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RESOLUTION NO. 84-82 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR <br />THE PURPOSE 'OF FINANCING THE ACQUISITION AND <br />CONSTRUCTION OF COMMERCIAL OFFICE BUILDINGS AND <br />RELATED FACILITIES BY LOWY DEVELOPMENT <br />CORPORATION. <br /> <br /> WHEREAS, the City Council of the City of Santa Ana <br />(the "City") has adopted its Ordinance No. NS-1609 (the <br />"Ordinance") authorizing the City to issue and sell its <br />bonds, notes, interim certificates, debentures or other <br />obligations ("Bonds") pursuant to the City Charter for the <br />purpose of providing financing for the acquisition, <br />rehabilitation, construeti0n and improvement of industrial <br />and commercial projects located within the City: <br /> <br /> WHEREAS, Lowy Development Corporation, a <br />California corporation and successors and assigns <br />("Developer") have requested the City to issue and sell its <br />revenue bonds for the purpose of financing the acquisition <br />of property and the construction of commerical office <br />buildings and related facilities (the "Project"), to be <br />constructed by the Developer within the City, and the City <br />Council wishes to induce the Developer to construct and <br />develop the Project in the City; and <br /> <br /> WHEREAS, it is in the public interest, for the <br />public benefit and in furtherance of the public purposes of <br />the City that the City Council authorizes Bonds for the <br />aforesaid purposes; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE.CITY OF <br />SANTA ANA AS FOLLOWS: <br /> <br /> 1. The City Council hereby authorizes the issuance <br />and sale of Bonds of the City pursuant to the City Charter <br />and the procedures specified in the Ordinance in a principal <br />amount of not to exceed Ten Million Dollars ($10,000,000.00) <br />for the purpose of financing the construction and <br />improvement of the Project located on 3.3 acres on Flower <br />Street between Third and Santa Ana Boulevard. Such <br />authorization is for the purpose of inducing the Developer <br />to undertake to construct and develop the Project and, in <br />particular, to do so at such location. <br /> <br /> 2. The issuance and sale of said bonds shall be upon <br />such terms and conditions as may by mutually agreed upon by <br />the City, the Developer and the purchaser of said Bonds and <br />shall be issued by resolution of the City Council at a <br />meeting duly held and conducted for such purpose. <br /> <br /> <br />