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<br />'-' <br /> <br />IDA RESOLUTION NO. 2000-001 <br /> <br />RESOLUTION OF THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING <br />AND APPROVING A LOAN AGREEMENT TO BE ENTERED <br />INTO BY AND AMONG THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA, NEINPORT <br />ELECTRONICS, INC. AND GE CAPITAL PUBLIC FINANCE, <br />INC. PURSUANT TO WHICH THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF SANTA <br />ANA WILL MAKE A LOAN IN AN AMOUNT NOT TO <br />EXCEED $2,400,000 FOR THE PURPOSE OF REFUNDING <br />THE OUTSTANDING INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA VARIABLE <br />RATE DEMAND INDUSTRIAL DEVELOPMENT REVENUE <br />BONDS, SERIES 1988 A (NElNPORT ELECTRONICS, INC. <br />PROJECT), PROVIDING THE TERMS AND CONDITIONS <br />FOR SUCH LOAN AND OTHER MATTERS RELATING <br />THERETO AND AUTHORIZING THE EXECUTION OF <br />CERTAIN DOCUMENTS HEREIN SPECIFIED <br /> <br />'-' <br /> <br />WHEREAS, the California Industrial Development Financing Act (California <br />Government Code Section 91500 et seq., as amended and supplemented) (the "Act"), <br />permits an industrial development authority to issue revenue bonds for the purpose of <br />financing or refinancing the acquisition, construction and/or rehabilitation of facilities, <br />including both real and personal property, suitable for industrial uses such as <br />assembling, fabricating, manufacturing or processing activities with respect to any <br />products of agriculture, forestry or manufacturing; and <br /> <br />WHEREAS, the Industrial Development Authority of the City of Santa Ana (the <br />"Issuer") is authorized pursuant to the provisions of the Act to refund outstanding <br />revenue bonds of the Issuer when the Board of Directors of the Issuer determines that <br />such refunding will be of benefit to the company; and <br /> <br />WHEREAS, on November 18, 1988, the Issuer issued $6,500,000 of its Variable <br />Rate Demand Industrial Development Revenue Bonds, Series 1988 A (Newport <br />Electronics, Inc. Project) (the "Prior Bonds") for the benefit of Newport Electronics, Inc. <br />(the "Borrower"); and <br /> <br />WHEREAS, $2,400,000 aggregate principle amount of the Prior Bonds are <br />currently outstanding; and <br /> <br />WHEREAS, the Borrower used the proceeds of the Prior Bonds to acquire, equip <br />and install a manufacturing facility located at 2229 Yale Street, Santa Ana, California <br />'-' 92704-4426 (the "Refunded Project"); and <br /> <br />Resolution No. 2000-001 <br />Page 1 of4 <br />