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RESOLUTION NO. 81- 227 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE CONSTRUCTION OF INDUSTRIAL AND COMMERCIAL FACILITIES BY DREXEL DEVELOPMENT INC. W~EREAS, the City Council of the City of Santa Aha (the "City') has adopted its Ordinance No. NS-1609 (the "Ordinance") authorizing the City to issue and sell its bonds, notes, interim certificates, debentures or other obligations ("Bonds") pursuant to the City Charter for the purpose of providing financing for the acquisition, rehabili- tation, construction and improvement of industrial and commercial projects located within the City. WHEREAS, Drexel Development Inc., a corporation qualified to do business in California ("Company") has requested the City to issue and sell its revenue bonds for the purpose of financing the construction of certain industrial and commercial facilities consisting of commercial and industrial condominiums and parking and related and appurtenant facilities and property (the "Project"), to be constructed by the Company within the City, and the City Council wishes to induce the Company to construct and develop the Project in the City; and $~EREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes of the City that the City Council authorizes Bonds for the aforesaid purposes; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The City Council hereby authorizes the issuance and sale of Bonds of the City pursuant to the City Charter and the procedures specified in the Ordinance in a principal amount of not to exceed Five Million Dollars ($5,000,000) for the purpose of financing the acquisition, construction and improvement of the Project identified as Parcel Map NO. 81-887; map filed in Book 159, pages 9 and 10 of Parcel Maps in the Office of the County Recorder of Orange County, State of California. Such authorization is for the purpose of inducing the Company 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 City, the Company and the purchaser of said Bonds and shall be issued by resolution of the City Council 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.