Laserfiche WebLink
RESOLUTION NO. 84-85 <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 />REHABILITATION OF A COMMERCIAL MULTI-FAMILY <br />HOUSING COMPLEX AND RELATED FACILITIES BY FAIRVIEW <br />ASSOCIATES, LTD. <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, construction and improvement of industrial <br />and commercial projects located within the City: <br /> <br /> WHEREAS, Fairview Associates, Ltd., a California <br />limited partnership, 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 />and the rehabilitation of a commerical multi-family housing <br />complex 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 6F THE CITY OF <br />SANTA ANA AS FOLLOWS: <br /> <br /> 1. The City Council hereby au%horizes 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 Twenty-seven and One Half Million <br />Dollars ($27,500,000.00) for the purpose of financing the <br />acquisition and rehabilitation of the Project located at 811 <br />S. Fairview. Such authorization is for the purpose of <br />inducing the Developer to undertake to construct and develop <br />the Project and, in 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 />