HomeMy WebLinkAbout86-015083
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RESOLUTION NO. 86-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
AUTHORIZING AND APPROVING SUPPLEMENTAL TRUST INDENTURE
OATED AS OF NOVEMBER 1, 1985, AND AMENDMENT NO. i TO LOAN
AGREEMENT RELATING TO THE CITY'S INDUSTRIAL DEVELOPMENT
REVENUE BONDS, SERIES 1985 {URBATEC PROJECT)
WHEREAS, the City of Santa Aha (the "City") has issued its Industrial
Development Revenue Bonds, Series 1985 (Urbatec Project) (the "Bonds") under
and pursuant to a Trust Indenture, dated as of November 1, 1985 (the
"Indenture"), between the City and Trust Services of America, Inc., as
trustee (the "Trustee"); and
WHEREAS, the proceeds of the Bonds have been loaned to Urbatec, a
California corporation (the "Company"), pursuant to a Loan Agreement (the
"Loan Agreement") between the City and the Company dated as of November 1,
1985, to finance the Project (as therein defined);
WHEREAS, the Indenture and the Loan Agreement contemplate the
acquisition by the City of certain real property as the site (the "Site")
for the Project and the sale thereof by the City to the Company, and that
such acquisition and sale occur prior to the fifteenth day immediately
preceding April 1, 1986 to avoid mandatory redemption of the Bonds;
WHEREAS, the City has duly and timely commenced eminent domain
proceedings for the acquisition of the Site and said proceedings have been
delayed by the court due to circumstances beyond the control or either the
City or the Company, and such acquisition and sale cannot now be
accomplished prior to such time; and
WHEREAS, this Council has found and determined it necessary and
advisable, and in the public interests of the City, to cause the Indenture
and the Loan Agreement to be amended to extend said date in order to permit
consummation of the transactions contemplated by the Indenture and the Loan
Agreement;
WHEREAS, the City approves of said amendments and finds them to be in
the public interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA, as follows:
Section 1. FindinQs and Declarations. This Council hereby reaffirms
its findings and declarations as set forth in Resolution No. 85-124, adopted
October 21, 1985, and further finds and declares that the Supplemental Trust
Indenture, dated as of November 1, 1985 (the "Supplemental Indenture"), and
the amendment of the Loan Agreement as contemplated by Amendment No. i to
Loan Agreement, each substantially in the form presented to the City Council
at this meeting, are consistent with such findings and declarations.
Section 2. Supplemental Indenture. The Supplemental Indenture, in
substantially the form presented to the City Council at this meeting,
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together with any additions thereto or changes therein deemed necessary or
advisable by the Mayor or his designee upon the advice of bond counsel, is
hereby approved. The Mayor is hereby authorized and directed to execute,
and the City Clerk is hereby authorized to attest, the Supplemental
Indenture for and in the name and on behalf of the City.
Section 3. Amendment No. 1. Amendment No. i to Loan Agreement, in
substantially the form presented to the Council at this meeting, together
with any additions thereto or changes therein deemed necessary or advisable
by the Mayor upon the advice of bond counsel, is hereby approved. The Mayor
is hereby authorized and directed to execute, and the City Clerk is hereby
authorized to attest, the Amendment No. 1 to Loan Agreement for and in the
nam6 and on behalf of the City.
Section 4. Official Action. All actions heretofore taken by the
officers and agents of the City with respect to the Bonds, the Supplemental
Trust Indenture, and Amendment No. 1 to Loan Agreement are hereby approved,
confirmed and ratified, and the Mayor and City Clerk of the City and any and
all other officers of the City are hereby authorized and directed, for and
in the name and on behalf of the City, to do any and all things and take any
and all actions relating to the execution and delivery of the Supplemental
Trust Indenture and Amendment No. 1 to Loan Agreement and all certificates
and other documents which they, or any of them, may deem necessary or
advisable in order further to consummate the transactions contemplated by
this resolution. This resolution in no way shall limit or modify the
provisions of Resolution No. 85-124.
Section 4. Effective Date.
and after its adoption.
This resolution shall take effect from
ADOPTED this 18th day of
COUNCILMEMBERS:
February
, 1986.
Mayor
Griset Aye
Johnson Aye
Acosta Aye
Hart Aye
Luxembourger Aye
McGuigan Aye
Young Aye
Approved as to form:
'~ Attorney
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