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HomeMy WebLinkAbout83-051RESOLUTION NO. 83-51 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE SALE OF 52,900,000 AGGREGATE PRINCIPAL AMOUNT OF COMMERCIAL REVENUE BONDS (SANTORA PROJECT) OF THE CITY; APPROVING A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO: AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT, A LOAN AGREEMENT AND AN INDENTURE OF TRUST AND RELATED DOCUMENTS RELATED TO SAID BONDS WHEREAS, this Council has passed and adopted Ordinance No. NS -1609 which now constitutes Chapter 28 of the Santa Ana Municipal Code, which authorizes the City to sell its bonds, notes, interim debentures or other obligations pursuant to the City Charter, for the purpose of providing financing for the acquisition, rehabilitation, construction and improvement of industrial and commercial projects located within the City; and WHEREAS, there have been presented to this Council certain agreements and related documents pertaining to the issuance and sale of, the security for and the use of proceeds of the City's Commercial Revenue Bonds (Santora Project) dated April 1, 1983 (the "Bonds"); and WHEREAS, this Council has reviewed such agreements and related documents; and WHEREAS, the issuance, sale and delivery of the Bonds will further the public purposes of the City as set forth in Chapter 28 of the Municipal Code, and approval of said agreements on related documents will be in the public interest and for the public benefit: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana that: 1. That the following submitted to this Council or in changes therein, not adverse approved by Bond Counsel ane approval to be conclusively thereof as authorized herein) approved, and that the Mayoz hereby authorized to execute anc documents (each in the form such form together with such to the City, as shall be the City Attorney, such evidenced by the execution be and they are hereby or his designee be and is deliver each such document: (i) Bond Purchase Agreement dated as of April 18, 1983 between Blyth Eastman Pain Webber, Inc. (the "Underwriter") and the City; (ii) Indenture of Trust dated as of April 1, 1983 between First Interstate Bank of California, as Trustee (the "Trustee") and the City (the "Indenture"); (iii) Loan Agreement dated as of April 1, 1983 between the City and Kilkenny Associates, A California limited partnership (the "De- veloper"); and (iv) Preliminary Official Statement dated as of April 1 1983 (the "Preliminary Official Statement"), containing informa- tion material to the offering and sale of the Bonds. 2. The City Manager or his designee is hereby authorized to approve corrections and additions to the Preliminary Official Statement from time to time, acting with the advice of the Underwriter, its counsel and Bond Counsel, by supplement or amendment thereto, or otherwise as may be appropriate, provided either that any such corrections or additions shall be necessary to cause the information contained in the Preliminary Official Statement to conform with facts material to the Bonds or to requirements of proceedings of this Council; and that the distribution of the Preliminary Official Statement by the Underwriter to potential purchasers of the Bonds in connection with the offering thereof for sale is hereby approved. 3. The Mayor, the City Clerk, the Director of Finance and the City Manager, and each of them, acting alone, are hereby severally authorized to execute such certificates, agreements and other closing documents as are necessary or customary for the consummation of the transactions contemplated by the documents enumerated in Section 1 of this Resolution. 4. The Mayor, the Director of Finance, the City Manager or other appropriate officer of the City are each severally authorized to cause the Preliminary Official Statement to be completed as a final Official Statement (the "Final Official Statement") by inserting therein any additional information deemed appropriate by the Underwrit- er, its counsel or Bond Counsel, and to execute a Final Official Statement and cause it to be delivered to the Underwriter, and the Final Official Statement, in such form, is hereby approved. r - ADOPTED this 18 day of April , 1983. ATTEST: anice C. Guy Clerk of the C nci COUNCILMEMBERS: Acosta Bricken Griset Johnson Luxembourger McGuigan Young Aye Aye Aye Aye Aye Aye Aye R.W. L XEMBOURGER, MAYOR APPROVED AS TO FORM: