1987-06 CRA - Laserfiche WebLink

Home Browse Search

. . . . . RESOLUTION NO. 8Ÿ-06 A RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY AMENDING RESOLUTION NO. 85-61 AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS OF SAID AGENCY (MAINPLACE PROJECT) WHEREAS, on December 17, 1985, the Community Redevelopment Agency of the City of Santa Ana (the "Agency") adopted Resolution No. 85-61 (the "Resolution") authorizing the issuance of tax allocation refunding bonds of the Agency in the principal amount of $20,000,000 (the "Bonds") to refund the contractual obligation of the Agency (Mainplace Project); and WHEREAS, the Agency has now determined to amend the Resolution in order to secure an investment rating on the Bonds; NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY does hereby resolve, determine and order as follows: SECTION 1. Paragraph A of Section 5 of the Resolution is hereby amended to read as follows: A. General. The Bonds shall initially bear interest at the rate of seven and three-eighths percent (7.375%) per annum from the date of issuance of the Bonds until December 15, 1989 and thereafter at the rates determined in the manner hereinafter provided. Commencing on December 15, 1989, the interest on the Bonds shall be payable at the Reset Rate until the next succeeding Reset Date as determined pursuant to Section 5B hereof. Interest shall be paid on June 15 and December 15 of each year, commencing June 15, 1986. Each Bond shall bear interest until its principal sum has been paid; provided, however, that if funds are available for the payment thereof in full accordance with the terms of Section 3 of this Resolution, such Bond shall then cease to bear interest from and after the date established for the payment of such Bonds. Section 2. Paragraph D of Section 5 of the Resolution is hereby amended by adding at the end thereof the following sentences: 5A /I;'