HomeMy WebLinkAbout85-158RESOLUTION NO. 85-158
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE
CONSTRUCTION AND REHABILITATION OF A
COMMERCIAL OFFICE BUILDING AND RELATED
FACILITIES BY NBC PROPERTIES
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, NBC Properties, a general partnership
qualified to do business in California ("Company") has
requested the City to issue and sell its revenue bonds for
the purpose of financing the construction and rehabilitation
of a commercial office building 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 Five Million Dollars ($5,000,000)
for the purpose of financing the construction and
rehabilitation and improvement of the Project located at 207
N. Broadway Avenue. 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.
RESOLUTION NO. 85- 158
PAGE TWO
2. The issuance and sale of said bonds shall be
upon such terms and conditions as may be 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 ]Tth day of December , 1985.
ATTEST:
Daniel E. Griset, Mayor
~nice C. Guy, C~r~ the Council
COUNCILMEMBERS:
Acosta Aye
Griset Absent
Hart Aye
Johnson Aye
Luxembourger Aye
McGuigan Absent
Young Absent
Approved as to Form:
E~~per, City Attorney