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<br />RESOLUTION NO. 83-7-IDA <br />Page Two <br /> <br />2. Authorization. Bonds in the aggregate principal <br />amount of not to exceed Three Million Dollars ($3,000,000) are <br />hereby authorized to be issued by the Authority under and <br />subject to the terms of the Law, this Resolution and the <br />Supplemental Resolution referred to in Section 13 (the <br />"Supplemental Resolution). This Resolution and the <br />Supplemental Resolution constitute a continuing agreement with <br />the holders of all of the Bonds issued or to be issued <br />hereunder and outstanding to secure the full and final payment <br />of principal of and premiums, if any, and the interest on all <br />Bonds which may from time to time be executed and delivered <br />hereunder, subject to the covenants, agreements, provisions, <br />and conditions herein and therein contained. The purpose for <br />which the Bonds shall be issued is to provide funds to make a <br />loan to the Company for the purpose of providing construction <br />and permanent financing for the construction and improvement <br />of the Project pursuant to the Law and a loan agreement to be <br />entered into between the Au thori ty and the Company (the "Loan <br />Agreement"). The Bonds shall be designated the "Industrial <br />Development Authority of the City of Santa Ana Industrial <br />Revenue Bonds (Fairview Investors Project)". <br /> <br />3. Denominations and Form of Bonds. The Bonds shall be <br />issued in the form of fully registered Bonds, and in such <br />denominations as may be authorized by the Supplemental <br />Resolution. The fully registered Bonds, form of assignment <br />and certificate of authentication and registration to appear <br />thereon, as applicable, shall be substantially in the <br />respective forms to be set forth in the Supplemental <br />Resolu tion. <br /> <br />4. Payments; Maturity. The Bonds shall be paid at such <br />times and over such number of years as shall be prescribed in <br />the Supplemental Resolution. Payment of both principal and <br />interest on the Bonds shall be made to the person whose name <br />appears on the Bond registration books of the trustee held on <br />behalf of the Authority as the registered owner thereof. <br /> <br />5. Redemption. The Bonds may be subject to redemption <br />before their respective stated maturity dates as a whole on <br />any payment date, from payments made by the Company under the <br />Loan Agreement in the event that interest on the Bonds becomes <br />subject to federal income taxation, at the redemption price <br />equal to the principal amount thereof together with accrued <br />interest thereon to the date of redemption, plus such premium <br />as shall be set forth in the Supplemental Resolution. The <br />Bonds shall be subject to such further redemption provisions, <br />if any, as shall be prescribed in the Supplemental Resolution. <br /> <br />6 Interest. The Bonds shall bear interest from their <br />date at such rate or rates, not to exceed twelve percent (12%) <br />per annum as shall be prescribed by the Authority upon the <br />sale of the Bonds to the initial purchasers. <br /> <br />..J <br /> <br />J <br /> <br />..., <br /> <br />J <br /> <br />..., <br />