HomeMy WebLinkAbout82-115REL:adg
8/5/82
RESOLUTION NO. 82-115
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE
CONSTRUCTION OF A COMMERCIAL OFFICE BUILDING
AND RELATED FACILITIES BY DON FASSNACHT AND
RICHARD HANSON
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,
construction and improvement of industrial projects located
within the City;
WHEREAS, Don Fassnacht and Richard Hanson
("Developers") have requested the City to issue and sell its
revenue bonds for the purpose of financing the construction
of a commercial office building and related facilities (the
"Project"), to be constructed by the Company within the
City, and the City Council wishes to induce the Developers
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 One Million Dollars ($1,000,000) for
the purpose of financing the construction and improvement of
the Project located at the southwest corner of Eastside
Drive and East Fourth Street. Such authorization is for the
purpose of inducing the Developers 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 Developers 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.
RESOLUTION NO. 82-115
PAGE TWO
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.
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial
inducement to the Developers to undertake its Project within
the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 16th day of August , 1982.
ATTEST:
~COUNC ILMEMBE~S:
Council
Bricken Absent
Luxembourger Aye
Acosta Aye
Serrato Aye
Griset
Markel Nay
McGuigan Absent
Approved as to Form:
Edward J. Cooper,~ity Attorney