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393 RESOLUTION NO. 88-62 A RESOLUTION APPROVING THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR CERTAIN RESEARCH AND DEVELOPMENT FACILITIES AND DESIGNATING PRIVATE ACTMTY BOND LIMIT TO THE BONDS RESOLVED, by the City Council of the City of Santa Aha, California, as follows: WHEREAS, the Industrial Development Authority of the City of Santa Ana (the 'Authority') proposes the issuance of Industrial Development Bonds, series A (the 'Bonds~) for the purpose of providing financing for certain research and development facilities; WHEREAS, section 147(fl of the Internal Revenue Code of 1986, as amended (the 'Code~) requires the City Council of the City of Santa Ana, as the duly elected representative of the Authority, to approve the issuance of the Bonds after a public hearing following reasonable notice; WHEREAS, the City Council has, on the date hereof, held a public hearing following duly published notice thereof, and all persons desiring to be heard have been heard; WHEREAS, section 146 of the Code imposes a volume limitation upon the issuance of obligations such as the Bonds and and permits the State of California to establish a formula for allocation of the vol,,rne limitation and the State of California has, pursuant to Section 8869.80 et seq. of the Government Code of the State of California (the 'Act"), determined a formula for allocation of the volume limitation for the State of California; WHEREAS, Section 8869.86Co) of the Act requires that the issuer of bonds which are subject to the Act shall, in the bond resolution or other similar action giving approval for the issuance of such bonds, specifically designate to the bond issue a portion of the Private Activity Bond Limit available or expected to be available to the Issuer; WHEREAS, the Authority is the proposed issuer of the Bonds, this resolution constitutes the City's action giving approval for the Authority to issue the Bonds; WHEREAS, the City has made application for a portion of the Private Activity Bond Limit for the Bonds, and, subject to certain limited conditions, a portion of the Private Activity Bond Limit has been made available to the City for the Bonds (the 'Allocation");