HomeMy WebLinkAbout1985-006
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RESOLUTION NO. 85-6 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 ACQUISITION,
REHABILITATION OF AND ADDITIONS AND ALTERATIONS TO
INDUSTRIAL BUILDINGS AND RELATED FACILITIES BY
HOROWITZ BROTHERS TRUST
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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 Authori ty of the Ci ty 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 City; and
WHEREAS, Horowitz Brothers Trust and successors and
assigns ("Developer") has requested the IDA to issue and sell
its revenue bonds for the purpose of financing the acquisition,
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 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:
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1. The IDA hereby authori zes the issuance and sal e of
Bonds of the IDA pursuant to the California Industrial
Development Financing Act and the procedures specified in the
Resolution 83-1 in a principal amount of not to exceed Two
Million Dollars ($2,000,000) for the purpose of financing the
acquisition, rehabilitation of and additions and alterations
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for the Project located at 2216 South Grand. SuCh.,J
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 sal e of sa id bonds shall be upon J.........
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
accompl ish successfully the financing.
4. The IDA does
Resolution constitutes
Developer to undertake its
hereby find that the adoption
a substantial inducement
Project within the City.
of this
to the
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADO PH D, t his 21st day 0 f January
, 1985.
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'will
Daniel E. Griset
Chairman
ATTEST:
0,' Jyj{~
(; nice C. Guy,;Secr rr-y
DIRECTORS:
Griset
Johnson
Ac 0 s t a
Hart
Luxembourger
McGuigan
Young
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Legal Counsel
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