RES-8752 Approving Issuance of Revenue Bonds by Industrial Development AuthorityRESOLUTION NO. 8752
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING THE ISSUANCE
OF REVENUE BONDS BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF
ORANGE TO FINANCE THE ACQUISITION,
CONSTRUCTION AND EQUIPPING OF A MANU-
FACTURING FACILITY FOR CONTROL AIR
CONDITIONING CORPORATION
WHEREAS, the Industrial Development Authority of the City of Orange (the
Authority"), has received and caused to be filed with the City Council of the City of
Orange an application (the "Application") from Control Air Conditioning Corporation
the "Company") requesting that the Authority issue its revenue bonds (the "Bonds") in
the aggregate amount not to exceed $5,000,000 pursuant to the California Industrial
Development Financing Act, being Title 10, commencing with Section 91500 of the
Government Code of the State of California (the "Act"), to finance the acquisition,
construction and equipping of a manufacturing facility for assembling, fabricating,
manufacturing, processing and warehousing metal ducts for air conditioning systems at
two buildings located at 2176 Pacific Street in the City of Orange, California (the
Project"); and
WHEREAS, the proceeds of the Bonds will be loaned to the Company to finance
the Project; and
WHEREAS, Section 91530 of the Act requires the Authority to file a copy of the
application for the Project with the City of Orange and for the City Council to approve or
disapprove of the Project, including the issuance of bonds therefor; and
WHEREAS, the Application has been received and reviewed by this City
Council; and
WHEREAS, notice of a public hearing by this City Council on March 25, 1997 at
7:00 p.m. with respect to the financing of the Project was duly published for a reasonable
period prior to March 25, 1997 in a newspaper of general circulation in the City of
Orange; and
WHEREAS, this City Council has duly held a public meeting and hearing with
respect to the Project and its financing by the Authority, all in accordance with Section
147(f) of the Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Orange, California as follows:
Section 1. Approval of Bonds. This City Council hereby approves the issuance
of Bonds by the Authority in an amount not to exceed $5,000,000 to finance the costs of
acquisition, construction and equipping of the Project, which Bonds shall be repaid from
revenues received by the Authority from the Company pursuant to a financing agreement
or other similar loan agreement with respect to the Project to be entered into between the
Authority and the Company, all subject to satisfaction of all requirements ofthe Act.
Section 2. Effective Date. This resolution shall take effect upon adoption.
ADOPTED this 25th day of March 1997.
or of the City of Orange
ATTEST:
I hereby certify that the foregoing Resolution was duly and regularly adopted by the City
Council of the City of Orange at a regular meeting thereof held on the 25 day of
March ,1997, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: MURPHY, SLATER, COONTZ, SPURGEON,
ALVAREZ
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
Resolution No. 8752