HomeMy WebLinkAbout83-068RESOLUTION NO. 83-68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE ACQUISITION AND
CONSTRUCTION OF A RESIDENTIAL BUILDING AND
RELATED FACILITIES BY BX REALTY, Inc.
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
and commercial projects located within the City:
WHEREAS, BX Realty, Incorporated, a California
Corporation, and successors and assigns ("Developer") has
requested the City to issue and sell its revenue bonds for
the purpose of financing the acquisition of property and
construction of a residential building and related facilities
(the "Project"), to be constructed 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 Twelve Million Dollars
($12,000,000.00) for the purpose of financing the
construction and rehabilitation and improvement of the
Project located at 711 North Bristol. 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.
4. The City Council does hereby find that the adoption
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 20th day of June , 1983.
Robert Luxembourger,'Mayor
ATTEST:
ice C. Guy, Cle t o e Council
COUNCILMEMBERS:
Luxembourger Aye
Griset Aye
Acosta Aye
Bricken Absent Approved as to form:
Johnson Aye
McGuigan Aye
Young AyeCity
o.
Edward J. Cooper, Ci y Attorney