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RESOLUTION NO. 85-112 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA ANA AUTHORIZING THE ISSUANCE AND SALE OF $1,750,000 PRINCIPAL AMOUNT OF COMMERCIAL REVENUE BONDS (MCFADDEN PROPERTIES), APPROVING RELATED DOCUMENTS AND AUTHORIZING OFFICIAL ACTION WHEREAS, the members of the City Council are the duly elected officials of the City of Santa Ana for purposes of Section 103(k) of the Internal Revenue Code of 1954, as amended (the "code"); and WHEREAS, this meeting of the City Council on September 17, 1985 at 2:30 P.M. constitutes a public hearing within the meaning of Section 103(k) of the Code; and WHEREAS, adequate notice of the public hearing was given by publication in the Register on September 3, 1985; and WHEREAS, said notice specified that this public hearing shall be with respect to the following Project: COMPANY: McFadden Properties, which will construct and own the Project. PROJECT: Acquisition, construction and improvement of a manufacturing facility consisting of approxi- mately 33,000 square feet, located on wilshire Avenue between the Costa Mesa Freeway and Ritchey Street at approximately 2041 Wilshire Avenue in the City of Santa Ana, California. The Project will be used for the manufacturing of o-rings by International Seal Company, as proposed lessee of the Project; and WHEREAS, such notice also provided that the proposed bonds will be issued by the Industrial Development Authority of the City of Santa Ana (the "Authority") in a total principal amount not to exceed $1,750,000 to finance the costs of the Project and the bonds will be repaid entirely by the Company and that neither the faith and credit nor the taxing power of the City, the Authority, the State of California or any political subdivision thereof will be pledged to the payment of the principal of or interest on the proposed bonds or other costs incident thereto; and WHEREAS, no written comments were received prior to this hearing; and