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<br />MV: 2/6101 <br /> <br />\w <br /> <br />RESOLUTION NO. 2001- 001 <br /> <br />A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA, MAKING <br />CERTAIN FINDINGS WITH RESPECT TO APPROVING <br />THE SALE OF REAL PROPERTY LOCATED AT 3130 <br />WEST HARVARD STREET <br /> <br />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 Board of Directors of the Industrial Development Authority <br />hereby finds, determines and declares as follows: <br /> <br />A. The Industrial Development Authority of the City of Santa Ana (the <br />"Authority") is authorized by Ordinance No. NS-1559, duly adopted by the <br />City of Santa Ana on January 5, 1981, to exercise powers of acquiring, <br />constructing, and/or rehabilitating facilities and to enter into agreements for <br />the same. <br /> <br />B. <br /> <br />By Resolution No. 83-10-IAD, duly adopted on December 19, 1983, and in <br />conformance with the California Industrial Development Financing Act <br />(Government Code Sections 91500 et ~.) the Authority issued Industrial <br />Development Revenue Bond (Rexnord Inc. "Project"), in the aggregate <br />principal amount of $1 ,500,000.00 (the "Bond"). <br /> <br />~ <br /> <br />C. The Bond was issued under a Trust Indenture dated as of December 22, <br />1983, between the Authority and M & I Marshall & IIsley Bank, as trustee. <br /> <br />D. The Authority entered into a loan agreement dated as of December 22, 1983 <br />(the "Loan Agreement") with Rexnord Inc., for the purpose of enabling it to <br />acquire, construct, equip., install, repair, reconstruct and/or rehabilitate <br />property located at 3130 West Harvard, Santa Ana, California. The Loan <br />Agreement and all right, title, and interest of the Authority in any payments or <br />revenues delivered under the Loan Agreement have been assigned and <br />pledged to the Trustee under the Trust Indenture, which secures the bond. <br />The Bond was purchased by Chemical Bank, New York, under the terms of <br />the Indenture. <br /> <br />E. The Industrial Development Authority consented to the assignment of the <br />Loan Agreement to Fairchild Fasteners / Rosan ("Fairchild"), as the <br />successor-in-interest to Rexnord Incorporated. <br /> <br />~ <br /> <br />F. <br /> <br />Fairchild is in the process of selling the Santa Ana property located at 3130 <br />West Harvard, Santa Ana, California. <br /> <br />IDA Resolution No. 2001-001 <br />Page 1 of 3 <br />