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12/14/81
RESOLUTION NO. 81- 231
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS
FOR THE PURPOSE OF FINANCING THE EXPANSION OF
MANUFACTURING AND RELATED FACILITIES BY CETEC
CORPORATION
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, Cetec Corporation, 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 expansion of certain industrial
facilities and the acquisition of equipment for use in the
manufacture of automatic boat pilots 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 Three Million Dollars
($3,000,000) for the purpose of financing the acquisition,
construction and improvement of the Project located at
3300 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- 231
PAGE TWO
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial
inducement to the Company to undertake 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,
Luxembourger, McGuigan, Serrato
NOES:
COUNCILMEMBERS: Marke]
ABSENT: COUNCI LMEMBERS: None
ATTEST:
E~WARD J% C~OP~R
CITY ATTORNEY