HomeMy WebLinkAbout1984-018
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RESOLUTION NO. 84- 18 -IDA
A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SANTA ANA
APPROVING AND AUTHORIZING EXECUTION OF AN INDENTURE
OF TRUST AND A LOAN AGREEMENT, ASSIGNING PRIVATE ACTIVITY
BOND LIMIT, AWARDING THE SALE OF BONDS, AND AUTHORIZING
CERTAIN ACTIONS RELATING THERETO
(U.S.D. CORP PROJECT)
WHEREAS, the Industrial Development Authority of the City of Santa Ana
(the "Authority") is a public, corporate instrumentality of the State of
California duly formed under and pursuant to the California Industrial
Development Financing Act (the "Act"), as amended, Title 10 of California
Government Code, and is authori zed under the Act to issue its tax-exempt
industrial revenue bonds for the purpose of financing industrial and
manufacturing projects within the City of Santa Ana; and
WHEREAS, U.S.D. Corp (the "Company"), a California corporation, has
requested the Authority to issue and sell its Variable Rate Demand Industrial
Development Revenue Bonds (U.S.D. Corp Project) (the "Bonds") in the aggregate
principal amount of not to exceed $3,000,000 for the purpose of providing a
permanent loan to the Company to finance the acquisition, construction, and
rehabilitation of a manufacturing facility and appurtenant improvements,
structures, faci 1 iti es and equi pment, located at 3323 Wes t Warner Avenue,
Santa Ana, California (the "Project"); and
WHEREAS, the Ci ty Counc i 1 of the Ci ty of Santa Ana has held a pub 1 i c
hearing on the question of whether the Authority should issue the Bonds, and
all persons wishing to be heard on such question have been heard; and
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WHEREAS, the Authori ty has heretofore, on Ju I y 16, 1984, adopted its
Resolution No. 84-6-IDA, as amended by Resolution No.84-17-IDA, adopted on
November 19, 1984 (together the "Resolution"), authorizing the issuance of
Bonds for the Project, and has on November 5, 1984 adopted its Resolution No.
84-ll-IDA, approving the application of the Company for Bond financing, making
determinations with respect thereto, and expressing the intention of the
Authority to undertake the financing of the Project; and
WHEREAS, there have been presented to this Authority certain agreements
and related documents pertaining to the issuance and sale of, the terms and
conditions of, the security for. a"d the use of proceeds of the Bonds and this
Authority has reviewed such agreeffients and related documents; and
WHEREAS, the Company ha "!TIplied with all applicable requirements of
the Act and the Re'<J1ution and n3S requested the Authority to issue the Bonds
at this time to pre; ''jef one ,[ financing for the Project;
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Section 4. Private Activity Bond Allocation. The Board of Directors
hereby designates and assigns to the Bonds the amount of $3,000,000 of its
Private Activity Bond Limit, heretofore received by transfer from the Ci ty of
Santa Ana for such purpose, and each member of the Board hereby represents and
warrants that such allocation is not made in consideration of any bribe, gift,
gratuity or direct or indirect campaign contribution.
Section 5. Award of Sale. The Bonds shall be sold to such purchasers
as shall be designated by First Interstate Bank of California, as Placement
Agent and Remarketing Agent, and approved by the Chariman of the Authority or
his designated representative, at par value in the principal amount of
$3,000,000.
Section 6. Official Action. The Chairman, the Executive Director, the
Fi nance Offi cer, the Secretary of th is Board, the Economi c Deve 1 opmen t Ana 1 ys t
and each of them,' and any and all other officers of the Authority, acting
alone, are hereby severally authorized to execute such certificates.
agreements and other closing documents as are necessary or customary for the
consummation of the transactions contemplated by the documents enumerated in
Section 3 of this Resolution.
Section 7. Effective Date. This Resolution shall take effect
immediately upon its passage and adoption.
* . * * . * . * .
ADOPTED, this
10
day of Decem~eIf984.
D"~ri'ei'
Chairman
ATTEST:
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lee C. Guy, Ser'et y
DIRECTORS:
Luxembourger
Griset
Acosta
Hart
Johnson
McGu igan
Young
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