HomeMy WebLinkAbout83-047RESOLUTION NO. 83-47
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE EXPANSION AND
ACQUISITION OF MACHINERY AND EQUIPMENT FOR AN
INDUSTRIAL BUILDING AND RELATED FACILITIES BY
SABATASSO FOODS, INC.
WHEREAS, the City Council of the City of Santa Ana (the
"City") has adopted its Ordinance No. NS -1609 (the "Ordi-
nance") 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 and commercial
projects located within the City:
WHEREAS, Sabatasso Foods, Incorporated, a California
corporation, and successors and assigns ("Developer") has
requested the City to issue and sell its revenue bonds for
the purpose of financing the expansion and acquisition of
machinery and equipment for an industrial building and re-
lated facilities (the "Project"), to be constructed by the
Developer within the City, and the City Council wishes to
induce the Developer 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 Ten Million Dollars ($10,000,000.00)
for the purpose of financing the expansion and acquisition
of machinery and equipment for the Project located at 240
East Dyer Road. Such authorization is for the purpose of
inducing the Developer 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 Developer 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.
4. The City Council does hereby find that the adoption
of this Resolution constitutes a substantial inducement to
the Developer to undertake its Project within the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 18th day of
Z//I� I � -W-
y/ "" /-
R. W. Loi embourger, Mayor
ATTEST:
anice C. Guy,ler f the Council
COUNCILMEMBERS:
, 1983.
Bricken Awe
Luxembourger yA e
Acosta Aye
Young Aye Approved as to form:
Griset Aye
Johnson Aya
McGuigan Aye ?A4& -
war op_or, City Attorney