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<br />Resolution No. 84-5-IDA <br />Page 2 <br /> <br />the Application; <br /> <br />(cl That the issuance of revenue bonds by the <br />Authority in an amount not exceeding One <br />Million Dollars ($1,000,000) to finance the <br />improvement of the Facility (the "Bonds") is <br />likely to be a substantial factor in the <br />accrual of each of the public benefits <br />resulting from the use of the Facility as <br />proposed in the Application; and <br /> <br />""" <br /> <br />(d) That the proposed financing is otherwise in <br />accord with the purposes and requirements of <br />the Act. <br /> <br />I <br />j <br /> <br />2. The Authority does therfore intend to approve said <br />Facility and issue said Bonds in the amount of $1,000,000, <br />in accordance with the following terms and conditions. <br /> <br />3. The Bonds will be payable solely from the revenues <br />to be received by the Authority pursuant to a financing <br />agreement to be entered into between the Authority and the <br />Applicant (the "Agreement"), which Agreement shall have a <br />term of not more than forty years. <br /> <br />4. The Bonds shall be issued subject to the <br />conditions that (i) the Authority and the Applicant shall <br />have first agreed to mutually acceptable terms and <br />conditions of the Agreement; (ii) the City Council of the <br />City of Santa Ana shall have approved this action of the <br />Authority and shall have caused the Clerk of the Council of <br />the City of Santa Ana to certify such approval to this <br />Authority; (iii) the California Industrial Development <br />Financing Advisory Commission shall have approved the <br />Facility, as described in the Application, and authorized <br />the issuance of Bonds therefore; (iv) thirty days from the <br />date of publication of this approval shall have elapsed; and <br />(v) all other requisite governmental approvals shall have <br />been first obtained. <br /> <br />'WIll <br /> <br />5. The Secretary of the Authority is hereby <br />authorized and directed as soon as possible to certify the <br />determinations and action of the Authority, as set out <br />herein, to the City Council of the City of Santa Ana for its <br />further consideration, as submitted by the Applicant to be <br />attached to said certification. <br /> <br />6. The Secretary is hereby authorized and directed to <br />cause to be published one time in a newspaper of general <br />circulation in the City of Santa Ana, a notice in <br />substantially the form before this meeting, naming the <br />Applicant, stating the estimated maximum bond issue, <br />describing the Facility in general terms, and stating that <br />the Application for financing has been approved by the <br />Authority. <br /> <br />J <br /> <br />",J <br />