HomeMy WebLinkAbout82-174~ESOLUTIO, NO. 82-174
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN~A ANA
APPROVING AND AU%HORIZING EXECUTION OF LOAN AND SECURITY AGREEMEN?,
PURCHASE AGREEMENT AND RELAI'ED DOCUMENTS PERTAINING TO
1982 INDUSTRIAL REVENUE NOTE
(SPS TECHNOLOGIES, INC.)
WHEREAS, this Council on the date hereof has adopted its Resolution
entitled "A Resolution Authorizing the Issuance of $451,000 Principal Amnunt
of City of Santa Aha 198~ Industrial Revenue Note (S2S Technologies,
which Resolution authorizes and provides the terms of the City's 1982
Industrial Revenue Note (the "Note");
WHEREAS, there has been presented to this Council certain agreements and
related documents pertaining to the security for, use of proceeds of and
purchase of the Note;
WHEREAS, this Council has reviewed said agreements and related documents
and each and every part thereof; and
WHEREAS, issuance, sale and delivery of the Note will further the public
purposes of this City as set forth in its Ordinance No. NS 1609 adopted on
November 16, 1981, and approval of said agreements and related documents will
be in the public interest and for the public benefit;
BE IT RESO_VED BY THE CITY COUNCIL OF THE CITY OF SAN~A ANA AS FOLLOWS:
1. That the following documents are hereby approved and the Mayor o¢
this City is hereby authorized to execute the sm~e and the City Clerk is
hereby authorized to attest his signature, where required by said documents:
Industrial Revenue Note Purchase Agreement dated
as of the date hereof by Provident National Bank
(the "Bank") to be accepted by the City of Santa
Ana (the "Cit~'); an'd
Loan and Security Agreement, dated as of December
1, 1982, by and among the City, the Bank and BPS
Technologies, Inc. (the "Company").
2. That the Mayor, City Clerk, Treasurer and City Manaoer of the City
and each of them are hereby authorized to execute such financing statements,
assignments, certificates, requests, receipts, notices and related documents
as will effectuate the delivery of the Note to the City and the cons un~ation
of the financing transaction contemplated by the aforesaid docoments.
ADOPTED, this 20th day of December, 1982, by the following vote:
AYES:
NOES:
ABSENT:
Councilmembers: Acosta, Bricken, Griset,
Luxembourger, McGuigan, Serrato
Councilmambers: Markel
Councilmembers: None
Al'TEST:
fX 7erk of t e Council /
City Attorney