HomeMy WebLinkAbout1983-006
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RESOLUTION NO. 83-6-IDA
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A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SANTA ANA
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$1,500,000 PRINCIPAL AMOUNT OF INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF SANTA
ANA INDUSTRIAL REVENUE BONDS (REXNORD INC.
PROJECT)
WHEREAS, Rexnord Inc., a Wisconsin corporation,
("Applicant") desires to finance the construction and
improvement of certain facilities, including the acquisition
of equipment, operating as a manufacturing center for
fasteners and hydraulic fittings, located at 3130 West
Harvard Street in the City of Santa Ana ( the "Facility");
and
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WHEREAS, the Applicant is willing to undertake the
improvement of the Facility if the Industrial Development
Authority of the City of Santa Ana (the "Authority") will
issue its revenue bonds in an amount not exceeding One
Million Five Hundred Thousand Dollars ($1,500,000) to
finance the improvements to the Facility pursuant to the
California Industrial Development Financing Act, California
Government Code Sections 91500 et seq. (the "Act"); and
WHEREAS, THE Applicant has submitted, and this
Board of Directors has accepted, an application requesting
financing for the FaciE ty (the "Application"); and
WHEREAS, the Authority may not issue bonds to
finance the Facility until this Board of Directors makes
certain determinations with respect to public benefits and
qualifications of the Facility as required by the Act; and
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WHEREAS, this Board of Directors has carefully
considered and discussed the information contained in the
Application and other information necessary to make such
d~terminationsi
The Board of Directors of the Industrial
Development Authority of the City of Santa Ana does resolve
as follows:
Section 1. This Board of Directors hereby finds
and determines:
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(a) That the use of the Facility for a
manufacturing center is in accord with
Section 91503(a) of the Act;
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RESOLUTION NO. 83-6-IDA
Page Two
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(b) That the use of the Facility is likely to
produce employment benefits securing or
increasing the number of employees of the
Applicant as more particularly set forth in
the Application;
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(c) That the issuance of revenue bonds by the
Authority in an amount not exceeding One
Million Five Hundred Thousand Dollars
($1,500,000) to finance the improvement of
the Facili ty (the "Bonds") is likely to be a
substantial factor in the accrual of each of
the public benefits resulting from the use of
the Facility as proposed in the Application;
and
(d) That the proposed financing is otherwise in
accord with the purposes and requirements of
the Act.
SECTION 2. The Authority does therefore intend to
approve said Facility and issue said Bonds in the amount of
$1,500,000, in accordance with the following terms and
conditions.
SECTION 3. The Bonds will be payable solely from
the revenues to be received by the Authority pursuant to a
financing agreement to be entered into between the Authority
and the Applicant (the "Agreement"), which Agreement shall
have a term of not more than forty years.
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SECTION 4. The Bonds shall be issued subject to
the conditions that (i) the Authority and the Applicant
shall have first agreed to mutually acceptable terms and
conditions of the Agreement; (ii) the City Council of the
City of Santa Ana shall have approved this action of the
Authority and shall have caused the City Clerk of the City
of Santa Ana to certify such approval to this Authority;
(iii) the California Industrial Development Financing
Advisory Commission shall have approved the Facility, as
described in the Application, and authorized the issuance of
Bonds therefore; (iv) thirty days from the date of
publication of this approval shall have elapsed; and (v) all
other requisite governmental approvals shall have been first
obtained.
SECTION 5. The Secretary of the Authority is
hereby authorized and directed as soon as possible to
certify the determinations and action of the Authority, as
set out herein, to the City Council of the City of Santa Ana
for its further consideration, as submitted by the Applicant
to be attached to said certification.
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RESOLUTION NO. 83-6-IDA
Page Three
SECTION 6. The Secretary is hereby authorized and
directed to cause to be published one time in a newspaper of
general circulation in the City of Santa Ana, a notice in
substantially the form before this meeting, naming the
Applicant, stating the estimated maximum bond issue,
describing the Facility in general terms, and stating that the
Application for financing has been approved by the Authority.
SECTION 7. The Secretary of the Authority is hereby
authorized and directed to request that the City Council of
the City of Santa Ana hold a public hearing at its meeting
scheduled for November 15, 1983 to take comments from the
general public on the question of whether the Authority should
issue the Bonds, such hearing being required under the
provisions of the Tax Equity and Fiscal Responsibility Act of
1982.
SECTION 8. This Resolution shall take effect
immediately upon its passage.
APPROVED, PASSED AND SIGNED this 7th day of
November 1983
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Rob W. Luxembourg ,
Chairman
ATTEST:
C. Guy,
DIRECTORS:
Luxembourger
Griset
Acosta
Br icken
Johnson
McGuigan
Young
ABSENT
AYE
AYE
AYE
AYE
AYE
AYE
Approved as to form:
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