1985-56 CRA - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 85-56 . RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF THIRTEEN MILLION DOLLARS ($13,000,000) TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN AS THE SANTA ANA SOUTH MAIN STREET REDEVELOPMENT PROJECT WHEREAS, the City of Santa Ana Community Redevelopment Agency (the "Agency"), is a redevelopment agency (a public body, corporate and politic) duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 commencing with Section 33000, of the Health and Safety Code of the State of California), and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and . WHEREAS, the redevelopment plan (the "Redevelopment Plan") for a redevelopment project known and designated as the "Santa Ana South Main Street Redevelopment Project" has been adopted and approved by Ordinance No. 1639 of the City of Santa Ana, which became effective on July 6, 1982, and all requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied wi th; and WHEREAS, the corporate purposes of the Agency will be accomplished by adopting this Resolution of the Agency in order to issue tax allocation bonds in a principal amount of Thirteen Million Dollars ($13,000,000) pursuant to this Resolution providing for the issuance of "City of Santa Ana Community Redevelopment Agency, Santa Ana South Main Street Redevelopment Project Tax Allocation Bonds 1985 Series D" (the "Bonds"), the proceeds of which will be used to finance a portion of the cost of the Santa Ana South Main Street Redevelopment Project, to fund a debt service reserve fund and to pay costs of issuing the Bonds, with the balance to be set apart and irrevocably segregated in a special trust fund which will be used to finance a portion of the costs of implementing the Redevelopment Plan; . NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Definitions. As used in this Resolution, the following terms shall have the following meanings, unless the context otherwise requires: