HomeMy WebLinkAbout1985-014
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INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA
RESOLUTI ON NO. IDA 85-14
A RESOLUTION ACCEPTING APPLICATION OF TOWNE ADVERTISER'S
MAILING SERVICE, INC. FOR INDUSTRIAL DEVELOPMENT REVENUE BOND
FINANCING, MAKING FINDINGS WITH RESPECT THERETO,
AND AUTHORIZING OFFICIAL ACTION
Industrial Development Revenue Bonds, Series 1985
(Towne Advertiser's Mailing Service, Inc. Project)
WHEREAS, the IndJstrial Development Authority of the City of Santa Ana
(the "Authority") is an industrial development financing authority dulyformed
and existing under the California Industrial Development Financing Act, Title
10 of the California Government Code (the "Act") and is authorized under the
--.. Act to issue and sell its tax-exempt industrial revenue bonds for the purpose
of providing financing for the acquisition, construction and improvemelt of
certain industrial projects located within the City of Santa Ana <the "City");
and
WHEREAS, Towne Advertiser's Mailing Service, Inc, (the "Company") has
requested the Authori ty 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") within the City
and the Authority has heretofore adopted its Resolution No. 85-1l-IDA to
induce the Company to acquire, construct, and develop the Project in the City;
and
WHEREAS, an application (the "Application") has been filed with the
AU,thority by the Company in accordance with Section 91529 of the Act, and the
Company has requested the Authori ty to m(1.ke its determi nation pursuant to
Section 91530(c) of the Act; and
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WHEREAS, it is in the public interest, for the public benefit and in
furtherance of the public purposes of the Authority that it authorize bonds
for the aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA (HEREINAFTER THE
"BOARD") AS FOllOWS:
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1, The Board hereby accepts the Application of the Company on file
with the Secretary of the Authority for the financing of proposed Project of
the Company described in said Application, Acceptance by the Board of said
Application shall in no way obligate the Authority preliminarily to undertake
the Project.
2, The Board has duly considered the Application of the Company, and
other information provided, and hereby finds and determines (a) that it is
likely that the undertaking of the Project by the Authority will be a
substantial factor in the accrual of each of the publ ic benefits from the use
of the Project as proposed in the Application; (b) that the activities and
uses of the Project are in accord with Section 91503 of the Act, and (c) that
the Project is otherwi se in accord wi th the purposes and requi rements of the
Act.
3, The Board hereby authorizes the issuance and sale of bonds of the
,^.uthority pursuant to the Act and the procedures specified therein in a
principal amount of not to exceed Two Million One Hundred Sixty Thousand
Dollars ($2,160,000) for the purpose of financing the Project to be located at
302 E. Goetz Avenue in the City of Santa Ana, California, The Application on
file with the Secretary is referred to for further particulars.
4. The issuance and sale of said bonds shall be subject to the
granting of all necessary administrative and regulatory approvals and shall be
upon such terms' and conditions as may. be mutually agreed upon by the
Authori ty, the Company and the purchaser of said bonds and shall be authori zed
by resolution of the Board of Directors of the Authority at a meeting duly
held and conducted for such purpose,
5,
issuance
payme n t s
The proceeds of the bonds shall include such related and necessary
expenses, administrative costs, debt service reserves and interest
as may be required to accomplish successfully the financing,
6, The Secretary of the Authority is hereby authorized and directed to
cause notice of the filing of the Company's Application, as amended or
supplemented, to be published in accordance with the requirements of Section
91530(e) of the Act.
7, The Secretary is further authorized and directed forthwith to
certify and file a copy of this Resolution and the Application with the City
Clerk of the City of Santa Ana.
8, The Secretary is further authorized and directed to transmit to the
California Industrial Development Financing Advisory Commission (the
"Commission") this Board's request that the Commission make its determinations
in regard to the Project, together with such information as may be required by
. the Commission.
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9. This resolution shall take effect immediately upon its
passage and adoption.
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ADOPTED, this 3rd
day of
September , 1985.
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OPER
Chairman
City Attorney
ATTEST:
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Secretary
......
DIRECTORS:
Aye
AYe
AYe
AYe
AYe
AIlSent
AIlSen t
......-...-..-...............-~.".~,-~---~~-_...-
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Griset
Luxembourger
Acosta
Hart
Johnson
McGuigan
Young
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