HomeMy WebLinkAbout84-090RESOLUTION NO. 84-90
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 COMMERCIAL OFFICE BUILDINGS AND
RELATED FACILITIES BY CHUCK AND ELAINE McNABB.
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, Chuck and Elaine McNabb and successors
and assigns ("Developer") have requested the City to issue
and sell its revenue bonds for the purpose of financing the
acquisition and construction of commerical office buildings
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 Three Million Dollars ($3,000,000)
for the purpose of financing the acquisition and
rehabilitation of the Project located on the blocks bounded
by Main, Washington, Bush and Eleventh. 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 by 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 6th ~ay of August , 1984.
ATTEST:
~6be~/~u~embourge r, ~yor
~nide C. Guy, C]/erk ~/~he Council
COUNCI LME MBERS .'
Luxembourger Aye
Griset Aye
Acosta Aye
Bricken Aye
Johnson A~
McGuigan
Young Aye
Approved as to form:
Edwar~~oper,
City At~y