HomeMy WebLinkAbout84-128RESOLUTION NO. 84-128
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING AN ISSUANCE OF BONDS BY THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF
SANTA ANA FOR KIMSTOCK, INC.
WHEREAS, the Industrial Development Authority of
the City of Santa Ana (the "Authority") proposes to enter
into financing agreements with Kimstock, Inc., a
California corporation (the "Company"), and to issue its
tax-exempt industrial revenue bonds in an amount not to
exceed $3,300,000, for the purpose of providing financing
for the acquisition, rehabilitation, construction and
improvement of a manufacturing facility including
equipment and appurtenant offices, warehousing,
landscaping and other improvements and facilities located
at 2200 w. Yale Street within the City of Santa Ana,
California (the "Project");
WHEREAS, in accordance with Section 103(k) of
the Internal Revenue Code of 1954, as amended, a public
hearing has been duly called and conducted before the City
Council of the City of Santa Ana, as the applicable
elected representative of the Authority, on the financing
of the Project and the proposal that the Authority issue
its tax-exempt bonds for such purpose, notice of which
hearing has been given in accordance with said Section
103(d);
NOW, THEREFORE, BE IT RESOLVED by the City
Council of the City of Santa Ana as follows:
Section 1. The City Council hereby approves the
Project, the issuance by the Authority of its tax-exempt
industrial revenue bonds in the principal amount of not to
exceed $3,300,000 for the purpose of providing financing
to Kimstock, Inc., for the acquisition and construction of
the Project, and the entering into by the Authority of
financing agreements for such purpose.
Section 2. This resolution shall take effect
immediately.
ADOPTED, this 5th day of November , 1984
'R'obert~W. Euxembourge~/r
Mayor ~/
ATTEST:
COUNCILMEMBERS:
Council
Luxembourger Aye
Griset Aye
Acosta Aye
Bricken Aye
Johnson Aye
McGuigan Aye
Young Absent
Approved as to form:
~dwar~J. C~oper,
City A~y