$2.04 Million in Industrial Development Bonds Issued to Pleasant Mattress Company, Inc.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--June 28, 2000 Financing Facilitates Construction of Fresno Fresno (frĕz`nō), city (1990 pop. 354,202), seat of Fresno co., S central Calif.; inc. 1885. Settled in 1872 as a station on the Central Pacific RR, Fresno profited from irrigated farming as early as the 1880s. Manufacturing Facility and Expanded Job Opportunities California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Trade and Commerce Agency Secretary Lon Hatamiya today announced the sale of a total of $2.04 million of taxable and tax-exempt Industrial Development Bonds for Fresno-based Pleasant Mattress Company, Inc. The California Infrastructure and Economic Development Bank-issued bonds will provide long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , low-cost financing for acquisition of a 20-acre site and construction of an approximately 110,000 square foot manufacturing facility behind the company's existing Teilman Avenue site in Fresno, Calif. Creation of up to 45 new jobs is anticipated within two years of project completion. "Although the California economy continues to flourish, the Central Valley lags behind in terms of employment diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and job creation," said Hatamiya, who also chairs the Infrastructure Bank Board of Directors. "We are pleased that this financing will promote the growth of a key employer in this region." Pleasant Mattress is a California firm incorporated in 1980. The company produces a variety of mattresses, box springs, and futons, marketed under the Cannon Sleep Products brand name. Major customers include Kmart Corporation, Mattress Land, and Oak Furniture Liquidators. In addition to the company-owned Teilman Avenue facility, Pleasant Mattress operates two leased sites within the city of Fresno. The current Teilman site has been fully utilized, a factor that has seriously impacted the firm's production operations and potential for future growth. The newly issued Industrial Development Bonds will allow Pleasant Mattress to expand its manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , add new equipment, and provide additional storage space for raw and finished materials. "Pleasant Mattress is a family-owned business with a long history in the City of Fresno," said Richard Machado, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Fresno Economic Development Corporation. "It's great to see them expand and bring more jobs to our community." Bonds issued by the Infrastructure Bank are payable from revenues generated from the financed project and are not backed or guaranteed by the Infrastructure Bank nor the State of California. The California Debt Limit Allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as Committee approved the private activity allocation for the project at its April 26, 2000 meeting. The California Infrastructure and Economic Development Bank resides within the California Trade and Commerce Agency, the State's lead agency for business development, corporate attraction and job creation. |
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