HomeMy WebLinkAbout83-160RESOLUTION NO. 83-160
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING AND AUTHORIZING EXECUTION OF
AN INDENTURE OF TRUST AND A LOAN AGREEMENT,
AWARDING THE SALE OF BONDS (C.M. LEGION
PRQJECT), AND AUTHORIZING CERTAIN ACTIONS
RELATING THERETO
WHEREAS, this Council has passed and adopted Ordinance No.
NS -1609 (the "Ordinance"), which authorizes the City to issue
its industrial development revenue bonds, pursuant to the City
Charter, for the purpose of providing financing for the
acquisition, construction and improvement of industrial and
commercial facilities within the City; and
WHEREAS, this Council has heretofore, by Resolution No. 83-
90, entitled "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 AND REHABILITATION
OF A COMMERCIAL BUILDING AND RELATED FACILITIES BY C.M. LEGION"
expressed its intent to issue Bonds in an amount not to exceed
$10,000,000 to finance the acquisition and construction and
rehabilitation of a commercial facility to be located at 313 N.
Birch Street, Santa Ana (the "Project") for a California
general partnership (the "Partnership"); 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
Industrial Development Revenue Bonds, Series 1983 (C.M. Legion
Project) (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 the
Ordinance, and approval of said agreements and related
documents will be in the public interest and for the public
benefit; and
WHEREAS, this Council has held a public hearing on the
question of whether the City should issue the Bonds, and all
persons wishing to be heard on such question have been heard;
and
Resolution No. 83-160
Page two
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Santa Ana that:
1. The following documents (each in the form submitted
to this Council or in such form together with such changes
therein, not adverse to the City, as shall be approved by Bond
Counsel and the City Attorney, such approval to be conclusively
evidenced by the execution thereof as authorized herein) be and
they are hereby approved, that the Mayor or his designee be and
is hereby authorized to execute and deliver each such document,
and that the Clerk of the Council is hereby authorized to affix
the seal of the City to each such document, as may be required
thereby, and to attest the execution thereof:
(i) Indenture of Trust, dated as of December 1,
1983, between Crocker National Bank as Trustee
(the "Trustee") and the City (the "Indenture");
and
(ii) Loan Agreement, dated as of December 1, 1983,
between the City and the Partnership.
2. The Bonds shall be sold to Florida National Bank of
Jacksonville, Florida or such other purchaser as shall be
designated by Crocker National Bank and approved by the City of
Santa Ana, at par value in the principal amount of $1,250,000.
Resolution No. 83-160
Page three
3. The Mayor, the Clerk of the Council, the City Manager
and the Director of Finance 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.
ADOPTED, this 19 day of December , 1983.
KobeW Luxembourger, Mayor
ATTEST:
COUNCILMEMBERS:
Luxembourger Aye
Griset Aye
Acosta Aye
Bricken Absent Approved as to form:
Johnson Aye
McGuigan Ave
Young ye
Edward I.IQa0jer,
City Attorney