HomeMy WebLinkAbout83-011RESOLUTION NO. 83-11
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE CONSTRUCTION AND
REHABILITATION OF A COMMERCIAL OFFICE BUILDING AND
RELATED FACILITIES BY 207 WEST 2ND STREET
PARTNERSHIP
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, rehab-
ilitation, construction and improvement of industrial and
commercial projects located within the City:
WHEREAS, 207 West 2nd Street Partnership, a
California limited partnership, and successors and assigns
("Developer") has requested the City to issue and sell its
revenue bonds for the purpose of financing the construction
and rehabilitation of a commercial office building and related
facilities (the "Project"), to be constructed by the Devel-
oper 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 One Million Dollars ($1,000,000.00)
for the purpose of financing the construction and rehabil-
itation and improvement of the Project located at 207 West
Second Street. 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 meet-
ing duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such re-
lated and necessary issuance expenses, administrative costs,
debt service reserves and interest payments as may be re-
quired to accomplish successfully the financing.
4. The City Council does hereby find that the adop-
tion of this Resolution constitutes a substantial inducement
to the Developer to undertake its Project within the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 17th day of January , 1983.
Gordon Bridken, Mayor
ATTEST:
nice C. Guy, C1 k e Council
CCOUNCILMEMBERS:
Bricken
A
Luxembourger
_ye
Acosta
_yep
Serrato
ee��
GrisetbA
sent
Ma rke l
Nay
McGuigan
Aye
Approved as to form:
&"a 1. nopor !�e /f -
Edward J. Cooper, City Attorney