HomeMy WebLinkAbout1984-21 CRA
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RESOLUTION NO. -2.L
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RESOLUTION OF THE CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY AWARDING
$l9,000,000 SOUTH MAIN STREET REDEVELOPMENT
PROJECT TAX ALLOCATION BONDS 1984 TO THE
BEST BIDDER AND REJECTING ALL OTHER BIDS
WHEREAS, at the time and pI ace fixed for the opening of
bids for the tax allocation notes of the City of Santa Ana
Community Redevelopment Agency in a principal amount of
$l9,000,000, designated CITY OF SANTA ANA COMMUNITY
REDEVELOPMENT AGENCY SOUTH MAIN STREET REDEVELOPMENT PROJECT
TAX ALLOCATION BONDS 1984 (the "Bonds"), all bids were publicly
opened, examined and read, and a tabulation thereof has been
entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named is the
best bid made by a responsible bidder for the Bonds;
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NOW, THEREFORE, the City of Santa Ana Community
Redevelopment Agency DOES HEREBY RESOLVE, DETERMINE AND ORDER
as follows:
SECTION l. That the bid of Merrill Lynch Capital Markets,
Merrill Lynch Pierce Fenner & Smith, Inc. offering $18,050,000,
pIus accrued interest to date of delivery for said Bonds
bearing interest payable semi-annually at the rate or rates per
annum and maturing on the dates set forth in the fol1owing
table is the best bid for the Bonds yielding the lowest net
interest cost. Said bid is hereby accepted and the Bonds
awarded to said best bidder in accordance with the terms of the
proposal and any irregularities with respect to said bid are
hereby waived.
Maturity Date Principal Interest
December 1 Amount Rate
1985 $ l25,000 9.00%
1986 l35,000 9.00%
1987 145,000 9.00%
1988 l55,000 9.00%
. 1989 1 70 ,0 00 9".00%
1990 185,000 9.00%
1991 200,000 9.00%
1992 215,000 9.00%
1993 235,000 9.00%
1994 260,000 9.00%
1995 285,000 9.20%
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Maturity Date Principal Interest
December 1 Amount Rate
1996 3l5,000 9.30%
1997 345,000 9.40%
1998 380 ,000 9.50%
1999 420,000 9.60%
2000 460,000 9.60%
2013 5,970,000 9.70%
2014 9,000,000 9.70%
SECTION 2. That all bids other than the one accepted in
Section 1 hereof are rejected and the Secretary is directed to
return any previously unreturned checks accompanying said
rejected bids to the respective bidders.
SECTION 3. That the principal amounts and interest rates
on the Bonds are hereby fixed at the amounts and rates stated
in Section 1 hereof.
SECTION 4. That the Executive Director of the Agency is
hereby directed to deliver the Bonds to the successful bidder
upon payment of the purchase price set forth in the bid
therefor together with accrued interest, if any, to the date of
delivery.
SECTION 5. The Official Statement with respect to the
Bonds as presented to the Agency (the "Official Statement") is
hereby approved. The Chairman is hereby authorized and
directed to execute the Official Statement where indicated, and
the Secretary of the Agency is hereby authorized and directed
to deliver copies of the Official Statement to the Purchaser in
such reasonable quantities as requested by Purchaser.
SECTION 6. The Chairman, the Executive Director and the
Secrtary of the Agency are hereby authorized and directed to
execute and deliver any and all of the documents in connection
with the issuance, sale and delivery of the Bonds, including
the Resolution Authorizing the Issuance of the Bonds with such
changes, additions, modifications or deletions as requested by
Bond Counsel.
SECTION 7. Security Pacific National Bank is hereby
appointed Fiscal Agent under and pursuant to Section 20 of the
Resolution Authorizing the Issuance of the Bonds.
SECTION 8. The Agency hereby ratifies the promises of the
Notice Inviting Bids pursuant to which the Bonds were offered.
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ADOPTED, SIGNED AND APPROVED this 17th day of December;
1984, by the following vote:
AYES: l\fJYSTA, GRISET, HARI', JCiJNSCN, LUXEM8()(JRGER, M::GUIGAN, YOUNG
NOES: None
ABSENT: None
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Chairman Daniel E. Griset
(SEAL)
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Rex Swanson
APPROVED AS TO FORM:
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