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HomeMy WebLinkAbout1984-011 "" l \.of I L ~ RESOLUTION NO. 84-11-IDA A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA APPROVING THE APPLICATION OF U.S.D. CORP. FOR INDUSTRIAL DEVELOPMENT BOND FINANCING. WHEREAS, U.S.D. CORP. ("Applicant") desires to finance the rehabilitation and construction of certain facil- ities, operating as a manufacturing center, located at 3323 West Warner, in the City of Santa Ana (the "Facility"); and WHEREAS, the Applicant is willing to undertake the improvement of the Facility if the Industrial Developement Authority of the City of Santa Ana (the "Authority") will issue its revenue bonds in an amount not exceeding Three Million Dollars ($3,000,000) to finance the rehabilitation and construction of buildings at 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 Facility (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 WHEREAS, this Board of Directors has carefully considered and discussed the information contained in the Application and other information necessary to make such determinations; BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. This Board of Directors hereby finds and deter- mines: (a) That the use of the Facility for a manu- facturing center is in accord with Section 91503(a) of the Act; (b) That the use of the Facility is likely to produce employment benefits securing or in- creasing the number of employees of the Applicant as more particularly set forth in the Application; (c) That the issuance of revenue bonds by the Authority in an amount not exceeding Three Million Dollars ($3,000,000) to finance the improvement of the Facility (the "Bonds") is likely to be a substantial factor in the accrual of each of the public benefits re- sulting from the use of the Facility as pro- posed in the Application; and w (d) That the proposed financing is otherwise in accord with the purposes and requirements of the Act. J 2. The Authority does therefore intend to approve said Facility and issue said Bonds in the amount of Three Million Dollars ($3,000,000) in accordance with the fol- lowing terms and conditions. 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. 4. The Bonds shall be issued subject to the condi- tions 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 Clerk of the Council 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 there- fore; (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. ..",j 5. The Secretary of the Authority is hereby author- ized and directed as soon as possible to certify the deter- minations 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. 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 substan- tially 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. J 7. The Secretary of the Authority is hereby author- ized and directed to request that the City Council of the City of Santa Ana hold a public hearing at its meeting scheduled for November 5, 1984, to take comments from the ..,; "-' I '-' \r l '- 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. 8. This Resolution shall take effect immediately upon its passage. APPROVED, PASSED AND SIGNED this 5th day of November , 1984. ATTEST: C. Guy, DIRECTORS: Luxembourger Griset Acosta Bricken Johnson McGuigan Young Aye Nay Aye Aye Aye Aye Nay Approved as to form: