HomeMy WebLinkAbout1985-003
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RESOLUTION NO. 85-3~DA
A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF
BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION,
REHABILITATION OF AND ADDITIONS AND ALTERATIONS TO
INDUSTRIAL BUILDINGS AND RELATED FACILITIES BY
PROPERTY CORRESPONDENTS
WHEREAS, the City Council of the City of Santa Ana
(the "City") has adopted its Ordinance No. NS-1559 (the
"Ordinance") authorizing the establishment of the Industrial
Development Authority of the City of Santa Ana (the" IDA") to
issue and sell its bonds, notes, interim certificates,
debentures or other obligations ("Bonds") pursuant to the
California Industrial Development Financing Act (Government
Code, Section 91500 et seq.), for the purpose of providing
financing for the acquisition, rehabilitation, construction and
improvement of industrial and commerical projects located
within the City; and
WHEREAS, Property Correspondents, a California
partnership, and successors and assigns ("Developer") has
requested the IDA to issue and sell its revenue bonds for the
purpose of financing the acquisition, rehabilitation of and
additions and alterations to industrial buildings and related
facilities (the "project"), to be completed by the Developer
within the City, and the IDA wishes to induce the Developer to
construct and develop the Project in the City; and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the City
that the IDA authorizes Bonds for the aforesaid purposes;
BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. The IDA hereby authorizes the issuance and sale of
Bonds of the IDA pursuant to the California Industrial
Development Financing Act and the procedures specified in
Resolution 83-1 in a principal amount of not to exceed Ten
Million Dollars ($10,000,000.00) for the purpose of financing
the acquisition, rehabilitation of and additions and
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alterations for the Project located at 1928 South Grand Avenue. ~
Such authorization is for the purpose of inducing the Developer
to undertake to construct and develop the Project and, in
particular, to do so at such location.
2. The issuance and sale of said bonds shall be upon
such terms and conditions as may be mutually agreed upon by the J..'
IDA, the Developer and the purchaser of said Bonds and shall be .
issued by resolution of the IDA at a meeting duly held and
conducted for such purpose.
3. The proceeds of the Bonds shall include such related
and necessary issuance expenses, administrative costs, debt
service reserves and interest payments as may be required to
accomplish successfully the financing.
4. The IDA does hereby find that the adoption of this
Resolution constitutes a substantial inducement to the
Developer to undertake its project within the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 2lstday of January
, 1985.
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Daniel E. Griset
Chairman
ATTEST:
DIRECTORS:
Griset
Johnson
Acosta
Hart
Luxembourger
McGuigan
Young
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