HomeMy WebLinkAbout1985-011
\..
t
;
[
~
,
'-'
\.
I
L
\.-
RESOLUTION NO. 85-11-IDA
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
TOWNE ADVERTISER'S MAILING SERVICE, INC.
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
Developmen t 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
improvemen t of ind ustrial and commerical projec ts loca ted
within the City; and
WHEREAS, Towne Advertiser's Mailing Service, Inc. a
California corporation, and successors and assigns ("Developer")
ha s reque sted the IDA to issue and sell its revenue bond s 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:
1. The IDA hereby authorizes the issuance and sale of
Bonds of the IDA pursuant to the California Industrial
Development Financing Ac t and the procedures specified in the
Resolution 83-1 in a principal amount of not to exceed Three
Million Dollars ($3,000,000) for the purpose of financing the
acquisition, rehabilitation of and additions and alterations
for the Project located at 302 E. Goetz Avenue. Such
authorization is for the purpose of inducing the Developer to
undertake to con struc t and develop the projec t and, in
particular, to do so at such location.
~
3
,.l
2. The issuance and sale of said bond s shall be upon
such terms and conditions as may be mutually agreed upon by the J.....
IDA, the Developer and the purc ha ser of said Bond s and shall be .
issued by resolution of the IDA at a meeting duly held and
conducted for such purpose.
3. The proceed s of the Bond s shall incl ude such rela ted
and nece ssary issuance expense s, admini stra ti ve co sts, 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
Re sol u tion con sti tu te s a substan tial ind ucemen t to the
Developer to undertake its Project within the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 17th day of
June
, 1985.
iuu
...j
Daniel E. Gri se t
Chairman
ATTEST:
~.. ~74'~
n1 e C. Guy, S,cre . y
DIRECTORS:
Griset
Luxembourger
Acosta
Hart
Johnson
McGuigan
Young
Absent
Ave
Ave
Absent
Ave
Ave
Aye
J
...,J