1985-010 - Laserfiche WebLink

Home Browse Search

L L \. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Industrial Development Authority of the City of Santa Ana as follows: Section 1. Acts and Conditions Precedent. The Board of Directors has reviewed all proceedings heretofore taken and has fou.nd, as a result of such review, and hereby finds and determines, that all things, conditions and acts required by law to exist, happen or be performed precedent to and in connection with the issuance of the Bonds do exist, have happened and have been performed in due time, form and manner as required by law, and the Board of Directors is now duly empowered, pursuant to each and every requirement of law, to issue the Bonds in the manner and form provided in this Resolution and in the Indenture of Trust (the "Indenture"), dated as of Apri 1 1, 1985, between the Authority as Trustor and First Interstate Bank of Cal ifornia, as Trustee. '-' Section 2. Authorization of Bonds. Bonds in the aggregate principal amount of Three Million Three Hundred Thousand Dollars ($3,300,000) are hereby authorized and directed to be issued by the Authority under and subject to the terms of the Resolution, the Indenture, and this Resolution. The purpose for whi ch the Bonds shall be issued is to provi de funds to make a loan to the Company for the purpose of provi di ng fi nanc i ng for the acqu is it i on, construction and improvement of the Project pursuant to the Resolution and the Loan Agreement, dated as of April 1, 1985, to be entered into between the Authori ty and the Company (the "Loan Agreement"). The Bonds sha 11 be designated the "Variable Rate Demand Industrial Development Revenue Bonds, Series 1985 (Kimstock, Inc. Project)". Section 3. Execution of Documents. The following documents (each in the form submitted to this Authority or in such form, together with such changes therein as may be deemed necessary or advisable and not adverse to the Authority, as shall be approved by the Executive Director or his designated representative upon the advice of Bond Counsel to the Authority, such approval to be conclusively evidenced by the execution thereof as authorized herein) be and they are hereby approved, that the Chairman or his designee be and is hereby authorized to execute and deliver each such document, and that the Secretary of this Board is hereby authorized to affix the seal of the Authority to each such document, as may required thereby, and to attest the execution thereof: . (i) Indenture of Trust, dated as of April 1,1985, between First Interstate Bank of California, as Trustee (the "Trustee") and the Authority (the "Indenture"); (i i) Loan Agreement, dated as of Apri 1 1, 1985, between the Authority and the Company; and (i i i) Bond Purchase Agreement, dated as of Apri 1 1, 1985, among the Authority, the Company and Daily Tax Free Income Fund, Inc. '-' -2- j