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RESOLUTION NO. I -9 <br />A RESOLUTION OF THE INDUSTRIAL <br />DEVMOPMENT AUTHORITY OF THE CITY <br />OF FULLERTON AUTHORIZING THE <br />ISSUANCE OF BONDS FOR THE <br />PURPOSE OF FINANCING THE <br />SUNCLIPSE INC. PROJECT <br />• WHEREAS, the I' jd tj iaJ loptttefs Authority of the City <br />of Fullerton (the "Authority ") is authorized by law to issue, <br />sell and deliver its bonds for the purpose of providing <br />financing for the acquisition of equipment and plant <br />improvements, among other things; and <br />WHEREAS, the Authority has been informed by Sunclipse Inc. <br />(the "Company ") that it proposes to acquire, equip, construct, <br />rehabilitate, and improve a manufacturing, distribution and <br />warehousing facility for paper products in the City of <br />Fullerton (the "Project. "), which Project has been described tc <br />the members of the Authority; and <br />WHEREAS, it is estimated that the Project will require <br />. bonds in an amount of up to $7,000,000; and <br />WHEREAS, the Authority is authorized by Ordinance 2458 (the <br />"Ordinance ") to facilitate the subject financing through the <br />issuance of tax- exempt revenue bonds; and <br />WHEREAS, the Company has requested that the Authority <br />approve its application, the Project and the issuance by the <br />Authority of its i, t ibA developmeizt revenue bonds pursuant <br />to the Ordinance in one or more issues or series in an <br />• aggregate principal amount sufficient to finance all or a <br />portion of the total cost of the Project, including all costs <br />incurred in connection with the issuance of the indsstraa'* <br />deyelopm revenue bonds by the Authority and such other costs <br />permitted by the Ordinance (the "Cost of the Project ") up to an <br />amount not exceeding $7,000,000; and <br />WHEREAS, it is intended that this resolution shall <br />constitute official action towards the issuance of industrial <br />t1v%Jop nt revenue bonds of the Authority within the meeting <br />of the Internal Revenue Code of 1954, as amended, and <br />applicable United States Treasury rulings, laws and regulations; <br />NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY <br />THE AUTHORITY AS FOLLOWS: <br />• 1. The Authority determines that (a) the Project is in <br />furtherance of the purposes of the Ordinance and complies with <br />the criteria established pursuant thereto and Sections 91500, <br />et seq. of the California Government Code, as amended and (b) <br />the undertaking of the Project by the Authority will be a <br />• <br />n <br />SCANNED <br />