HomeMy WebLinkAboutResolution No. 75950 •
RESOLUTION NO. 7595
A RESOLUTION GIVING PUBLIC APPROVAL TO
THE ENTERING INTO OF FINANCING AGREEMENTS BY
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY
OF AZUSA FOR THE PURPOSE OF PROVIDING
FINANCING TO ELECTRONIC MATERIALS CORP., A
DIVISION OF MICRO MASK, INC. AND TO
THE ISSUANCE OF BONDS IN THE AMOUNT OF
NOT TO EXCEED $7,000,000 FOR SUCH PURPOSE
WHEREAS, the Industrial Development Authority of the City of Azusa (the
"Authority") proposes to enter into financing agreements with Micro Mask,
Inc., a California corporation (the "Company"), and to issue its tax-exempt
Industrial revenue bonds in an amount not to exceed $7,000,000, for the
purpose of providing the cost of an industrial development project located at
939 North Vernon Avenue within the City of Azusa, California, consisting of
the acquisition and development of a manufacturing facility with appropriate
equipment, machinery and related facilities (the "Project") for use in its
manufacturing business by Electronic Materials Corp., a division of the
Company;
IJHEREAS, in accordance with Section 103(k) of the Internal Revenue Code
of 1954, as amended, a public hearing has been duly called and conducted
before the City Council of the City of Azusa, as the applicable elected
representative of the Authority, ,on the financing of the Project and the
proposal that the Authority issue its tax-exempt bonds for such purpose,
notice of which hearing has been given in accordance with said Section 103(k);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Azusa
as follows:
Section 1. The City Council hereby approves the Project, the issuance
by the Authority of its tax-exempt industrial revenue bonds in the principal
amount of not to exceed $7,000,000 for the purpose of providing financing to
Electronic Materials Corp., a division of Micro Mask, Inc., for the
acquisition and construction of the Project, and the entering into by the
Authority of financing agreements for such purpose.
Section 2. This resolution shall take effect immediately.
APPROVED AND ADOPTED this 5th day of November 1984, by the
following roll call vote:
AYES: COUNCILMRRBM : CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: COUNCILMEMBFM: NONE
ABSENT: COUNCILMEMBM : NONE
ABSTAIN: COUNCILMEMBERS: NONE
Mayor
Attest:
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A4y Cer