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<br />WHEREAS, the Borrower uses the Refunded Project to manufacture and <br />distribute digital indicating instrumentation, temperature sensors and controllers, <br />infrared temperature measurement products and a line of pH and conductivity <br />instrumentation; and <br /> <br />...J <br /> <br />WHEREAS, the Borrower has requested the Issuer to make a loan to the <br />Borrower (the "Loan") pursuant to the Act for the purpose of refunding in advance of <br />maturity the outstanding Prior Bonds; and <br /> <br />WHEREAS, GE Capital Public Finance, Inc. (the "Lender") has agreed to make a <br />loan to the Issuer to provide the necessary funds to make the Loan; and <br /> <br />WHEREAS, in furtherance of the purposes of the Act, the Issuer now desires to <br />authorize the borrowing of funds from the Lender and the Loan in an aggregate principal <br />amount not to exceed $2,400,000 and other matters related thereto; and <br /> <br />WHEREAS, there has been presented to this meeting and is now on file with the <br />Secretary of the Issuer the following: <br /> <br />(a) a proposed form of the Loan Agreement (the "Loan Agreement"), to be <br />entered into by and among the Issuer, the Borrower and the Lender; <br /> <br />(b) a proposed form of the Escrow Agreement (the "Escrow Agreement"), to be ""'" <br />entered into by and among the Issuer, the Borrower, the Lender, Fleet Bank, <br />N.A. and Harris Bank, as trustee and escrow agent; and <br /> <br />(c) a proposed form of the Tax Regulatory Agreement (the "Tax Regulatory <br />Agreement"), to be entered into by and between the Issuer and the <br />Borrower; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Industrial <br />Development Authority of the City of Santa Ana, as follows: <br /> <br />Section 1. The Issuer hereby approves of the refunding of the Prior Bonds and <br />finds and determines that the refunding of the Prior Bonds is within the purposes of the Act <br />and, based upon the representations of the Borrower, will be a benefit to the Borrower. <br /> <br />Section 2. The Issuer hereby approves and authorizes the borrowing of funds <br />from the Lender in an amount not to exceed $2,400,000 and the making of the Loan in an <br />amount not to exceed $2,400,000 for the purpose of refunding prior to maturity the Prior <br />Bonds pursuant to the terms and provisions of the Loan Agreement. <br /> <br />...J <br /> <br />Resolution No. 2000-001 <br />Page 2 of4 <br />