HomeMy WebLinkAbout1985-008
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RESOLUTION NO. 85-~-IDA
A RESOLUTION ASSIGNING A PORTION OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA
1985 PRIVATE ACTIVITY BOND LIMIT TO THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA
INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1985
(LAMINATION TECHNOLOGY, INC. PROJECT)
RESOLVED, by the Board of Directors of the Industrial Development
Authority of the City of Santa Ana (the "Authority"), as follows:
WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of
1954, as amended, there are authorized to be Issued within the State of
California In any calendar year an amount of Private Activity Bonds (as
defined In said Section 103(n)) not exceeding In aggregate principal amount
the statewide limit determined as set forth in said Section 103(n);
WHEREAS, the Governor of the State of Ca 11 forn I a on Jul y 19, 1984,
Issued a Proclamation (the "Proclamation") implementing the provisIons of said
Section 103(n), pursuant to which a portion of said statewide limit 1s
allocated to each city based on the estimated population of such city;
WHEREAS, by Its Resolution No. 84-1, adopted October 17,1984, the
California Debt Limit Allocation Committee transferred a portion of the
State's share of the said statewide limit to each city and county within the
State;
WHEREAS, by Its Resolution No. 85-~, adopted February 19, 1985, the
City of Santa Ana (the "CI ty") transferred $3,000,000 of the CI ty' s share of
said statewide limit to the Authority;
WHEREAS, the Authority has determined that the portion of said statewide
1 I mlt transferred by the City to the Authorl ty for the current ca 1 endar year
Is $3,000,000 (the "1985 Pr1vate Activity Bond LImit");
WHEREAS, the Authority proposes to Issue Its $3,000,000 Industrial
Development Revenue Bonds, Series 1985 (Lamination Technology, Inc. Project)
(the "Bonds") for the purpose of financing the Improvement and renovatIon of
certaIn manufacturing facIlities leased to LaminatIon Technology, Inc., a
Delaware corporation, at 2720 and 2730 South MaIn Street, Santa Ana,
CalIfornia, and the acquIsition of major capital equipment relating thereto
(the "Project"), and the Bonds constitute Private Activity Bonds;
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WHEREAS, the Authority desires to assign a por~on of its Private
Activity Bond limit to the Bonds for the Project; a~
WHEREAS, it is in the public interest and for ttbe public benefit ...;
that said assignment be made:
NOW, THEREFORE, it is hereby ORDERED and DETE~IED, as follows:
1. The amount of $3,000,000 representing the ~985 Private
Activity Bond Limit transfered to the Authority by thte City, is
hereby assigned to bhe Bonds for the Project. Such a5Signment shall
be irrevocable upon issuance and delivery of the Bon~.
2. The Secretary is hereby authorized and dil'i\\OCted to notify
the California Debt Limit Allocation Committee of the: issuance of the
Bonds within fifteen (15) days of the del ivery of the'iBonds.
3. This Resolution shall take effect immediatfEJy upon its
passage and adoption.
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ADOPTED, thi s 19th day of February
, 1985.
ATTEST:
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Da 'el Gr'set,,, Chairman
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Directors:
Griset
Johnson
Acosta
Hart
Luxembourger
McGuigan
Young
Ave
Ave
Absent
Ave
Ave
Ave
Absent
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