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RESOLUTION NO. 84-129 <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 U.S.D. CORPORATION <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the City of Santa Ana (the "Authority") proposes to enter <br />into financing agreements with U.S.D. Corporation a Cali- <br />fornia corporation (the "Company"), and to issue its tax- <br />exempt industrial revenue bonds in an amount not to exceed <br />$3,000,000, for the purpose of providing financing for the <br />acquisition, rehabilitation, construction and improvement <br />of a manufacturing facility including equipment and appur- <br />tenant offices, warehousing, landscaping and other improve- <br />ments and facilities located at 3323 West Warner Avenue <br />within the City of Santa Ana, 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 elected <br />representative of the Authority, on the financing of the <br />Project and the proposal that the Authority issue its tax- <br />exempt bonds for such purpose, notice of which hearing has <br />been given in accordance with said Section 103(d); <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council <br />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 $3,000,000 for the purpose of providing financing <br />to U.S.D. Corporation, for the acquisition and construction <br />of the Project, and the entering into by the Authority of <br />financing agreements for such purpose. <br /> <br /> <br />