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HomeMy WebLinkAbout1987-25 CRA . . . . . Resolution No. 87-25 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AND THE CITY OF SANTA ANA WHEREBY THE AGENCY BORROWS MONEYS FROM THE CITY TO FINANCE THE COST OF THE BOWERS MUSEUM PROJECT; AND AUTHORIZING THE EXECUTION THEREOF. BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA: SECTION 1, AUTHORITY FOR THIS RESOLVTXON This resolu- tion is adopted pursuant to the Community Redevelopment Law [Part 1 of Division 24] of the Health and Safety Code of the State of California (the "Act"). SECTION 2. DEFINITIONS Unless the context otherwise requires, the terms defined in this section shall have the meanings specified in this section. Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. A, "Agency" shall mean the city of Santa Ana Community Redevelopment Agency, a redevelopment agency (a public body, corpo- rate and politic), duly created, established and authorized to trans- act business and exercise its powers, all under the laws of California. B. "Agreement" shall mean the Loan Agreement, dated as of December 21, 1987, between the Issuer and the Agency, substantially in the form attached hereto as Exhibit A. C. "City Council" shall mean the City Council of the Issuer. D. "Issuer" shall mean the City or Santa Ana, California, a municipal corporation, organized and existing under and pursuant to its Charter and the constitution and laws of the State of California, E. "Notes" shall mean the City of Santa Ana, Limited Obligation Revenue Notes (Bowers Museum project), 1987 Series A in an aggregate principal amount not to exceed $6,500,000, SECTION 3. AUTHORIZATION OF EXECUTION OF A~ Upon the issuance of the Note, the Agency intends to enter into the Agreement. The form of the Agreement annexed hereto as Exhibit A is hereby approved in all respects and the Agency hereby directs the Chairman to execute, and the Secretary to attest, the Agreement and 94794.2.2982.07:4 . . . . . to deliver the Agreement to the Issuer, and does hereby authorize and direct the execution and delivery of the Agreement, All of the pro- visions of the Agreement, when executed and delivered by the Agency as authorized herein and when duly authorized, executed and delivered by the Issuer, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein, and the Agreement shall be in substantially the form of the Agreement attached hereto as Exhibit A with such changes, amendments, modifica- tions, omission,. and additions, including the date of such Agreement, as may be approved by said Chairman. Execution by said Chairman of the Agreement shall be deemed to be conclusive evidence of approval of such changes. SECTION 4. NO PERSONAL LIABILrTY No covenant, stipula- tion, obligation or agreement herein contained or contained in the Agreement shall be deemed to be a covenant, stipulation, obligation or agreement of any member, agent or employee of the Agency in his individual capacity, and neither the members of the Agency nor any official executing any document shall be liable personally thereon or be subject to any personal liability or accountability by reason or the issuance thereof. SECTION 5. NO THIRD PARTY BENEFICIARIFS E x c e p t a s expressly provided herein or in the Agreement, nothing in this reso- lution or in the Agreement, expressed or implied, is intended or shall be construed to confer upon any person or firm or corporation other than the Agency, the Issuer and the purchasers of the Note any right, remedy or claim, legal or equitable, under and by reason of this resolution or any provision hereof or of the Agreement, all pro- visions thereof being intended to be and being for the sole and exclusive benefit of the Agency, the Issuer and the purchasers of the Note. SECTION 6. COVENANTS OF THE AGENCY All acts, conditions and things relating to the passage of this resolution or to the exe- cution of the Agreement required by the Act to happen, exist and be performed precedent to and in the passage of this resolution, and precedent to the execution and delivery of the Agreement have hap- pened, exist and have been performed as so required, SECTION 7, GENERAL AUTHORITY The members of the Agency and its officers, attorneys, financial consultants or other agents or employees are hereby authorized to do all acts and things (a) required of them by this resolution and the Agreement, or (b) desirable or consistent with the requirements hereof or such Agreement for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Agreement and this resolution. -2- 94794,2.2982.07:4 . . . .' . SECTION 8, SEVERABILITY OF INVALID PROVISIONS I fan y one or more of the covenants, agreements or provisions herein con- tained shall be held contrary to any express provision of law or con- trary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 9. REPEALING CLAUSE All resolutions or parts thereof of the Agency in conflict with the provisions herein con- tained are, to the extent of such conflict, hereby superseded and repealed. SECTION 10. EFFECTIVE DàTE This resolution shall take effect immediately upon its adoption. -3- 94794.2.2982.07:4 . . . . . ADOPTED AND APPROVED this 21st day of December, 1987, ATTEST: Cynthia J, Nelson Executive Director APPROVED AS TO FORM: Agency Members: Young McGuigan Acosta Griset Hart May Pulido 94794,2,2982.07:4 CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY By Daniel H, Young, Chairman -4- ¡-.-- . . . . . STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SANTA ANA I, Redevelopment Agency, was duly adopted by of said Agency held same was passed and ) ) ) SECRETARY'S CERTIFICATE RE ADOPTION OF RESOLUTION , Secretary of the city of Santa Ana Community DO HEREBY CERTIFY that the foregoing Resolution and said Agency at an adjourned regular meeting on the 21st day of December, 1987, and that the adopted by the following vote, to wit: AYES: Members - NAYS: Members - ABSENT: STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SANTA ANA Members - ) ) SS. ) SECRETARY'S CERTIFICATE OF AUTHENTICATION City of Santa Ana community Redevelopment Agency, DO HEREBY CERTIFY that the above and foregoing is a fUll, true and current copy of Resolution No. ---- of said Agency and that said Resolution was adopted at the time and by the vote stated on the certificate attached thereto, and has not been amended or repealed, Dated: December 21, 1987 94794,2.2982.07:4 -5- . . . . . Exhibit A Loan Agreement -6- 94794.2,2982,07:4