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I ;; K RESOLUTION NO. IDA 88-1 A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA PROVIDING PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR CERTAIN RESEARCH AND DEVELOPMENT FACILITIES FOR NEWPORT ELECTRONICS, INC. R, '-' RESOLVED, by the Industrial Development Authority of the City of Santa Ana, California, as follows: WHEREAS, the Industrial Development Authority of the City of Santa Ana (the "Authority") is authorized pursuant to the California Industrial Development Financing Act, commencing with Section 91500 of the Government Code of the State of California (the "Act") to issue and sell its bonds for the purpose of providing financing for the acquisition and construction of a research and development facilities located within the area of operation of the Authority; WHEREAS, Newport Electronics, Inc. (the "Corporation") has filed an application (the "Application") with the Authority and requested the Authority to issue and sell its bonds for the purpose of providing financing for the acquisition and construction of certain research and development facilities to be located within the area of operation of the Authority, which facilities are descri bed in Exhi bit "A" attached hereto and by thi s reference incorporated herei n (the" Project"), and the Authority wi shes to induce the Corporati on to acquire and construct the Project within the area of operation of the Authority; and WHEREAS, the Authority desires to accept the Corporation's Application; and WHEREAS, the Authority may not issue bonds to finance the Project until it makes certain determinations with respect to public benefits and qualifications of the Project as required by the Act and the California Debt Limit Allocation Committee ("CDLAC") has provided to the Authority pursuant to a request of the City of Santa Ana (the "City") a portion of the Private Activity Bond Limit of the State of California (the "State"); and WHEREAS, the Authority has carefully considered and discussed the information contained in the Application and other information it deems necessary to make such determinations; and l WHEREAS, it is in the public interest, for pUblic benefit and in furtherance of the public purposes of the Authority that it provides preliminary approval of the issuance of bonds for the aforesaid purposes;