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RESOLUTION NO. 2 <br />A RESOLUTION OF THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE <br />CITY OF FULLERTON AUTHORIZING <br />THE ISSUANCE OF BONDS FOR THE <br />PURPOSE OF FINANCING THE ACQUISI- <br />TION OF EQUIPMENT AND FACILITY <br />• IMPROVEMENTS FOR PCL PACKAGING, INC. <br />WHEREAS, the Industrial Development Authority of the City of Ful- <br />lerton ( "the Authority ") is authorized by law to issue and sell its bonds for <br />the purpose of providing financing for the acquisition of equipment and plant <br />improvements, among other things; and <br />WHEREAS, the Authority has been informed by PCL Packaging, Inc. ( "the <br />Company ") that it proposes to acquire equipment and improve a facility in the <br />City of Fullerton ( "the Project "), which Project has been described to the mem- <br />bers of the Authority; and . <br />WHEREAS, it is estimated that the Project will require bonds in an <br />amount of at least $2,000,000; and <br />WHEREAS, the Authority is authorized by Ordinance No. 2458 ( "the Ordi- <br />nance") to facilitate the financing; and <br />WHEREAS, the Company has requested that the Authority approve its <br />application, the Project and the issuance by the Authority of its revenue bonds <br />pursuant to the Ordinance in one or more issues or series in an aggregate princi- <br />pal amount sufficient to finance all or a portion of the total cost of the Pro- <br />ject, including all costs incurred in connection with the issuance of the revenue <br />• bonds by the Authority and such other costs permitted by the Ordinance "the Cost <br />of the Project ") up to an amount not exceeding $2,000,000; and <br />WHEREAS, it is intended that this resolution shall constitute official <br />action towards the issuance of revenue bonds of the Authority within the meeting <br />of the applicable United States Treasury rulings, laws and regulation's; <br />NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE AUTHORITY <br />AS FOLLOWS: <br />1. The Authority determines that (a) the Project is in furtherance <br />of the purposes of the Ordinance and complies with the criteria established <br />pursuant thereto and the California Code, as amended and (b) the undertaking <br />of the Project by the Authority will be a substantial factor in the accrual of <br />each of the public benefits from the use of the facilities as described in the <br />application; and . <br />2. The Authority approves the application, the Project and the issu- <br />ance by the Authority of its revenue bonds pursuant to the Ordinance in one or <br />more series or series in an aggregate amount to be specified by the Company but <br />not to exceed $2,000,000, and the use of the proceeds therefore finance for the <br />Company the cost of the Project under a lease agreement, sale agreement, loan <br />agreement or other agreements that will provide payments thereunder at least <br />sufficient to pay the principal of an interest and redemption premium, if any, <br />on such revenue bonds and such other costs in connection therewith and may <br />be incurred by the Authority, subject to the terms contained herein and in the <br />• Ordinance; and <br />3. The issuance and sale of the bonds shall be subject to completion <br />by the Authority of all the required proceedings under the law and shall be up- <br />on such terms and conditions as shall be mutually agreed upon by the Authority, <br />the Company and the purchaser of the bonds and shall be authorized by resolution <br />of the Authority in a meeting duly held and conducted for such purpose. Nothing <br />in this resolution is intended or shall be construed to bind or commit the <br />Authority unconditionally to issue and sell such bonds or otherwise assist such <br />Project of the Company; and FWV 'AAi/ -�j <br />f d�v�%p�rit <br />