HomeMy WebLinkAbout1986-32 CRA
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RESOLUTION NO. 86-32
RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY
REDEVELOPMENT AGENCY AMENDING RESOLUTION
NO. 85-56 AND CALLING A MEETING OF BONDHOLDERS
FOR THE PURPOSE OF APPROVING SUCH AMENDMENT
WHEREAS, the City of Santa Ana Community Redevelopment
Agency (the "Agency") has previously issued $13,000,000
principal amount of its Tax Allocation Bonds (the "Bonds")
pursuant to Resolution No. 85-56 (the "Resolution);
WHEREAS, the Agency is considering the issuance of
refunding bonds in order to fix the interest rate on the Bonds
through maturity;
WHEREAS, the Resolution does not provide for a redemption
of Bonds prior to the Initial Reset Date; and
WHEREAS, to complete the refunding of the Bonds it is
necessary to amend the Resolution to establish a redemption
date on the Initial Reset Date which amendment requires the
consent of 50% of the Bondholders.
NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Section l1A of the Resolution is hereby amended
by adding subsection (8) to read as follows:
"(8) The Term Bonds and Special Term Bonds are
subject to redemption as a whole on December 15,1990 from
the proceeds of refunding bonds and any investment earnings
thereon. "
Section 2, A meeting of Bondholders is hereby called
pursuant to Section 23A of the Resolution. Such meeting shall
be held in the City Council Chambers, 20 civic Center Plaza,
Santa Ana, California 92702 at 10:00 A.M. on August 28, 1986
for the purpose of considering the amendment to the Resolution
set forth in Section 1 hereof.
Section 3. The Executive Director and Secretary are hereby
authorized and directed to give notice of such meeting to the
Bondholders in accordance with the provisions of section 23B of
the Resolution and to take such other actions as Bond Counsel
and Financial Consultant advise are necessary to obtain the
consent of Bondholders.
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day of
PASSED, APPROVED and ADOPTED the
1986,
(SEAL)
ATTEST:
Secretary of the City of
Santa Ana Community
Redevelopment Agency
APPROVED AS TO FORM:
2128k/2281/07
Chairman of the City or Santa Ana
Community Redevelopment Agency
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