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RESOLUTION NO. IDA 2007-002 A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING ENTERING INTO LOAN AGREEMENT PURSUANT TO WHICH THE AUTHORITY WILL BORROW AND LEND TO BORROWER NOT TO EXCEED $2,500,000 FOR THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF CERTAIN PROPERTY AND FACILITIES, AND AUTHORIZING VARIOUS ACTIONS IN CONNECTION THEREWITH BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The Board of Directors hereby finds, determines and declares as follows: A. The California Industrial Development Financing Act (California Government Code Sections 91500 et seq., as amended and supplemented) (the "Act"), permits an industrial development authority to issue revenue bonds for the purpose of financing the acquisition, construction and/or rehabilitation of facilities, including real and personal property suitable for industrial uses such as assembling, fabricating, manufacturing or processing activities with respect to any products of agriculture, forestry or manufacturing, and commercial uses in an empowerment zone and enterprise community designated pursuant to Section 1391 of the Internal Revenue Code of 1986, as amended (the "Code"), and the Act deems such revenue bonds to include various types of obligations and evidences of indebtedness. B. The Industrial Development Authority of the City of Santa Ana (the "Authority") is authorized pursuant to the provisions of the Act to exercise powers of acquiring, constructing, improving, furnishing, equipping, repairing, reconstructing and/or rehabilitating facilities and to enter into agreements for the same. C. The Board of Directors of the Authority desires to enter into a Loan Agreement for the benefit of Ingardia Bros. Produce, Inc., or a related entity, as applicable (the "Borrower") for the purpose of financing the acquisition and equipping of certain property comprising equipment to be located at 700 Hathaway, Santa Ana, California, and certain costs of issuance, all of which together constitute a project under the Act (the "Project"). D. The Project is located within the City of Santa Ana Federal Empowerment Zone designated pursuant to Section 1391 of the Code and will be used for qualified purposes. E. The Authority has accepted the Borrower's application and has made certain findings by resolution adopted July 16, 2007, the Borrower has revised its application to make a technical correction to its legal name and to increase the principal Resolution No. 2007~002 Page 1 of 5