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12/14/81
RESOLUTION NO. 81-226
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
U.S.D. CORP, A SUBSIDIARY OF LIQUID AIR
CORPORATION OF NORTH AMERICA
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,
rehabilitation, construction and improvement of industrial
projects located within the City;
WHEREAS, U.S.D. Corp, a subsidiary of Liquid Air
Corporation of North America, 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 a diving and self-contained breathing equipment
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
the City that the City Council authorizes Bonds for the
aforesaid purposes;
of
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
3323 W. Warner 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. 81-226
PAGE TWO
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial
inducement to the Company~to~r~take its Project with the
City.
5. This Resolution shall take effect immediately
upon its passage and adoption.
ADOPTED, this 215t day of December
1981, by the following vote:
AYES:
COUNCILMEMBERS: Acosta, Bricken, Griset,
Luxemb0urger, McGuigan, Serrat0
NOES:
COUNCILMEMBERS: Marke]
ABSENT: COUNCILMEMBERS: None
ATTEST:
GO~BON BRICKEN
MKYOR