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RESOLUTION NO. 83-68 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF A RESIDENTIAL BUILDING AND RELATED FACILITIES BY BX REALTY, Inc. WHEREAS, the City Council of the City of Santa Ana (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, rehabilitation, construction and improvement of industrial and commercial projects located within the City: WHEREAS, BX Realty, Incorporated, a California Corporation, and successors and assigns ("Developer") has requested the City to issue and sell its revenue bonds for the purpose of financing the acquisition of property and construction of a residential building and related facilities (the "Project"), to be constructed by the Developer within the City, and the City Council 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 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 Twelve Million Dollars ($12,000,000.00) for the purpose of financing the construction and rehabilitation and improvement of the Project located at 711 North Bristol. 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.