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RESOLUTION NO. 85- 85 issuance of the Bonds to an aggregate amount not tO exceed $10,000,000; and WHEREAS, the City Council wishes to approve the Appli- cation and the issuance of Bonds for the Project as required by the Act; AND FURTHERMORE, WHEREAS, it is the intent of the City that the Bonds shall constitute small issue industrial development bonds as provided in Section 103(b) (6) of the Internal Revenue Code (the "Code"), the interest on which is exempt from the gross income of the holders thereof; and WHEREAS, Section 103(k) of.the Code requires that such tax-exempt industrial development bonds must be approved by the elected legislative body (in this instance, the City Council) of the governmental unit issuing the bonds after a public hearing following reasonable public notice; NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: (1) The City Council hereby finds and determines that the proposed Project described in the Application (a) promotes the long-term employment of residents of the City, (b) will not adversely affect areas outside the boundaries of the City or transient residents of the State of California, and (c) is in the public interests of the City and consti- tutes a municipal affair of the City, a valid exercise of the police powers of the City, and a public purpose in which the City has a peculiar and unique interest. (2) The City Council hereby accepts and approves the Application described above and the participation of the City in the financing of such Project, subject to the provisions of the Act and the conclusion of all proceedings undertaken to consummate such financing to the satisfaction of the City. (3) The City of Santa Aha hereby confirms its intention to issue the Bonds to finance the Project in a principal amount not to exceed $10,000,000 pursuant to the Act cited above.