HomeMy WebLinkAbout85-150RESOLUTION NO. 85-150
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA APPROVING DOCUMENTS;
APPOINTING A TRUSTEE AND AUTHORIZING
THE SALE OF ITS INDUSTRIAL DEVELOPMENT
REVENUE BONDS, SERIES 1985
WHEREAS, the City of Santa Aha (the "City") is
authorized pursuant-to its Charter to provide assistance in
financing commercial developments within the City; and
WHEREAS, the City Council of the City of Santa Ana
(the "City Council") has heretofore adopted its Resolution
(the "Inducement Resolution") declaring its intention to
issue bonds for a 133 unit facility known as Comfort Inn
Suites at Hotel Terrace (the "Project"), which Project is to
be constructed by Lot 5 ~o~el Associates, a California
limited partnership (the "Developer")~ and
WHEREAS, all acts, conditions and things required
by the Act, and by all other laws of the State of
California, to exist, to have happened and to have been
performed precedent to and in connection with the issuance
of the aforesaid revenue bonds exist, have happened, and
have been performed in regular and due time, form and manner
as required by law, and the City is now duly authorized and
empowered, pursuant to each and every requirement of law, to
issue such revenue bonds for the purpose, in the manner and
upon the terms herein provided; and
WHEREAS, said revenue bonds are to be issued
pursuant to an Indenture (the "Indenture") in the form
presented to this meeting by and between the City and
[Security Pacific Nat'l Trust Co., New York] (the "Trustee") in an
aggregate principal amount not to exceed $5,950,000 and are
to be designated as the "City of Santa Aha, California
Industrial Development Revenue Bonds, Series 1985 (Comfort
Inn Project)" (the "Bonds");
ORDERED
FOLLOWS:
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
BY THE CITY COUNCIL OF THE CITY OF SANTA ANA
Section 1. Recitals. The above recitals, and each
of them, are true and correct.
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Section 2. Official Statement. The draft of the
Preliminary Official Statement relating to the Bonde pre-
sented at this meeting is hereby approved in substantially
the form presented with such non-substantive changes thereto
as may be approved by the Mayor or Vice Mayor (collectively
the "Mayor"), and the Mayor is hereby authorized and
directed, for and in the name and on behalf of the City, to
execute the Preliminary Official Statement and a Final
Official Statement in substantially the form of the
Preliminary Official Statement, together with such non-
substantive changes thereto as may be approved by the Mayor
(collectively the "Official Statement") and the distribution
of such Official Statement in connection with the sale of
the Bonds is hereby authorized.
Section 3. Appointment of Trustee.
[Securit_vPacific Nat'l Trust Co.. New York] is hereby appointed as
Trustee under the Indenture (the "Trustee") for the City and
the owners of the Bonds, with the duties and powers of such
Trustee as are set forth in the Indenture.
Section 4. Indenture. The' proposed form of the
Indenture presented at this meeting by and between the City
and the Trustee is hereby approved and the Mayor and the
City Clerk are hereby authorized and directed, for and in
the name and on behalf of the City, to execute, acknowledge
and deliver to the Trustee the Indenture in substantially
the form hereby approved, with such non-substantive
additions or changes as the officers executing the same may
approve and which may be consistent with the Purchase
Contract hereinafter referred to, such approval to be
conclusively evidenced by the execution and delivery
thereof.
Section 5. Form of Bonds. The form of the Bonds
as set forth in the Indenture ae presented to this meeting
is hereby approved and the Mayor and the City Clerk are
hereby authorized and directed to execute by manual or
facsimile signature, in the name and on behalf of the City
and under its seal, such Bonds in either temporary and/or
definitive form in the aggregate principal amount set forth
in the Indenture and all in accordance with the terms and
provisions of the Indenture.
Section 6. Loan Agreement. The form of the Loan
Agreement (the "Loan Agreement") as presented to this
meeting by and between the City and the Developer, whereby
the proceeds of the Bonds are to be loaned to the Developer
(the "Developer Loan") for the purpose of financing the
Project is hereby approved and the Mayor and the City Clerk
are hereby authorized and directed, for and in the name of
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the City, to execute the Loan Agreement in substantially the
form hereby approved, with such non-substantive changes
therein as the officers executing the same may approve, such
approval to be conclusively evidenced by the execution and
delivery thereof.
Section 7. Purchase Contract. The form of Bond
Purchase Agreement (the "Purchase Contract") for the
purchase of the Bonds as presented to this meeting by Drexel
Burnham Lambert Incorporated, as underwriter, and the sale
of the Bonds pursuant thereto upon the terms and conditions
set forth therein is hereby approved and, subject to such
approval and subjee~ to the provisions of Section 8 hereof,
the Mayor, or the Mayor's designee, is hereby authorized and
directed to evidence the City's acceptance of the offer made
by said Purchase Contract by executing and delivering said
Purchase Contract in said form with such non-substantive
changes therein as the officer executing the same may
approve and such matters as are authorized by Section 8
hereof, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 8. Mayor or Designee Authorized to
Establish Final Terms of Sale of Bonds. The Mayor, or the
Mayor's designee, based on such advice of the staff to the
City ("Staff") and bond counsel, as he may deem necessary,
is hereby authorized and directed to act on behalf of the
City Council to establish and determine (i) the final
principal amount of the Bonds, which amount shall not exceed
$5,950,000; (ii). the initial interest rate on the Bonds,
which rate shall not exceed 12% per annum; (iii) the
underwriter's discount for the purchase of the Bonds, which
amount shall not exceed 3.0% of the principal amount of the
Bonds, and (iv) such other matters as may relate to the
final terms and provisions for the sale of the Bonds as may
be consistent with the Indenture. The Mayor, or the Mayor's
designee, upon the determination of such matters, is further
authorized and directed, in and for the name of the City, to
execute any supplements or amendments to the Purchase
Contract as, based on such advice, may be necessary to
include such matters as so determined to be a part of the
Purchase Contract.
Section 9. Requisitions. The Mayor is hereby
authorized and directed to execute one or more requisitions
authorizing the.Trustee to pay the cost of issuing the Bonds
from the proceeds of the Bonds pursuant to the Indenture.
Section 10. Other Acts. The officers of the City
are hereby authorized and directed, jointly and severally,
to do any and all things, to execute and deliver any and all
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documents, including but not limited to, the Final official
Statement, which in consultation with the Staff and bond
counsel, they may deem necessary or advisable in order to
consummate the issuance, sale and delivery of the Bonds, or
otherwise to effectuate the purposes of this Resolution, and
any such actions previously taken by such officers are
hereby ratified and confirmed.
Section 11. Effective Date. This Resolution shall
take effect immediately upon adoption.
ADOPTED, this 17th day .~f.~
Daniel E. Griset
Mayor
, 1985.
ATTEST:
eiCe C. Guy
rk of the Cou~ci~
COUNCILMEMBERS:
Acosta A e
Griset ~
Hart Aye
Johnson Aye
Luxembourger Aye
McGuigan Absent
Young Absent
APPROVED AS TO FORM:
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I, Janice C. Guy , City Clerk of the City of Santa
Aha, California, do hereby certify that the foregoing
Resolution was regularly introduced and adopted by the City
Council of the City of Santa Aha, California, at a regular
meeting thereof held on the 16th day of December, 1985, by
the following vote of the City Council:
AYES: Acosta, Hart, Johnson, Luxembour§er
NOES: None
ABSENT: Griset, McGuigan. Youn§
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Santa Aha,
California, this ]7%h day of December, 1985.
~3~%y Clerk of th~
Santa Ana, California/
JRR0195