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HomeMy WebLinkAbout1983-010 RESOLUTION NO. 83-10-IDA , ~ A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA, AUTHORIZING THE ISSUANCE OF $1,500,000 PRINCIPAL AMOUNT OF AN INDUSTRIAL DEVELOPMENT REVENUE BOND FOR CONSTRUCTION AND REHABILITATION OF CERTAIN INDUSTRIAL FACILITIES AND PROVIDING THE TERMS 'AND CONDITIONS FOR THE ISSUANCE OF SAID BOND. WHEREAS, the California Industrial Development Financing Act of the State of California, California Government Code Section 91500, et ~., as amended, (the "Act") permits an industrial development authority to issue revenue bonds for the purpose of financing the acquisition, construction and/or rehabilitation of facilities, including bot~ real and personal property, suitable for industrial uses such as assembling, fabrica- ting, manufacturing or processing activities with respect to any products of agriculture, forestry, or manufacturing; and WHEREAS, the Industrial Development Authority of the City of Santa Ana (the "Authority") is authorized by I L Ordinance No. NS-1559, duly adopted by the City of Santa Ana, California on January 5, 1981, to exercise powers of acquiring, constructing and/or rehabilitating facilities and to enter into agreements for the same; and l WHEREAS, Rexnord Inc., a corporation organized and existing under the laws of the State of Wisconsin and duly qualified to do business in the State of California (the "Company"), has requested that the Authority issue bonds for the purpose of constructing and rehabilitating certain facilities located in the City of Santa Ana to be used for the manufacture of specialty threaded fasteners and hydraulic fittings and bond issuance expenses (the "Project"); and WHEREAS, the Authority has requested the California Industrial Development Financing Advisory Commission to review the information submittea and to be submitted by the Authority with respect to the financing of the Project, and said Commission has, by duly adopted resolution, made certain initial determinations with respect thereto, as required by the Act, and has been requested to make the further determinations authorized by Section 91531 of the Act; and l WHEREAS, the Authority wishes to order, subject to complian~e with Section 91531 of the Act, the issuance and sale of $1,500,000 aggregate principal amount of its Industrial Development Revenue Bond (Rexnord Inc. Project) for the foregoing purposes and to authorize the execution 2 . , , I l l of certain other related doc~ments and agreements; and WHEREAS, there have been presented to this meeting the fcllowing: (1) Proposed form of Loan Agreement dated as of Dec. 22, 1983 (the "Agreement"), between the Authority and the Company; (2) Proposed form of Trust Indenture dated as of Dec. 22, 1983 (the "Indenture"), between the Authority and Marshall Ilsley Bank, as Trustee (the "Trustee"), providing for the authorization and issuance of $1,500,000 principal amount of the Authority's Industrial Development Revenue Bond (Rexnord Inc. Project) (the "Bond"); . NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Industrial Development Authority of the City of Santa Ana, as follows: 3. Section 1: The form, terms and provisions of the Agreement be, and they hereby are, approved r ! l and, subject to compliance with Section 91531 of the Act, the Chairman and Vice Chairman be, and each of them hereby is authorized and empowered to execute and the Secretary is hereby authorized and empowered to attest and deliver the Agreement in substantially the form presented to and con- sidered at this meeting, with such changes therein as may be approved by the official executing the same, such approval to be conclusively evidenced by execution thereof. Section 2: The form, terms and provisions of the Indenture be, and they hereby are, approved and, subject to compliance with Section 91531 of the Act, the Chairman and Vice Chairman be and each of them hereby is authorized and empowered to execute and the Secretary is hereby authorized and empowered to attest and deliver to the Trustee the Indenture in substantially the form presented to and considered l at this meeting, with such changes therein as may be approved by the official executing the same, such approval to be conclusively evidenced by execution thereof. 4 . Section 3: The form, terms and provisions of the Bond Purchase Agreement be and they hereby are I ! L approved, and, subject to compliance with Section 91531 of the Act, the Chairman or Vice Chairman and the Secretary be, and each of them hereby is, authorized and empowered to execute and deliver the Bond Purchase Agreement in substantially the form presented to and considered at this meeting, with such changes as may be approved by the officials executing the same, such approval to be conclusively evidenced by execution thereof. Section 4: This Authority approves the issuance of the Bond in the principal amount of $1,500,000 in accordance with the terms of and secured by the Indenture. Payment of the principal of, any redemption premHll1L and the l.l\'Lerest un d18 BUIlds sht.ll be made solely from the Revenues to be received by the Authority pursuant to the Agreement, and said Bonds shall not be deemed to constitute a debt or liability of the Authority or the City of Santa Ana. l Section 5: Subject to compliance with Section 91531 of the Act, the chairman or Vice Chairman, and the Secretary are hereby authorized and directed to 5. execute the Bond, in the name and on behalf of the Authority and under its seal, in the principal amount I i i ~ not to exceed $1,500,000 in accordance with the Bond Purchase Contract and the Indenture and in the form set forth in the Indenture; the Bond shall bear interest at the rate set forth in, or established pursuant to the method set forth in, the Indenture, which is hereby approved. Section 6: The Bond, when so executed, shall be delivered to the Trustee for authentication by the Trustee. The Trustee is hereby requested and directed to authenticate the Bond so delivered by executing the Trustee's Certificate of Authentication appearing thereon, and to deliver the Bond, when duly executed and authenticated, to the purchaser thereof in accordance with written l.nstructions executed on behalf of the Authority by the Chairman or Secretary, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and to deliver to the f I f ~ ~ Trustee. Such instructions shall provide for the delivery of the Bond to the purchaser thereof upon payment of the purchase price thereof. 6. '-' ~ , \ ~ '-' l ~ ....... - . , . Section 7: All actions heretofore taken by the officers and agents of the Authority with respect to the sale and issuance of the Bond are hereby approved, confirmed and ratitfied, and the officers of the Authority and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all certificates and other documents in addition to those enumerated herein which they or bond counsel may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bond, subject to compliance with Section 91531 of the Act, and otherwise to effectuate the purpose of this resolution. Section 8: This resolution shall take effect immediately upon its passage. APPROVED AND ADOPTED, this 19t1i1ay of December , 1983. ATTEST: ~_. /r.4r ( nice C. Guy, s;cr DIRECTORS: Luxembourger Griset Acosta Bricken Johnson McGuigan Young yes yes yes yes yes yes yes Approved as to form: 7.