HomeMy WebLinkAbout83-080RESOLUTION NO. 83- 80
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE ACQUISITION OF PRO-
PERTY AND CONSTRUCTION OF A COMMERCIAL BUILDING
AND RELATED FACILITIES BY C.M. PROPERTIES,
INCORPORATED.
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, C.M. Properties, 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 commercial 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 Ten Million Dollars ($10,000,000.00) for the
purpose of financing the acquisition of property and
construction and improvement of the Project located on a site
bounded by Santa Ana Boulevard, Broadway, Fifth Avenues, and
Sycamore 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 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 18th ay of July , 1983.
Bober xembourger, or
ATTEST:
nice C. Guy, ClArk the Council
COUNCILMEMBERS:
Luxembourger Ayp—
Griset Ayp—
Acosta Ave
Bricken Aye_ Approved as to form:
Johnson Ave
McGuigan Ave _
Young_
Edward J. o er
City Attorney