Cunico Corporation Expands Into Long Beach Area; $2 Million Industrial Development Bond Assists Expansion in Enterprise Zone.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)--Sept. 22, 1999-- Cunico Corporation is expanding into the Long Beach area with the assistance of a $2,040,000 Industrial Development Bond (IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, ) issued this week through the Infrastructure and Economic Development Bank within the 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. Cunico produces metal fittings and valves used primarily in military applications, such as in the construction of nuclear submarines and surface ships for the U.S. Navy. With its relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. , the company plans to expand its current operation and purchase new production equipment. The bonds were underwritten by Dain Rauscher. "Cunico's move will put us in the Long Beach Enterprise Zone -- an area that is being revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. and should prove to be economically sound for our company," stated company President Jack Flowers. "We'll be keeping the money re-circulating in the Long Beach area, and that will be positive for all parties involved in this move." The company had considered moving to other states. The company anticipates creating new jobs within two years of project completion. Skilled and semi-skilled workers from local aerospace and defense industries will be the target group of employee recruits for these jobs. Issuing tax-exempt revenue bonds on a "conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the basis" is one of the many functions of the Infrastructure and Economic Development Bank. Bonds are secured by and payable from the revenues generated by the financed project. Conduit issuers do not own the financed project, but provide the mechanism for the borrower that owns the project to obtain tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various on the bonds. The conduit issuer has no liability for the debt service on the bonds, and no State money is at risk. The California Trade and Commerce Agency is the state's lead agency for business development, corporate attraction and job creation. It includes the California Infrastructure and Economic Development Bank, seated within the agency's Public Finance Unit. |
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