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2007-063 - Aprroving the Industrial Development Authority of the City of Santa Ana
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2007-063 - Aprroving the Industrial Development Authority of the City of Santa Ana
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Last modified
1/3/2012 12:27:16 PM
Creation date
8/27/2007 10:52:22 AM
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City Clerk
Doc Type
Resolution
Doc #
2007-063
Date
8/20/2007
Destruction Year
Perm
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<br />F. The City Council in evaluating the Project has relied upon the written facts <br />and information represented in the Application by the Applicant as well as any <br />comments made before the City Council in conjunction with the hearing on this matter. <br /> <br />G. The Board of Directors of the Authority in its resolutions adopted on July 16, <br />2007, and August 20, 2007 expressed its intent to issue its revenue bond or other <br />obligation (the "Bond") for the benefit of the Applicant, and the Applicant has revised its <br />application to make a technical correction to its legal name and to increase the principal <br />amount of financing requested to a revised principal amount not to exceed $2,500,000. <br /> <br />H. The Authority has made the determinations required to be made pursuant to <br />Section 91530 of the Act preliminary to issuing the Bond. <br /> <br />I. The Authority approved and authorized the Bond, subject to certain <br />conditions, on August 20,2007. <br /> <br />J. The Authority proposes to lend the proceeds of the Bond to the Applicant. <br /> <br />K. This City Council of the City of Santa Ana (the "City Council") has considered <br />the information contained in the Applicant's application and has considered the <br />determinations of the Authority. <br /> <br />L. The Bond must be approved by the City Council to satisfy the public approval <br />requirements of Section 147(f) of the Code and Section 91530(f) of the Act. <br /> <br />M. It is intended that this Resolution shall constitute the approval of the Project <br />and the Bond as required by Section 147(f) of the Code and Section 91530(f) of the Act. <br /> <br />N. The City Council is the elected legislative body of the City and is one of the <br />applicable elected representatives required to approve the execution and delivery of the <br />Bond under Section 147(f) of the Code. <br /> <br />O. The Authority has requested that the City Council approve the execution and <br />delivery of the Bond by the Authority to satisfy the public approval requirement of <br />Section 147(f) of the Code. <br /> <br />P. Pursuant to Section 147(f) of the Code, prior to their execution and delivery, <br />private activity bonds are required to be approved by the "applicable elected <br />representative" of the governmental units on whose behalf such obligations are <br />expected to be issued and by a governmental unit having jurisdiction over the entire <br />area in which any facility financed by such obligations is to be located, after a public <br />hearing held following reasonable public notice. <br /> <br />Q. There has been published, at least 14 days prior to the date thereof, in a <br />newspaper of general circulation within the City, a notice that a public hearing regarding <br />the Bond and the loan of the proceeds to the Applicant would be held on August 20, <br />2007. <br /> <br />Resolution No. 2007-063 <br />Page 2 of 4 <br />
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