HomeMy WebLinkAbout85-112RESOLUTION NO. 85-112
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA ANA AUTHORIZING THE ISSUANCE
AND SALE OF $1,750,000 PRINCIPAL AMOUNT OF
COMMERCIAL REVENUE BONDS (MCFADDEN PROPERTIES), APPROVING
RELATED DOCUMENTS AND AUTHORIZING OFFICIAL ACTION
WHEREAS, the members of the City Council are the
duly elected officials of the City of Santa Ana for purposes
of Section 103(k) of the Internal Revenue Code of 1954, as
amended (the "code"); and
WHEREAS, this meeting of the City Council on
September 17, 1985 at 2:30 P.M. constitutes a public hearing
within the meaning of Section 103(k) of the Code; and
WHEREAS, adequate notice of the public hearing was
given by publication in the Register on September 3, 1985;
and
WHEREAS, said notice specified that this public
hearing shall be with respect to the following Project:
COMPANY: McFadden Properties, which will construct
and own the Project.
PROJECT: Acquisition, construction and improvement
of a manufacturing facility consisting of approxi-
mately 33,000 square feet, located on wilshire
Avenue between the Costa Mesa Freeway and Ritchey
Street at approximately 2041 Wilshire Avenue in
the City of Santa Ana, California. The Project
will be used for the manufacturing of o-rings by
International Seal Company, as proposed lessee of
the Project; and
WHEREAS, such notice also provided that the proposed
bonds will be issued by the Industrial Development Authority
of the City of Santa Ana (the "Authority") in a total principal
amount not to exceed $1,750,000 to finance the costs of the
Project and the bonds will be repaid entirely by the Company
and that neither the faith and credit nor the taxing power
of the City, the Authority, the State of California or any
political subdivision thereof will be pledged to the payment
of the principal of or interest on the proposed bonds or
other costs incident thereto; and
WHEREAS, no written comments were received prior
to this hearing; and
WHEREAS, those wishing to comment on the proposed
nature and location of the Project and financing were given
an opportunity to appear in person and speak at this hearing;
and
WHEREAS, all written comments on the proposed
nature and location of the Project and financing were read
and all persons appearing at the hearing who wished to comment
thereon have had an opportunity to do so;
NOW, THEREFORE, BE IT RESOLVED, that this Council,
in its capacity as the duly elected officials of the City of
Santa Ana for purposes of complying with Section 103(k) of
the Code, does hereby approve the creation by the Authority
of its industrial development bonds and does hereby approve
the issuance of such bonds in an aggregate principal amount
not to exceed $1,750,000 for the acquisition, construction
and improvement by McFadden Properties of a manufacturing
facility consisting of approximately 33,000 square feet,
located on Wilshire Avenue between the Costa Mesa Freeway
and Ritchey Street at approximately 2041Wilshire Avenue in
the City of Santa Ana, California, to be used for the manu-
facturing of O-rings by International Seal Company, as proposed
lessee of the project. The bonds may be issued on such
terms and conditions as may be approved by the Authority.
ADOPTED this ]7th day of September , 1985.
Daniel E. Griset
Mayor
ATTEST:
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COUNCILMEMBERS:
Griset Aye
Acosta Aye
Hart Aye
Johnson Aye
Luxembourger Aye
McGuigan A~e
Young Aye
APPROVED AS TO FORM:
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City Att~