HomeMy WebLinkAbout1983-009
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12/04/83
12/13/83
RESOLUTION NO. 83-9-IDA
A RESOLUTION OF TfJE INDUSTRIAL DEVELOPMENT AUTfJORITY
OF THE CITY OF SANTA ANA AUTHORIZING EXECUTION OF
LOAN AGREEMENT AND PURCfJASE AGREEMENT
AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH
RESPECT THERETO (FAIRVIEW INVESTORS PROJECT)
BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS
FOLLOWS:
WHEREAS, the Industrial Development Authority of the City of Santa Ana (the
"Authority") proposes to issue its Industrial Development Bonds (Fairview
Investors Project) (the "Bonds") in the aggregate principal amount of $2,280,000 in
order to make a loan to Fairview Investors, Ltd., (the "Company") for the
acquisition and construction of improvements to its facilities located at 2722
South Fairview Street in the City of Santa Ana;
WfJEREAS, there has been filed with the Secretary of this Authority a Loan
Agreement, dated as of December I, 1983, by and between the Authority and the
Company (the "Loan Agreement"), pursuant to which the Authority will loan the
proceeds of ~he Bonds to the Company for the aforesaid purposes and an agreement
for purchase of the Bonds, dated as of the date hereof (the "Purchase Agreement"),
pursuant to which the Authority will sell the Bonds to the purchasers thereof, and
this Authority has, with the aid of its staff, reviewed said Loan Agreement and and
said Purchase Agreement and each and every part thereof; and
WfJEREAS, it is in the public interest and for the public benefit and in
furtherance of the public purposes of the Authority that the Loan Agreement and the
Purchase Agreement be approved and the officers and the staff of the Authority be
directed to cooperate with the Company and the purchasers of the Bonds to provide
for the issuance of the Bonds;
NOW, TfJEREFORE, it is hereby RESOLVED, DETERMINED AND ORDERED, as follows:
1. The Loan Agreement is hereby approved and the Cha i rman is hereby
authorized to execute said Agreement and the Secretary is hereby authorized to
attest to his execution.
2. The Purchase Agreement is hereby approved and the Chairman is hereby
authorized to executed said Agreement and the Secretary is hereby authorized to
attest to his execution, and the Bonds are hereby authorized to be sold to the
purcha sers named in sa i d Agreement, subject to authori zat i on of the Bonds by
supplemental resolution adopted by the Authority on this date.
3. The Chairman, Vice Chairman and Secretary of the Authority and their
assistants and deputies, and any other officers or employees of the Authority
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designated by certificate of any of the aforesaid officers, are hereby authorized
and directed to execute any certificates, requests, agreements or other documents
required to enable del ivery of the Bonds and to consummate the transactions
contemplated by the Loan Agreement and the Purchase Agreement and, with the prior
approval of bond counsel to the Authority for the Bonds, to approve any technical
modifications or additions required to be made to the Loan Agreement and the
Purchase Agreement to reflect the intent thereof and to enable del ivery of the
Bonds.
ADOPTED, this 19th day of December, 1983.
ATTEST:
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Secretary I \
DIRECTORS:
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Luxembourger
Griset
Acosta
Briden
Johnson
McGuigan
Young
Aye
Aye
Aye
Aye
Aye
Aye
Aye
i~O"
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