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ORDINANCE NO. NS-1599 <br />PAGE TWO <br /> <br /> 6. The funds so loaned to Assessment District No. <br />246 shall be repaid to the city starting in the sixth (6th) <br />year of the District (the 1987-88 tax year). Net proceeds <br />from the garage will be equally distributed to the bonding <br />company to reduce assessments and to the city until the <br />$690,000 loan is repaid. After the city is totally repaid, <br />all net proceeds will be placed in a Trust Fund for improve- <br />ments to the downtown Santa Ana area. <br /> <br /> ADOPTED this 5th day of October <br />1981, by the following vote: <br /> <br />AYES: <br /> <br />NOES: <br /> <br />COUNCILMEMBERS: Acosta, Bricken, Griset, <br /> Luxembourger, McGuigan, Serrato <br />COUNCILMEMBERS: Markel <br /> <br /> ABSENT: <br /> <br />ATTEST: <br /> <br /> E COUNC IZ <br /> <br />COUNCILMEMBERS: None <br /> <br /> GO~RICKEN, MAYOR <br /> <br />APPROVED AS TO FORM: <br /> <br /> <br />