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RESOLUTION NO. I -3 <br />A SUPPLEMENTAL RESOLUTION OF THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF FULLERTON, OF INTENTION TO <br />UNDERTAKE A PROJECT COMPRISED OF ACQUISITION OF ASSEMBLING, <br />FABRICATING AND MANUFACTURING EQUIPMENT FOR PCL PACKAGING, <br />INC., CONSTITUTING SUPPLEMENTAL OFFICIAL ACTION TOWARD THE <br />ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR SUCH <br />PROJECT. <br />WHEREAS, The Industrial Development Authority of the City of Fullerton <br />• (the "Authority ") is a duly created and existing industrial development <br />authority created pursuant to the California Industrial Development Act (Title <br />10, Chapter 1, Articles 1 and 2 of the Government Code of the State of Cali- <br />fornia commencing with Section 91500) (the "Act "); and <br />WHEREAS, on May 28, 1984, PCL Packaging, Inc. (the "Company ") applied <br />to the Authority for financing the acquisition of equipment and plant improve- <br />ments further described below (the "Project ") pursuant to the Act; and <br />WHEREAS, on June 19, 1984, the Authority adopted Resolution 2 entitled <br />"A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF FULLER - <br />TON AUTHORIZING THE ISSUANCE OF BONDS FOR THE ACQUISITION OF EQUIPMENT AND <br />FACILITY IMPROVEMENTS FOR PCL PACKAGING, INC." (the "Initial Inducement <br />Resolution ") wherein the Authority, among other things, approved the applica- <br />tion, the Project and the issue of industrial development revenue bonds (the <br />"Bonds ") pursuant to the Act in an aggregate amount not to exceed $2,000,000; <br />and - <br />WHEREAS, in order to purchase additional equipment for the assembly, <br />fabrication and manufacture of plastic bags in the amount of $3,500,000, <br />and to further demonstrate that increased employment benefits arising out of <br />use of the Project will ensue, on October 26, 1984, the Company amended, - <br />supplemented and clarified its May 28, 1984 application as permitted by the <br />Act, which amended application (together with the letters attached thereto, <br />the "Application ", appended to this Resolution as Exhibit A) includes the <br />following information as required by the Act: <br />(1) Such financial, legal, and other information as is required by the <br />Authority; <br />(2) An estimate of the amount of Bonds proposed to be issued ($3,500,000), <br />of the sources of amounts otherwise required for the Project, and an itemiza- <br />tion of the estimated cost and any other expenses which aggregate not less <br />than the estimated amount of Bonds; <br />(3) Sufficient other information as is necessary to make the determina- <br />tions required in the Act, described below; and <br />WHEREAS, the Authority has .accepted such Application; and <br />WHEREAS, the Authority wishes to make the following determinations, as <br />required in the Act: <br />(1) Whether it is likely that the undertaking of the Project by the <br />Authority will be a substantial factor in the accrual of one or more of the <br />public benefits from the use of the Project as proposed in the application; <br />and <br />(2) Whether the activities or uses include one or more of the activities <br />or uses permitted in the Act, including without limitation, assembling, fab- <br />ricating and manufacturing activities with respect to any products of manu- <br />facture, provided that these activities have demonstrated job creation or <br />retention potential; and <br />(3) Whether the Project is otherwise in accord with the requirements <br />of and purposes of the Act, which include, without limitation, the financing <br />of capital outlays required to acquire facilities which will insure employment <br />opportunities or otherwise contribute to economic development in accordance <br />with certain criteria, including, without limitation, whether employment <br />benefits arising out of the use of facilities may ensue by securing or in- <br />creasing the number of employees of the Company; and <br />Nlil�'L <br />