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RESOLUTION NO. 85-135 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA <br />ANA AUTHORIZING THE SALE AND ISSUANCE OF $5,500,000 PRINCIPAL <br />AMOUNT OF ITS VARIABLE RATE DEMAND INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS SERIES 1985 (MERCURY SAVINGS AND LOAN <br />ASSOCIATION/SPURGEON VENTURE, LTD. PROJECT); APPROVING RELATED <br />DOCUMENTS AND PRIVATE PLACEMENT MEMORA/~DUM; AUTHORIZING OFFICIAL <br />ACTION; AND APPROVING THE APPOINTMENT OF BOND COUNSEL <br /> <br /> BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA (the "City") AS FOLLOWS: <br /> <br /> WHEREAS, the City is authorized pursuant to Ordinance <br />No. NS-1609, adopted by the City Council of the City on <br />November 16, 1981 (the "Ordinance"), to issue and sell its <br />bonds, notes, interim certificates, debentures or other <br />obligations for the purpose of providing financing for the <br />acquisition of commercial and industrial projects located within <br />the City of Santa Ana; <br /> <br /> WHEREAS, Spurgeon Venture, Ltd., A California Limited <br />Partnership (the "Developer") has duly filed its application <br />(the "Application") with the City for financial assistance in <br />the acquisition, construction and improvement of a commercial <br />office building and related facilities located in the City of <br />Santa Ana and to be owned, operated and managed by the Developer <br />(the "Project"); <br /> <br /> WHEREAS, the City proposes to issue its Variable Rate <br />Demand Industrial Development Revenue Bonds Series 1985 (Mercury <br />Savings and Loan Association/Spurgeon Venture, Ltd. Project) in <br />the aggregate principal amount not to exceed $5,500,000 (the <br />"Bonds"), the proceeds of which are to be loaned by the City to <br />the Developer for the purpose of providing financing for the <br />acquisition, construction and improvement of the Project; <br /> <br /> WHEREAS, the Bonds are to be issued under and pursuant <br />to an Indenture of Trust by and between the City and <br />Seattle-First National Bank, as trustee (the "Trustee"), and <br />prior to their conversion to a fixed interest rate, the Bonds <br />are to be rsmarketed pursuant to a TENR Service and Remarketing <br />Agreement (the "Remarketing Agreement"), dated as of November 1, <br />1985, by and among the Issuer, Mercury Savings and Loan <br />Association (the "Association"), Bankers Trust Company and the <br />Developer; <br /> <br /> WHEREAS, the proceeds of the Bonds are to be loaned to <br />the Developer under a Loan Origination Servicing Agreement, <br />dated as of November 1, 1985, by and among the Issuer, the <br /> <br /> <br />