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<br />- <br /> <br />. <br /> <br />. <br /> <br />REL :adg <br />4/15/85 <br /> <br />RESOLUTION NO. 85-16 <br /> <br />A SUPPLEMENTAL RESOLUTION OF THE CITY OF SANTA ANA <br />COMMUNITY REDEVELOPMENT AGENCY MODIFYING RESOLUTION NO. 84-20 <br />TO INSTRUCT THE FISCAL AGENT TO TRANSFER AVAILABLE BOND SALE <br />PROCEEDS AND AVAILABLE TAX REVENUES TO A COLLECTION AGENT <br />FOR DISBURSEMENT IN ACCORDANCE WITH AN AGREEMENT BETWEEN THE <br />AGENCY AND SANTA FE LAND IMPROVEMENT COMPANY. <br /> <br />WHEREAS, by Resolution No. 84-20, the City of Santa <br />Ana Community Redevelopment Agency (the "Agency") authorized <br />the issuance of tax allocation bonds in a principal amount <br />not to exceed nineteen million dollars ($19,000,000) to finance <br />a portion of the cost of a redevelopment project known as the <br />South Main Street Redevelopment project¡ and <br /> <br />WHEREAS, Section 23 of Resolution No. 84-20 provides <br />that the said Resolution may be modified or amended at any time <br />by supplemental resolution adopted by the Agency without the <br />consent of Bondholders to surrender rights or privileges of the <br />Agency, provided that the modifications or amendments do not <br />adversely affect the rights of the owners of any outstanding <br />Bonds¡ and <br /> <br />WHEREAS, Section 18 of Resolution <br />covènants of the Agency to diligently carry <br />completion in a sound and economical manner <br />Project and to use the proceeds of the sale <br />sound and businesslike manner¡ and <br /> <br />No, 84-20 contains <br />out and continue to <br />the Redevelopment <br />of the Bonds in a <br /> <br />WHEREAS, the Agency desires to proceed with acquisition <br />and disposition of property within the South Main Street Redevel- <br />opment Project area for the development of an auto center as <br />described on page 19 of the Official Statement for the nineteen <br />million dollar ($19,000,000) South Main Street Redevelopment <br />Project Tax Allocation Bonds, 1984¡ and <br /> <br />WHEREAS, the Agency is entering into an agreement <br />(hereinafter, "the Agreement") for the acquisition of certain <br />real property (hereinafter, "the Property") from Santa Fe Land <br />Improvement Company (hereinafter "Santa Fe") for development as <br />part of the aforesaid auto center¡ and <br />