1988-001 - Laserfiche WebLink

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L NOW, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED AS FOLLOWS: 1. The Industrial Development Authority of the City of Santa Ana hereby preliminary approves the issuance and sale of bonds of the Authority pursuant to the Act in a principal amount of not to exceed $6,500,000, for the purpose of providing financing to the Corporation for the acquisition and construction of the Project. 2. The Authority hereby determines that it will take all action necessary or advisable in connection with the issuance and sale of the bonds and the execution of the financing agreements for the Project. 3. The bonds shall be special obligations of the Authority payable solely from the trust estate to be defined in the indenture authorizing the bonds, and shall not constitute an indebtedness of the Authority, the City of Santa Ana or a loan of credit thereof within the meaning of any constitutional or statutory provisions. 4. The issuance and sale of the bonds shall be upon such terms and conditions as may be mutually agreed upon by the Authority, the Corporation and the purchasers of the bonds and shall be sUbject to completion of proceedings for issuance, sale and delivery of the bonds by the Authority. 5. issuance payments The proceeds of the bonds shall include such related and necessary costs, administrative expenses, debt service reserves and interest as may be required to accomplish the financing successfully. 6. The Authority hereby finds that the issuance of the bonds as described herein is a substantial inducement to the Corporation to acquire and construct the Project within the area of operation of the Authority and that the Project will further the public purposes of the Authority. , 1 , , ~ 7. The Authority hereby finds and determines: (a) That the use of the Project for an industrial research and development facility is in accordance with Section 91503(a) of the Act; (b) That the use of the Project is likely to produce employment benefits securing or increasing the number of employees of the Corporation as more particularly set forth in the Application; (c) That the issuance of revenue bonds by the Authority in an amount not to exceed $6,500,000 to finance the construction and development of the Project (the "Bonds") is likely to be a substantial factor in the accrual of each of the public benefits resulting from the use of the Project as proposed in the Application; and (d) That the proposed financing is otherwise in accord with the purposes and requirements of the Act.