HomeMy WebLinkAbout1984-006
RESOLUTION NO. 84-6-IDA
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A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF
BONDS FOR THE PURPOSE OF FINANCING THE REHABILITATION
OF AND ADDITIONS AND ALTERATIONS TO INDUSTRIAL
BUILDINGS AND RELATED FACILITIES BY U.S.D. CORP.
WHEREAS, the City Council of the City of Santa Ana
(the "City") has adopted its Ordinance No. NS-1559 (the
"Ordinance") authorizing the establishment of the Industrial
Development Authority of the City of Santa Ana (the "IDA") to
issue and sell its bonds, notes, interim certificates,
debentures or other obligations ("Bonds") pursuant to the
California Industrial Development Financing Act (Government
Code, Section 91500 et seq.), for the purpose of providing
financing for the acquisition, rehabilitation, construction and
improvement of industrial and commerical projects located
within the CitYl and .
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WHEREAS, U.S.D. Corp., a corporation, and successors
and assigns ("Developer") has requested the IDA to issue and
sell its revenue bonds for the purpose of financing the
rehabilitation of and additions and alterations to industrial
buildings and related facilities (the "Project"), to be
completed by the Developer within the City, and the IDA wishes
to induce the Developer to construct and develop the Project in
the CitYl and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the C~ty
that the IDA authorizes Bonds for the aforesaid purposesl
BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS:
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1. The IDA hereby authorizes the issuance and sale of
Bonds of the IDA pursuant to the California Industrial
Development Financing Act and the procedures specified in
Resolution 83-1 in a principal amount of not to exceed Two
Million Dollars ($2,000,000.00) for the purpose of financing
the rehabilitation of and additions and alterations for the
Project located at 3323 West Warner Avenue. 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.
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2. The issuance and sale of said bonds shall be upon
such terms and conditions as may be mutually agreed upon by the
IDA, the Developer and the purchaser of said Bonds and shall be
issued by resolution of the IDA 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 IDA 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 16th day of
July
, 1984.
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Ob~~Lu~e~bOUrger;v .
Chaman
ATTEST:
d.. ~ - ---r.~
tlnice C. Guy, Sricre~
DIRECTORS:
Luxembourger
Griset
Acosta
Bricken
Johnson
McGuigan
Young
Aye
Absent
Absent
Aye
Aye
Aye
Aye
~{~er
Legal Counsel
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