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RESOLUTION NO. 85- 5 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 COMMERCIAL MULTI-FAMILY HOUSING COMPLEX AND RELATED FACILITIES BY GEORGE W. PETERSON AND JOAN W. PETERSON 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; and WHEREAS, George W. Peterson and Joan W. Peterson, and successors and assigns ("Developer") have requested the City to issue and sell its revenue bonds for the purpose of financing the acquisition of property and construction of a commerical multi-family housing complex 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 Three Million Dollars ($3,000,000) for the purpose of financing the acquisition of land and construction of the Project located at 1111 Civic Center Drive. 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.