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<br />RESOLUTION NO. 83-5-IDA <br /> <br />"" <br /> <br />I <br />! <br />, <br />l..,. <br /> <br />A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY <br />OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF <br />BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION OF <br />LAND AND BUILDINGS, CONSTRUCTION OF AN INDUSTRIAL <br />BUILDING AND ALTERATIONS TO AN INDUSTRIAL BUILDING <br />AND RELATED FACILITIES BY REXNORD INC. <br /> <br />WHEREAS, the City Council of the City of Santa Ana <br />(the "City") has adopted its Ordinance No. NS-1559 (the <br />"Ordinance") authorizing the establishment of the Industrial <br />Development Authority of the City of Santa Ana (the "IDA") to <br />issue and sell its bonds, notes, interim certificates, <br />debentures or other obligations ("Bonds") pursuant to the <br />California Industrial Development Financing Act (Government <br />Code, Section 91500 et seq.), for the purpose of providing <br />financing for the acquisition, rehabilitation, construction and <br />improvement of industrial and commerical projects located <br />within the City: <br /> <br />\,.. <br /> <br />WHEREAS, Rexnord Inc., a Wisconsin corporation, and <br />successors and assigns ("Developer") has requested the IDA to <br />issue and sell its revenue bonds for the purpose of financing <br />the acquisition of land and buildings, construction of an <br />industrial building and alterations to an industrial building <br />and related facilities (the "Project"), to be completed by the <br />Developer within the City, and the IDA wishes to induce the <br />Developer to construct and develop the Project in the City; and <br /> <br />WHEREAS, it is in the public interest, for the public <br />benefit and in furtherance of the public purposes of the City <br />that the IDA authorizes Bonds for the aforesaid purposes; <br /> <br />BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />.... <br /> <br />1. The IDA hereby authorizes the issuance and sale of <br />Bonds of the IDA pursuant to.the California Industrial <br />Development Financing Act and the procedures specified in <br />Resolution 83-1 in a principal amount of not to exceed Two <br />Million Dollars ($2,000,000.00) for the purpose of financing <br />the acquisition of land and buildings, construction of an <br />industrial building and alterations for the Project located at <br />3130 W. Harvard Street. Such authorization is for the purpose <br />of inducing the Developer to undertake to construct and develop <br />the Project and, in particular, to do so at such location. <br /> <br />I <br />\.. <br />