HomeMy WebLinkAbout81-201REL:adg
11/9/81
RESOLUTION NO. 81-201
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE
CONSTRUCTION OF A TELEVISION ASS~9~BLY PLANT
AND RELATED FACILITIES BY MITSUBISHI CONSUMER
ELECTRONICS OF AMERICA, INC.
WHEREAS, the City Council of the City of Santa Ana
(the "City") has this date adopted its Ordinance No. NS-1609
(the "Ordinance") authorizing the City to issue and sell its
bonds, notes, interim certificates, debentures or other
obligations ("Bonds") pursuant to the City Charter for the
purpose of providing financing for the acquisition,
rehabilitation, construction and improvement of industrial
projects located within the City;
WHEREAS, Mitsubishi Consumer Electronics of
America, Inc., a corporation qualified to do business in
California ("Company") has requested the City to issue and
sell its revenue Bonds for the purpose of financing the
construction of certain industrial facilities consisting of
a television assembly plant and parking and related and
appurtenant facilities and property (the "Project"), to be
constructed by the Company within the City, and the City
Council wishes to induce the Company to construct and
develop the Project in the City; and
WHEREAS, it is in the public interest, for the
public benefit and in furtherance of the public purposes of
the City that the City Council authorizes Bonds for the
aforesaid purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
1. The City Council hereby authorizes the
issuance and sale of Bonds of the City pursuant to the City
Charter and the procedures specified in the Ordinance in a
principal amount of not to exceed Five Million Dollars
($5,000,000) for the purpose of financing the acquisition,
construction and improvement of the Project located on
Parcel 5, as described in Book 125, Pages 45 and 46 of the
Records of the County Recorder of the County of Orange which
Parcel 5 is located on East Carnegie Avenue in the City.
Such authorization is for the purpose of inducing the
Company to undertake to construct and develop the Project
and, in particular, to do so at such location.
2. The issuance and sale of said Bonds shall be
upon such terms and conditions as may be mutually agreed
upon by the City, the Company and the purchaser of said
Bonds and shall be issued by resolution of the City Council
at meeting duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such
related and necessary issuance expenses, administrative
costs, debt service reserves and interest payments as may be
required to accomplish successfully the financing.
RESOLUTION NO. 81-201
PAGE TWO
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial
inducement to the Company to undertake its Project within
the City.
5. This Resolution shall take effect immediately
upon its passage and adoption.
ADOPTED, this 16th day of N0¥ember
1981, by the following vote:
AYES:
NOES:
COUNCIkMEMBERS: Acosta, Bricken, Griset,
Luxembourger, McGuigan, Serrato
COUNC ILMEMBERS: Markel
ABSENT: COUNCII~4EMBERS: None
ATTEST:
CITY A TTORNE"f