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I , ~ ~ L RESOLUTION NO. IDA 88-2 A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA APPROVING AND AUTHORIZING EXECUTION OF AN INDENTURE OF TRUST, A LOAN AGREEMENT, AND OTHER RELATED DOCUMENTS, ASSIGNING PRIVATE ACTIVITY BOND LIMIT AND AUTHORIZING CERTAIN ACTIONS RELATING THERETO (NEWPORT ELECTRONICS, INC.) 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 a public, corporate instrumentality of the State of California duly formed under and pursuant to the California Industrial Development Financing Act (the "Act"), as amended, Title 10 of California Government Code, and is authorized under the Act to issue its tax-exempt industrial revenue bonds for the purpose of financing industrial and manufacturing projects within the City of Santa Ana; and WHEREAS, Newport Electronics, Inc. (the "Company"), a California corporation, has requested the Authority to issue and sell its Variable Rate Demand Industrial Development Revenue Bonds, Series A (the "Bonds") in the aggregate principal amount of $6,500,000 for the purpose of providing a loan to the Company to finance the acquisition, construction, improving or equipping of a manufacturing facility and appurtenant improvements structures, facilities and equipment located at 2229 South Yale Street, Santa Ana, California (the "Project"); and WHEREAS, the City Council of the City of Santa Ana has held a public hearing on the question of whether the Authority should issue the Bonds, and all persons wishing to be heard on such question have been heard; and WHEREAS, the Authority has heretofore on November 15,1988 adopted its Resolution No. IDA 88-2 , authorizing the issuance of Bonds for the Project, approving the application of the Company for bond financing, making determinations with respect thereto, and expressing the intention of the Authority to undertake the financing of the Project; and WHEREAS, there have been presented to this Authority certain agreements and related documents pertaining to the issuance and sale of, the terms and conditions of, the security for, and the use of proceeds of the Bonds and this Authority has reviewed such agreements and related documents; and WHEREAS, the Company has complied with all applicable requirements of the Act and the Resolution and has requested the Authority to issue the Bonds at this time to provide financing for the Project; WHEREAS, the issuance, sale and delivery of the Bonds will further the public purposes of the Authority as set forth in the Act, and approval of said agreements and related documents will be in the public interest and for the public benefit;