HomeMy WebLinkAboutResolution No. 780611025-3
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2296N
CITY OF AZUSA
RESOLUTION N0.7806
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
GIVING PUBLIC APPROVAL TO THE ENTERING INTO OF FINANCING
AGREEMENTS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
CITY OF AZUSA FOR THE PURPOSE OF PROVIDING FINANCING TO
OPTICAL RADIATION CORPORATION AND THE ISSUANCE OF BONDS
IN THE AMOUNT OF $1,300,000 FOR SUCH PURPOSE
WHEREAS, the Industrial Development Authority of the City of Azusa (the
"Authority") proposes to enter into financing agreements with Optical Radiation Corporation
(the "Company"), and to issue its tax-exempt industrial development revenue bonds in an
amount not to exceed $1,300,000, for the purpose of providing financing for certain
industrial facilities for the manufacture of precision optical products and related facilities
and equipment to be acquired, constructed and owned by the Company, and to be located at
Optical Drive and Aerojet Avenue in the City of Azusa, California (the "Project");
WHEREAS, 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 development revenue bonds in the principal amount of
not to exceed $1,300,000 for the purpose of providing financing to Optical Radiation
Corporation 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.
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PASSED, ADOPTED AND APPROVED this 21st day of October, 1985.
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I HEREBY CERTIFY that the foregoing resolution was duly adopted by
the City Council of the City of Azusa at a regular meeting thereof, held on
the 21 st day of October, 1985, by the following vote of the Council:
AYES: COUNCILMEMBERS: CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
CITY ERK