing facility and parking
and related and appurtenant facilities and property (the
"Project"), to be constructed by the Company within the
City, and the City Council wishes to induce the Company to
construct and develop the Project in the City; and
WHEREAS, it is in the public interest, for the
public benefit and in furtherance of the public purposes of
the City that the City Council authorizes Bonds for the
aforesaid purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
1. The City Council hereby authorizes the issuance
and sale of Bonds of the City pursuant to the City Charter
and the procedures specified in the Ordinance in a principal
amount of not to exceed Five Million Dollars ($5,000,000)
for the purpose of financing the acquisition, construction
and improvement of the Project located at 1928 South Grand
Avenue. Such authorization is for the purpose of inducing
the Company to undertake to construct and develop the Project
and, in particular, to do so at such location.
2. The issuance and sale of said Bonds shall be
upon such terms and conditions as may be mutually agreed
upon by the City, the Company and the purchaser of said
Bonds and shall be issued by resolution of the City Council
at a meeting duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such
related and necessary issuance expenses, administrative
costs, debt service reserves and interest payments as may be
required to accomplish successfully the financing.
RESOLUTION NO. 81-204
PAGE TWO
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial in-
ducement to the Company to undertake its Project within the
City.
5. This Resolution shall take effect immediately
upon its passage and adoption.
ADOPTED, this 7th day of December
1981, by the following vote:
AYES:
NOES:
COUNCILMEMBERS: Bricken, Griset, Luxemb0urger,
McGuigan, Serrato
COUNCILMEMBERS: Markel
ABSENT
ATTEST:
ERK OF THE COUNC~[L
COUNCILMEMBERS: Acosta
CITY ATTORNEY