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HomeMy WebLinkAbout1983-12 CRA " > RESOLUTION NO. 83-12 ~ RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING SALE OF $8,500,000 PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION FOR TRANSPORTATION CENTER PROJECT, AND APPROVING AND AUTHORIZING EXECUTION OF RELATED DOCUMENTS AND OFFICIAL ACTION WHEREAS, the City of Santa Ana (the "City") presently owns cer- tain land on which is proposed to be built certain transportation and commercial facilities (the "Project"), and the Agency proposes to lease such land to the Community Redevelopment Agency of the City of Santa Ana (the "Agency") pursuant to that certain lease entitled "Site Lease With Respect to Mass Commuting Transportation Facilities" and that certain lease entitled "Site Lease With Respect to Mass Commuting Commercial Facilities", each dated as of June 1, 1983, by and between the Agency and the City (collectively, the "Site Leases")¡ and . WHEREAS, in order to finance the cost of construction of the Project, the City proposes to lease such land and the Project from the Agency pursuant to that certain lease entitled "Lease Agreement With Respect to Mass Commuting Transportation Facilities" and that certain lease entitled "Lease Agreement with Respect to Mass Commuting Commercial Facilities", each dated as of June 1,1983, by and between the City and the Agency (collectively, the "Lease Agreements")¡ and WHEREAS, in order to obtain funds to finance the construction of the Project, the Agency proposes to assign the lease payments to be made by the City under the Lease Agreements, together with certain other rights and interests thereunder, to First Interstate Bank of California as trustee (the "Trustee"), pursuant to that certain agree- mententitled "Assignment Agreement With Respect to Mass Commuting Transportation Facilities" and that certain agreement entitled "Assign- ment Agreement With Respect to Mass Commuting Commercial Facilities", each dated as of June 1,1983, by and between the Agency and the Trustee (collectively, the "Assignment Agreements")¡ and WHEREAS, the Trustee has agreed to execute and deliver two series of certificates of participation in the aggregate principal amount of $8,500,000 (collectively, the "Certificates") pursuant to that certain agreement entitled "Trust Agreement With Respect to Mass Commuting Transportation Facilities" and that certain agreement entitled "Trust Agreement with Respect to Mass Commuting Commercial Facilities", each dated as of June 1,1983, by and among the City, the Agency and the ~ Trustee (collectively, the "Trust Agreements")¡ and WHEREAS, Rauscher pierce Refsnes, Inc. (the "Underwriter") intends to submit an offer to purchase the Certificates pursuant to a Purchase Contract (the "Purchase Contract"); and /J-t-j IB { WHEREAS, it is appropriate at this time for the Agency to approve all of said transactions relating to the financing of the Project; ~ NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment 1IJ Agency of the City of Santa Ana as follows: Section 1. Pro'ect Serves Redevelo ment Pur oses. The Agency hereby fInds and etermines that the proJect IS of benefit to the City of Santa Ana Community Redevelopment Project Area of the Agency, and the undertaking of the Project by the City and the Agency serves the redevelopment purposes of the Agency. Section 2. Purchase Contract; Sale of Certificates. The certif- icates are hereby authorized to be sold to the Underwriter upon the terms and conditions set forth in the form of Purchase Contract sub- mitted to the Agency by the Underwriter, together with such other terms and conditions as shall be approved by the Executive Director, and the Agency hereby approves the sale of the Certificates to the Underwriter pursuant to and in accordance with the Purchase Contract. The Chairman of the Agency is hereby authorized and directed to exe- cute and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to the Purchase Contract for and in the name and on behalf of the Agency. . Section 3. Approval of Financing Agreements. The Lease Agree- ments, the Site Leases, the Assignment Agreements and the Trust Agree- ments, in substantially the respective forms submitted to the Agency at the meeting at which time this resolution is adopted, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of the Agency Attorney, are each hereby approved. The Chairman of the Agency is hereby authorized and directed to execute and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to each of said agreements for and in the name and on behalf of the Agency. Section 4. Official Statement. The final Official Statement, dated May 16,1983, in the form submitted to this meeting by the Underwriter, is hereby approved. Distribution heretofore by the Underwriter of the preliminary Official Statement relating to the Certificates is hereby approved, confirmed and ratified. Section 5. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the sale and . delivery of the Certificates are hereby approved, confirmed and rati- fied, and the Chairman, the Secretary, the Executive Director, the Agency Attorney, and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including execution of any and all certificates, requisitions, agreements and other documents including but not limited to those documents described /J-5" IB '( .. . . ~. . in the Purchase Contract, which they, or any of them, may deem neces- sary or advisable in order to consummate the delivery of the Certifi- cates in accordance with the Purchase Contract, the Trust Agreements and this resolution. Section 6. Effective Date. This resolution shall take effect immediately upon its passage and adoption. ADOPTED, this 16th day of May, 1983. AYES: MEMBERS: Acosta, Bricken, Griset, Johnson, Luxembourger, McGuigan, Young None NOES: MEMBERS: ABSENT: MEMBERS: None 1 ATTEST: /~T ROBERT LUXEMBOURGER ."";'" R~ Executive Director/ Recording Secretary APPROVED AS TO FORM: ~i.~n"el A-/¿, lB