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RESOLUTION NO. 85-150 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA APPROVING DOCUMENTS; <br />APPOINTING A TRUSTEE AND AUTHORIZING <br />THE SALE OF ITS INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS, SERIES 1985 <br /> <br /> WHEREAS, the City of Santa Aha (the "City") is <br />authorized pursuant-to its Charter to provide assistance in <br />financing commercial developments within the City; and <br /> <br /> WHEREAS, the City Council of the City of Santa Ana <br />(the "City Council") has heretofore adopted its Resolution <br />(the "Inducement Resolution") declaring its intention to <br />issue bonds for a 133 unit facility known as Comfort Inn <br />Suites at Hotel Terrace (the "Project"), which Project is to <br />be constructed by Lot 5 ~o~el Associates, a California <br />limited partnership (the "Developer")~ and <br /> <br /> WHEREAS, all acts, conditions and things required <br />by the Act, and by all other laws of the State of <br />California, to exist, to have happened and to have been <br />performed precedent to and in connection with the issuance <br />of the aforesaid revenue bonds exist, have happened, and <br />have been performed in regular and due time, form and manner <br />as required by law, and the City is now duly authorized and <br />empowered, pursuant to each and every requirement of law, to <br />issue such revenue bonds for the purpose, in the manner and <br />upon the terms herein provided; and <br /> <br /> WHEREAS, said revenue bonds are to be issued <br />pursuant to an Indenture (the "Indenture") in the form <br />presented to this meeting by and between the City and <br />[Security Pacific Nat'l Trust Co., New York] (the "Trustee") in an <br />aggregate principal amount not to exceed $5,950,000 and are <br />to be designated as the "City of Santa Aha, California <br />Industrial Development Revenue Bonds, Series 1985 (Comfort <br />Inn Project)" (the "Bonds"); <br /> <br />ORDERED <br />FOLLOWS: <br /> <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND <br />BY THE CITY COUNCIL OF THE CITY OF SANTA ANA <br /> <br /> Section 1. Recitals. The above recitals, and each <br />of them, are true and correct. <br /> <br />-1- <br /> <br /> <br />