HomeMy WebLinkAbout12-30-1985 MINUTES OF THE SPECIAL MEETING
OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA, CALIFORNIA
December 30, 1985
The meeting was called to order at 5:50 p.m., by Mayor Daniel E.
Griset, in the Council Chambers, 22 Civic Center Plaza. Council-
members present were John Acosta, Wilson B. Hart, P. Lee Johnson,
R. W. Lux~nbourger, Patricia A. McGuigan, Dan Young, and Mayor Griset.
Also present were City Manager Robert C. Bobb, City Attorney ~dward J.
Cooper and Clerk of the Council JaniceC. Cuy.
WESTDOME BOND FINANCING
The City Attorney explained that since the approval of Resolution No.
85-159 authorizing the issuance of $40,000,000 variable/fixed rate
bonds for the Westdome Sports Arena at an undesignated site, informa-
tion had been received frc~ bond counsel indicating that in bond coun-
sel's opinion, the bonds, as approved, were for the downtown site. He
indicated that to apply the bond proceeds to another site would re-
quire an IRS ruling, and that to carry forward State approval of the
allocation for the project would require mailing a form to the IRS by
December 31, 1985 which would indicate a specific site. He addition-
ally explained that tax exempt financing for sports arenas would cease
effective December 31, 1985, and that the probability of issuing tax
exempt bonds for the Westdeme project in 1986 was low.
Councilm~nbers discussed various aspects of the bond financing, par-
ticularly as related to Federal tax reform impacts anticipated in
1986.
MOTION:
Proca~=d with Industrial Development bond sale for the Westdome
project,
MOTION: Johnson SECOND: Acosta
VOTE: AYES:
NOES:
ABSENT:
Acosta, Griset, Hart, Johnson,
Luxembourger, McGuigan
Young
None FILE
620.05
At 6:16 p.m., the meeting was adjourned.
anice C. Guy / ~
~FC~erk of the Counc~/
CITY COUNCIL MINUTES
601
DEC~gMBER 30, 1985