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RESOLUTION NO. I -7 <br />A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY <br />OF THE CITY OF FULLERTON RATIFYING ALL ACTIONS TAKEN <br />PURSUANT TO RESOLUTION I -5 AND RECONFIRMING THE <br />AUTHORIZATIONS AND APPROVALS THEREIN; AND ALLOCATING <br />ITS $3,500,000 ALLOCATION FOR PRIVATE ACTIVITY BONDS <br />TO ITS VARIABLE RATE DEMAND REVENUE BONDS, SERIES <br />1984 (PCL PACKAGING INC. PROJECT). <br />• WHEREAS, the Industrial Development Authority (the "Authority ") of the <br />City of Fullerton (the "City ") is an industrial development authority duly <br />created and existing pursuant to the California Industrial Development Act <br />(Title 10, Chapter 1, Articles 1 and 2 of the Government Code of the State <br />of California commencing with Section 91500) (the "Act "); and <br />WHEREAS, on November 20, 1984, the Authority adopted Resolution I -5 en- <br />titled "A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF <br />FULLERTON AUTHORIZING ISSUANCE OF $3,500,000 INDUSTRIAL DEVELOPMENT REVENUE <br />BONDS FOR PCL PACKAGING INC. "; <br />WHEREAS, since the date of the adoption of such Resolution I -5, Standard <br />& Poor's Corporation and First Interstate Bank of California, the Trustee under <br />the Indenture.of Trust providing for the issuance of the Bonds (the "Indenture ") <br />have requested that certain minor changes be made in the documents approved by <br />the Authority in its Resolution I -5 (the "Financing Documents "), and Chemical <br />Bank has been substituted for Bank of America Trust Company of New York as Pay- <br />ing Agent /Registrar under the Indenture; and <br />WHEREAS, the Authority wishes to ratify the final form of such documents <br />in the form submitted to the Authority as of this date and to ratify all actions <br />of the Authority and officers or employees of the Authority taken prior to the <br />date hereof; <br />AND FURTHERMORE, <br />• WHEREAS, Section 103(n) of the Internal Revenue Code requires that the <br />aggregate amount of private activity bonds (as defined in Section 103(n) (7) <br />to mean any obligation the interest on which is exempt from tax under Section <br />103(a) and which is an industrial development bond or a student loan bond) <br />issued pursuant to the issue of Bonds, when added to the aggregate amount of <br />private activity bonds previously issued by the issuing authority during the <br />calendar year shall not exceed such authority's private activity bond limit for <br />such calendar year; and <br />WHEREAS, pursuant to Resolution No. 7298 adopted by the City Council on <br />this date the City has transferred $3,500,000 of its Private Activity Bond Limit, <br />as defined therein, to the Authority, as permitted by Section 6 of the Procla- <br />mation, as defined therein; and <br />WHEREAS, the Authority wishes to allocate such $3,500,000 to the issuance <br />of the -- Bonds; <br />NOW THEREFORE, be it resolved by the Board of Directors of the Industrial - <br />"Development Authority of the City of Fullerton: <br />SECTION 1. The form of.Financing Documents attached hereto is hereby ap- <br />proved, and officers or employees of the Authority are hereby authorized to exe- <br />cute anc('deliver ¢uch Financing Documents as provided in Resolution I -5, which <br />is hereby confirmed'and ratified in all respects. <br />• SECTION 2: The actions of the Authority, and officers or employees of the <br />Authority i-n -doing any and all acts necessary to issuance and sale of the Bonds <br />and the making of the loan of the Bond proceeds to the Company are hereby rati- <br />fied and confirmed. In particular, without limitation, the approval of the Of- <br />ficial Statement dated the date hereof relating to the sale of the Bonds and <br />the execution of Purchase Agreement between the Authority and E. F. Hutton, <br />both attached hereto, are ratified and confirmed. <br />SECTION 3. The Authority hereby designates its $3,500,000 Private Activity <br />Bond Limit to the issuance of the Bonds. <br />CCc -I <br />