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RESOLUTION NO. I -6 <br />A RESOLUTION DECLARING THE INTENTION OF THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF FULLERTON TO <br />ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN <br />AMOUNT NOT TO EXCEED $2,500,000 FOR THE CONSTRUCTION <br />OF AN INDUSTRIAL PROJECT BY MDC REALTY COMPANY AND <br />AUTHORIZING OFFICIAL ACTION <br />WHEREAS, the Industrial Development Authority of the City of Fullerton <br />• (the "Issuer "), a public, corporate instrumentality of the State of California, <br />organized and existing in the City of Fullerton (the "City ") under and pur- <br />suant to the laws of the State of California, is authorized and empowered <br />by the California Industrial Development Financing Act (the "Act "), Title 10 <br />of the California Government Code, to issue its industrial development reve- <br />nue bonds for the purpose of paying the cost of acquiring, installing or <br />improving a Project as that term is defined in the Act; <br />WHEREAS, MDC Realty Company (the "Company "), a California corporation <br />and a wholly owned subsidiary of McDonnell Douglas Corporation, has requested <br />the Issuer to issue and sell its industrial development revenue bonds pur- <br />suant to provisions of the Act for the purpose of providing the financing <br />for the construction and improvement of an approximately 65,000 square foot <br />manufacturing and warehousing facility, including offices, landscaping, <br />utilities and related and appurtenant structures, facilities and equipment <br />(the "Project "), constituting a "Project" as that term is defined in the <br />Act, to be located at 801 South Placentia Avenue, in the City and to be owned <br />by the Company and leased to ITT Grinnell Corporation, a Delaware corpora- <br />tion and a subsidiary of ITT Holdings, Inc., in its business of manufactur- <br />ing, assembling and distributing fire sprinkler apparatus and fire fighting <br />equipment; <br />WHEREAS, the Company has agreed to indemnify the Issuer for any claims <br />against the Issuer in connection with the proposed bonds issuance; <br />WHEREAS, it is in the public interest, for the public benefit and in <br />• furtherance of the public purposes of the Issuer that it authorize bonds for <br />the aforesaid purposes; <br />WHEREAS, the Issuer wishes to induce the Company to construct, improve <br />and develop said Project in the City, and to declare its intention to author- <br />ize an issue of industrial development revenue bonds of the Issuer for the <br />purpose of providing funds for the financing of the Project when so requested <br />by the Company, upon such terms and conditions as may then be agreed upon <br />by the Issuer, the Company and the purchaser$ of the bonds; <br />NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE INDUS- <br />TRIAL DEVELOPMENT AUTHORITY OF THE CITY OF FULLERTON (HEREINAFTER THE <br />"BOARD ") AS FOLLOWS: <br />1. The Board hereby authorizes the issuance of industrial development <br />revenue bonds of the Issuer under and in accordance with the applicable <br />statutes of the State of California, and particularly the Act, in the amount <br />not to exceed $2,500,000, for the purpose of providing the cost of financing <br />the construction and improvement of the Project to be located within the <br />jurisdictional boundaries of the Issuer. Such authorization shall be for <br />the purpose of inducing the Company to undertake to construct, improve and <br />develop the Project and, in particular, to do so at such location. <br />2. The issuance and sale of the bonds shall be upon such terms and <br />conditions as may be mutually agreed upon by the Issuer, the Company and the <br />• purchaser of the bonds and shall be authorized by resolution of the Board <br />at a meeting duly held and conducted for such purpose, and upon the receipt <br />of an agreement on the part of the Company to indemnify the Issuer for any <br />claims, costs or expenses (whether now or hereafter made) against the Is- <br />suer in connection with the proposed bond issue, the Approval of counsel <br />to the Issuer and delivery at the closing of such bonds of an approving <br />legal opinion of bond counsel. <br />ADOPTED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF FULLERTON <br />on December 18, 1984. <br />r <br />Lz — xlkGc -' .,iL s.,r a � <br />