HomeMy WebLinkAbout81-229REL:jd:mmc
12/14/81
RESOLUTION NO. 81-229
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS
FOR THE PURPOSE OF FINANCING THE RECONSTRUCTION
OF LIGHT INDUSTRIAL AND RELATED FACILITIES BY
PHIL BOUKATHER
WHEREAS, the City Council of the City of Santa Ana
(the "City") has adopted its Ordinance No. NS-1609 (the
"Ordinance") authorizing the City to issue and sell its
bonds, notes, interim certificates, debentures or other
obligations ("Bonds") pursuant to the City Charter for the
purpose of providing financing for the acquisition,
rehabilitation, construction and improvement of industrial
projects located within the City;
WHEREAS, Phil Boukather, an individual (the "Developer")
has requested the City to issue and sell its revenue bonds
for the purpose of financing the acquisition and reconstruction
of certain industrial facilities consisting of a multi-unit
light industrial facility and parking and related and
appurtenant facilitites and property (the "Project"), to be
reconstructed by the Developer within the City, and the City
Council wishes to induce the Developer to construct and
develop the Project in the City; and
WHEREAS, it is in the public interest, for the
public benefit and in furtherance of the public purposes of
the City that the City Council authorizes Bonds for the
aforesaid purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
1. The City Council hereby authorizes the
issuance and sale of Bonds of the City pursuant to the City
Charter and the procedures specified in the Ordinance in a
principal amount of not to exceed Two Million Dollars
($2,000,000) for the purpose of financing the acquisition,
rehabilitation and improvement of the Project located at
3201-3231 S. Forest Avenue. Such authorization is for the
purpose of inducing the Developer to undertake to construct
and develop the Project and, in particular, to do so at such
location.
2. The issuance and sale of said bonds shall be
upon such terms and conditions as may be mutually agreed
upon by the City, the Developer and the purchaser of said
Bonds and shall be issued by resolution of the City Council
at a meeting duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such
related and necessary issuance expenses, administrative
costs, debt service reserves and interest payments as may be
required to accomplish successfully the financing.
RESOLUTION NO. 81-229
PAGE TWO
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial
inducement to the Developer to undertake its Project with
the City.
5. This Resolution shall take effect immediately
upon its passage and adoption.
ADOPTED, this 215~ day of December
1981, by the following vote:
AYES:
COUNCILMEMBERS: Acosta, Bricken, Griset,
Luxembourger, McGuigan, Serrato
NOES: COUNCILMEMBERS: Markel
ABSENT: COUNCILMEMBERS: None
ATTEST:
APPROVED AS TO FORM:
GOd, DON BRICKEN
MAYOR
EDWARD J. C~9OP R~
CITY ATTORNEY