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RESOLUTION NO. 85- 21 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 CONSTRUC- TION OF A COMMERCIAL MULTI-FAMILY HOUSING COMPLEX AND RELATED FACILITIES BY THE URBAN PACIFIC DEVELOPMENT CORPORATION 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, con- struction and improvement of industrial and commercial pro- jects located within the City: WHEREAS, Urban Pacific Development Corporation, a California corporation, and successors and assigns ("Devel- oper'') have requested the City to issue and sell its revenue bonds for the purpose of financing the acquisition of property and the construction of a 210-unit apartment complex plus 15,000 square feet of commercial/retail space 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 pub- lic 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 Five Hundred Thousand Dollars