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RESOLUTION NO. 84-128 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING AN ISSUANCE OF BONDS BY THE <br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF <br />SANTA ANA FOR KIMSTOCK, INC. <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the City of Santa Ana (the "Authority") proposes to enter <br />into financing agreements with Kimstock, Inc., a <br />California corporation (the "Company"), and to issue its <br />tax-exempt industrial revenue bonds in an amount not to <br />exceed $3,300,000, for the purpose of providing financing <br />for the acquisition, rehabilitation, construction and <br />improvement of a manufacturing facility including <br />equipment and appurtenant offices, warehousing, <br />landscaping and other improvements and facilities located <br />at 2200 w. Yale Street within the City of Santa Ana, <br />California (the "Project"); <br /> <br /> WHEREAS, in accordance with Section 103(k) of <br />the Internal Revenue Code of 1954, as amended, a public <br />hearing has been duly called and conducted before the City <br />Council of the City of Santa Ana, as the applicable <br />elected representative of the Authority, on the financing <br />of the Project and the proposal that the Authority issue <br />its tax-exempt bonds for such purpose, notice of which <br />hearing has been given in accordance with said Section <br />103(d); <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City <br />Council of the City of Santa Ana as follows: <br /> <br /> Section 1. The City Council hereby approves the <br />Project, the issuance by the Authority of its tax-exempt <br />industrial revenue bonds in the principal amount of not to <br />exceed $3,300,000 for the purpose of providing financing <br />to Kimstock, Inc., for the acquisition and construction of <br />the Project, and the entering into by the Authority of <br />financing agreements for such purpose. <br /> <br /> <br />