1993-001 - Laserfiche WebLink

Home Browse Search

l l RESOLUTION NO. IDA 93- 001 A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA AHA APPOINTING A SUCCESSOR TRUSTEE WHEREAS, the Industrial Development Authority of the City of Santa Ana (the "Authority"), the Bank of America National Trust and Savings Association, a national banking association organized and existing under and by the virtue of the laws of the United States of America and successor to Security Pacific National Bank through merger (the "Trustee") entered into an indenture, dated as of November 1, 1988 (the "Indenture"), providing for the issuance by the Authority of its Variable Rate Demand Industrial Development Revenue Bonds Series 1998 A (Newport Electronics, Inc. Project) (the "Bonds"); and WHEREAS, the Trustee has been acting as trustee, paying agent and registrar under the Indenture; and WHEREAS, Section 11.12 of the Indenture provides that the Trustee may resign and be discharged of the trust created by the Indenture by giving written notice thereof to the Authority and the Bank, as defined in the Indenture; and WHEREAS, the Trustee has given notice to the Authority and the Bank of its resignation to become effective upon the acceptance of appointment by a successor trustee; and WHEREAS, Section 11.14 of the Indenture further provides that in case the trustee shall resign, the Authority, authorized by resolution and with the approval of the Bank, shall appoint a successor trustee to fill the vacancy until such time as a successor trustee may be appointed, with the consent of the Bank, by the holders of a majority in aggregate principal amount of the Bonds outstanding; and WHEREAS, Section 11.5 of the Indenture provides that the successor trustee shall be qualified under the provisions of such Section of the Indenture; and WHEREAS, Section 11.17 of the Indenture provides that any successor trustee appointed under the Indenture shall execute, acknowledge and deliver to the Authority and to the Trustee an instrument accepting such appointment and thereupon the resignation of the Trustee shall become effective and the Successor Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, trusts, duties and responsibilities of the Trustee; and WHEREAS, there has been presented to the Authority a proposed form of Tri-Party Agreement (the "Agreement"), among the Authority, the Trustee and Harris Trust Company of California U14S3B1.2 4O!l9O-I-RA 1-OSIQJI9l