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HomeMy WebLinkAbout85-12429033-11 JHHW:JLN:ce 10/01/85 2276N RESOLUTION NO. 85-124 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE iSSUANCE AND SALE OF $6,500,000 PRINCIPAL AHOUNT OF INDUSTRIAL DEVELOPHENT REVENUE BONDS (URBATEC PROJECT), APPROVING RELATED DOCUHENTS AND AUTHORIZING OFFICIAL ACTION WHEREAS, the City of Santa Ana (the "City") proposes to issue its City of Santa Ana Industrial Development Revenue Bonds (Urbatec Project) Sn the aggregate principal amount of $6,500,000 under and pursuant to the provisions of Chapter 28 of the Santa Ana Municipal Code, enacted pursuant to Ordinance No. NS-1609 adopted by the City Council on November 16, 1981 (the "Law"), in order to provide funds to make a loan to Urbatec, a California corporation (the "Company"), pursuant to the terms of a proposed Loan Agreement (the "Loan Agreement"), dated as of October l, 19B5, by and between the City and the Company, to finance the acquisition, construction, and improvement of a neighborhood shopping center, Including a market, drug store, restaurant, and retail shopping facil~ties aggregating appro×lmately 120,000 square feet, together wtth parking facilities, landscaping, and related facilities to be located tn the City on an approximately 8.5 acre parcel of land located at the northeast corner of First and Spurgeon Streets (the "Project"); and WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust (the "Indenture"), dated as of October l, 1985, between the Ctty and Trust Services of America, as trustee (the "Trustee"); and WHEREAS, the City Council has heretofore called and conducted a public hearlng on the issuance of the Bonds as required by Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, the City Council has heretofore, on December 21, 1984, adopted its Resolutlon No. 84-158, authorizing the issuance and sale of the Bonds and approving related documents and authorizing offictal action, and this Council finds It necessary at this tlme to amend said resolution; and WHEREAS, there have been presented to this Council certain agreements and related documents pertaining to the issuance and sale of, the terms and conditions of, the security for, and the use of proceeds of the Bonds; and WHEREAS, the City approves of said transactions in the public interests of the City; .1- NOW, THEREFORE, BE IT RESOLVED BY TNE CITY COUNCIL Of THE CITY OF SANTA ANA, AS FOLLOWS: Section 1, Acts and CSnditions Precedent. The City Council has reviewed all proceedings heretofore taken and has found, as a result of such review, and hereby finds and determines, that all things, conditions and acts required by law to exist, happen or be performed precedent to and in connection with the issuance of the Bonds do ex~st, have happened and have been performed in due time, form and manner as required by law, and the C~ty is now duly empowered, pursuant to each and every requirement of law, to issue the Bonds in the manner and form provided in this Resolution and in the Indenture. Section 2. Authorization of Bonds. The City Council hereby authorizes and directs the issuance of the Bonds in the aggregate principal amount of not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) pursuant to and in accordance with the terms and provisions of this Resolution, the Law and the Indenture, all of which terms and provisions are Incorporated herein by reference. The purpose for which the Bonds shall be issued is to provide funds to make a loan to the Company for the purpose of providing financing for the acquisition, construction and improvement of the Project pursuant to the Loan Agreement. The Bonds shall be designated as provided In the Indenture. Section 3. Sale of Bonds. The Bonds are hereby authorized to be sold to The Chase Manhattan Bank, N.A., a national association, pursuant to and in accordance with the terms of the Bond Purchase Agreement therefor (the "Bond Purchase Agreement") in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor or his designee. The Mayor or his designee is hereby authorized and directed to execute and the Clerk is hereby authorized to attest the Bond Purchase Agreement for and in the name and on behalf of the City. Section 4. Indenture. The Indenture, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor or his designee, is hereby approved. The Mayor or his designee is hereby authorized and directed to execute and the Clerk is hereby authorized to attest the Indenture for and In the name and on behalf of the City. Section 5. Loan Agreement. The Loan Agreement, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor or his designee, is hereby approved. The Mayor or his designee is hereby authorized and directed to execute and the Clerk is hereby authorized to attest the Loan Agreement for and in the name and on behalf of the City. Section 6. Private Activity Bond Allocation. The City Council hereby designates and assigns to the Bonds the amount of $6,500,000 of its Private Activity Bond Limit, heretofore received by transfer from the County of Orange for such purpose, and each member of the Council hereby represents and warrants that such allocation is not made in consideration of any bribe, gift, gratuity or direct or indirect campaign contribution. -2- Section 7. Official Action. All act%ons heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Bonds are hereby approved, confirmed, and ratified, and the Mayor, the Clerk of the Council, the Executive Director of the Economic Development Agency, the Executive Director or Finance. the City Attorney and any and all other officers of the City are hereby authorized and directed, for an in the name and on behalf of the City, to do any and all things and take any and all action relating to the execution and delivery of any and all certificates. requisitions, assignments, instruments of transfer, agreements, and other documents, including but not limited to those described in the Placement Agency Agreement, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Placement Agency Agreement, the Indenture, the Law and this resolution. Section 8. Effective Date. This resolution shall supercede and amend Resolution No. 84-158, adopted on December 21, 1984. This resolution shall take effect immediately upon its passage. APPROVED, PASSED, AND SIGNED this 21st day of October , 3985. Daniel E. Griset Mayor ATTEST: Clerk of the ncl COUNCILMEMBERS: Griset Aye Johnson Absent Acosta Aye Hart Absent Luxembourger Aye McGuigan A e Young ~Xee Approved as to form: -3-