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WHEREAS, it is in the public interest, for ~he public benefit and in furtherance of the public purposes of the City that the City Council authorize Bonds for the aforesaid purposes and in the aforesaid amounts; 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 Ten Million Dollars ($10,000,000) for the purpose of financing the acquisition, construction and rehabilitation of the Project located between 5th Street and 3rd Street, and French Street and Bush Street. 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. 2. The issuance and sale of said Bonds shall be upon such terms and conditions as may be mutually agreed upon by the City, the Developer and the purchaser of said Bonds and shall be issued by resolution of the City Council at a meeting duly held and conducted for such purpose. 3. The proceeds of the Bonds may be used to pay such related and necessary issuance expenses, administrative costs, debt service reserves and interest payments as may be required to accomplish successfully the financing. 4. The City Council does hereby find that the adoption of this Resolution constitutes a substantial inducement to the Developer to undertake its Project within the City. 5. This Resolution shall take effect immediately upon its passage and adoption. ADOPTED, this 15th day of July, 1985. ATTEST: Daniel E. Griset, Mayor Janice c. Guy, clerk or ~n~ Council COUNCILMEMBERS: Gr i se t Aye Johnson -~ Acosta Absent H a r t A.ye Luxembourger ~bsent ~Gu~ gan aye '~ u ~g -'Aye ,. Approved as to form: Edward J. Cooper¥ .Ci~.y Attorney