2003-001 SAFA - Laserfiche WebLink

Home Browse Search

Allocation Revenue Bonds (Santa Ana South Main Street Redevelopment Project), in an aggregate principal amount of not to exceed $25,000,000 at an interest rate not to exceed 6~% (the "Authority Bonds") for the purpose of providing funds to make a loan to the Agency in such aggregate principal amount for the purpose of financing such additional redevelopment activities (the "Loan") to be made by the Authority to the Agency pursuant to a Loan Agreement, dated as of January 1, 2003 by and between the Agency and the Authority (the "Loan Agreement"). As a condition precedent to the issuance of the Authority Bonds, section 6586.5 of the California Government Code requires that the Agency approve the proposed financing by the Authority and that the Agency make certain findings with respect to such financing, and section 6586.5 further requires that such approval be given and findings be made only after noticed public hearing thereon. The Agency intends to hold such public hearing after due publication of the notice of time and place of such public hearing. The Agency proposes to sell the Bonds to the Authority which will concurrently sell the Bonds to Salomon Smith Barney, as purchaser of the Bonds (the "Underwriter"), all as shall be provided in a purchase contract in customary form (the "Purchase Contract"). The Agency will cause to be prepared an Official Statement describing the Bonds (the "Official Statement"). The Authority, with the aid of its officers and staff, have reviewed the Loan Agreement. Section 2. Approval of Loan. The Authority hereby authorizes and approves the Loan to be made to the Agency by the Authority from the proceeds of the Authority Bonds in and amount not to exceed $25,000,000 at an interest rate not to exceed 6½%. The Loan shall be made pursuant to and in accordance with the terms of the Loan Agreement. The Authority hereby approves the Loan Agreement in substantially the form on file with the Secretary together with any additions thereto or changes therein (including but not limited to the principal amount of the Loan) deemed necessary or advisable by the Executive Director or an authorized representative of the Executive Director, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. The Executive Director is hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Authority to, the final form of the Loan Agreement for and in the name and on behalf of the Authority. The Authority hereby authorizes the delivery and performance of the Loan Agreement. Resolution No. 2003-001 Page 2 of 4