HomeMy WebLinkAbout83-081RESOLUTION NO. 83- 81
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 BUILDING AND
RELATED FACILITIES BY MARK AND CINDY LEE.
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, Mark and Cindy Lee, joint tenants, 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 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 One Million Dollars ($1,000,000.00) for the
purpose of financing the construction an rehabilitation and
improvement of the Project located at 604 N. Main 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 day of July , 1983.
Robe uxembourger, yor
ATTEST:
nice C. Guy, erY f the Council
COUNCILMEMBERS:
Luxembourger Ave
Griset Ave
Acosta Ave
Bricken Aye Approved as to form:
Johnson Ave
McGuigan Ave
Young Ave
Edward J. ope ,
City Attotrney