HomeMy WebLinkAbout84-157337(F JHHW:CFA:dfd 11/24/84
Sani
agg~
Cha)
160!
pro~
(th(
Agr(
to f
ceni
agg~
lan(
8.2(
Fir:
Tru:
Int(
Call
heal
Rev(
subn
the
AS
the
pro)
inc(
the
Pur(
RESOLUTION NO. 84- 157
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE SALE
OF $3,500,000 PRINCIPAL AMOUNT OF
COMMERCIAL REVENUE BONDS (McCALLA CENTRE
PROJECT), APPROVING RELATED DOCUMENTS AND
AUTHORIZING OFFICIAL ACTION
WHEREAS, the City of Santa Ana (the "City") proposes to issue its City of
a Ana Commercial Revenue Revenue Bonds (McCalla Centre Project) in the
egate principal amount of $3,500,0D0, under and pursuant to the provisions of
ter 28 of the Santa Ana Municipal Code, enacted pursuant to Ordinance No. NS-
adopted by the City Council on November 16, 1981 (the "Law"), in order to
ide funds to make a loan to McCalla Centre, a California general partnership,
"Company") pursuant to the terms of a proposed Loan Agreement (the "Loan
ement"), dated as of December 1, 1984, by and between the City and the Company
inance the acquisition, construction and improvement of a neighborhood shopping
er, including a market, drug store, restaurant and retail shopping facilities
egating approximately 110,0D0 square feet, together with parking facilities,
scaping and related facilities to be located in the City on an approximately
acre parcel of land located at the northwest corner of Harbor Boulevard and
t Street (the "Project"); and
WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of
t (the "Indenture"), dated as of December 1, 1984, between the City and First
rstate Bank of California, as trustee (the Trustee ); and
WHEREAS, the Bonds are to be secured by a letter of credit issued by
fornia First Bank; and
WHEREAS, the City Council has heretofore called and conducted a public
lng on the issuance of the Bonds as required by Section 103(k) of the Internal
nue Code of 1954, as amended; and
WHEREAS, Rauscher Pierce Refsnes, Inc., as placement agent, intends to
it to the City an offer from certain purchasers to purchase the Bonds; and
WHEREAS, the City approves of said transactions in the public interests of
City;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA,
DLLOWS:
Section 1. Issuance and Sale of Bonds. The City Council hereby authorizes
issuance of the Bonds pursuant to and in accordance with the terms and
isions of the Law and the Indenture, all of which terms and provisions are
rporated herein by reference. The Bonds are hereby authorized to be sold to
purchasers thereof pursuant to and in accordance with the terms of the Bond
hase Agreement therefor (the "Bond Purchase Agreement") in substantially the
for
aut
Bon
Put
rat
the
per
the
the
aPl
an¢
th~
or
he~
ex~
Ag~
al'lc
apl
~x~
au~
of
ag~
Bo~
ad~
ac(
re~
on file with the Clerk of the Council. The Mayor or his designee is hereby
horized and directed to approve the terms of and accept ~n offer to purchase the
~s which is acceptable to the Mayor or his designee, and to execute the Bond
:hase Agreement for and in the name and on behalf of the City; provided that the
of interest on the Bonds shall not exceed twelve percent (12%) per annum and
Bonds shall be sold to the purchasers for a price not less than ninety-five
:ent (95%) of the par value thereof.
Section 2. Indenture. The Indenture, in substantially the form presented to
City Council at this meeting, together with any additions thereto or changes
rein deemed necessary or advisable by the Mayor or his designee, is hereby
roved. The Mayor or his designee is hereby authorized and directed to execute
the Clerk of the Council is hereby authorized to attest the Indenture for and in
name and on behalf of the City.
Section 3. Loan Agreement. The Loan Agreement, in substantially the form
sented to the City Council at this meeting together with any additions thereto
changes therein deemed necessary or advisable by the Mayor or his designee, is
.eby approved. The Mayor or his designee is hereby authorized and directed to
cute and the Clerk of the Council is hereby authorized to attest the Loan
.eement for and in the name and on behalf of the City.
Section 4. Official Action. All actions heretofore taken by the officers
agents of the City with respect to the sale and issuance of the Bonds are hereby
roved confirmed and ratified, and the Mayor, the Clerk of the Council, the
cutive Director of the Economic Development Agency, the Executive Director of
ance, the City Attorney and any and all other officers of the City are hereby
horized and directed, for and in the name and on behalf of the City, to do any
all things and take any and all actions relating to the execution and delivery
any and all certificates, requisitions, assignments, instruments of transfer,
.eements and other documents, including but not limited to those described in the
d Purchase Agreement, which they, or any of them, may deem necessary or
isable in order to consummate the lawful issuance and delivery of the Bonds in
ordance with the Bond Purchase Agreement, the Indenture, the Law and this
olution.
AT~
Cie
Gr]
Jo~
Ac(
Haz
LU)
Mc(
Yot
Section 5.
ediately upon
December
Effective Date.
its passage.
APPROVED,
, 1984.
This Resolution shall take effect
PASSED AND SIGNED this ]Tthday of
Dan~~ G~iset
Mayor
EST:
rk of t 1
ECTORS:
set Aye
nson Aye
sta Aye
t Aye
embourger Aye
uigan Ave
ng Aye
Approved as to form:
Edwa r~(J. 9hope r
Legal C%~'s e 1