HomeMy WebLinkAbout1980-053 CRA
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5/15/80
RESOLUTION NO. 80-53
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA CLARIFYING
THE AUTHORITY OF THE AGENCY TO FUND PERMANENT
LOANS PURSUANT TO THE MAJOR COMMERCIAL
REHABILITATION LOAN PROGRAM AND AUTHORIZING
THE EXECUTIVE DIRECTOR TO APPROVE BID
COMMITMENTS.
WHEREAS, the Community Redevelopment Agency of the
City of Santa Ana, by its Resolution No. 79-61, dated November
5,1979, adopted a Major Commercial Rehabilitation Loan
program; and
WHEREAS, such Program, as then adopted, contemplated
the purchase or acquisition by the Agency of permanent loans
granted by lenders other than the Agency for the purpose of
financing commercial rehabilitation projects; and
WHEREAS, it now appears that the more effective
method of financing such projects is by permanent loans
funded directly by the Agency; and
WHEREAS, the funding for such permanent loans is
now contemplated to be available primarily through "bond
issues" each in the form of promissory note offered by the
Agency for public sale based upon a commitment to bid by a
major financial institution; and
WHEREAS, the proceeds of sale of each such promissory
note may be used for funding either a permanent loan for one
rehabilitation project or permanent loans for two or more
rehabilitation projects collectively, subject to the maximum
face value for each such promissory note of $1,000,000; and
WHEREAS, it is necessary for expeditious administration
of the promissory note sale process to delegate authority to
the Executive Director of the Agency to approve, on behalf
of the Agency, commitments to bid on the public sale of such,
promissory notes as have been previously authorized for such
sale by the Agency;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. That the authority of the Agency to purchase
or acquire permanent loans for the purpose of financing
commercial rehabilitation projects, as referred to in Resolution
No. 79-61, adopting the Major Commercial Rehabilitation Loan
Program, and as referred to in any and all resolutions of
the Agency authorizing issuance of bonds pursuant thereto
for the funding of specified rehabilitation projects, heretofore
or hereafter adopted, shall extend to and include the authority
of the Agency to act as lender and make or otherwise directly
fund such permanent loans, subject to the same limitations
and conditions established by the said Resolution No. 79-61
for the purchase of such loans.
2. As referred to in any resolution, heretofore
or hereafter adopted, authorizing the issuance of separate
and distinct bond issues for one or more specified rehabilitation
projects, such authority shall extend to and include the
authority to sell one or more promissory notes, with each
such promissory note to be either for the purpose of funding
a permanent loan to anyone of the projects therein specified,
or for the purpose of funding permanent loans to any combination
of two or more of the projects therein specified, subject to
the maximum face value amount of anyone such promissory
note of $1,000,000, in accordance with such public sale bid
commitments as may be received by the Agency.
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RESOLUTION NO. 80- 53
PAGE TWO
3. The Executive Director of the Community
Redevelopment Agency of the City of Santa Ana is hereby
authorized to approve on behalf of the Agency commitments
received by the Agency to bid on any promissory note to be
offered for public sale by the Agency in conformance with
prior authorization by the Agency for such sale.
ADOPTED this 19th day'of
by the following vote:
,1980,
May
AYES:
MEMBERS: Bricken, Griset, Luxembourger, Markel,
Serrato, Ward, Yamamoto
MEMBERS: None
NOES:
ABSENT:
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ATTEST:
APPROVED AS TO FORM:
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