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<br />. <br /> <br />. <br /> <br />. <br /> <br />The Financial Services Manager pointed out that the Agency staff <br />had been working on a composite tax allocation bond issue which <br />would finance a portion of the cost of redevelopment projects <br />within the Inter-City Commuter Station, Downtown, South Main and <br />South Harbor Project Areas. He added that the total amount for <br />the four issues would be $98.5 million. He added that these <br />issues would commence with a five year, fixed rate bond issued at <br />a 7.75% interest rate and that the fixed rate would enable the <br />Agency to size the bond using projected tax increment for F.Y. <br />1988-89, which will be the final year in which bond proceeds can <br />be drawn down. He stated that after that date the bonds will be <br />30-day Variable Rate Demand Notes for the remaining 25 years of <br />the 30-year term. He pointed out that the lowest responsible <br />bidder at the bid opening was the firm of Smith Barney with a bid <br />of 97.01% which would leave a fee of approximately 3% for <br />remarketing. <br /> <br />Following a discussion period in which the Agency Members <br />expressed their thanks to staff, and particularly the Executive <br />Director/Economic Development and the Financial Services Manager, <br />for their work in bringing this complex financing plan to <br />fruition, it was moved by Agency Member Young, seconded by Agency <br />Member Johnson and carried uanimously (6:0) that the Agency adopt <br />Resolution No. 85-53: A RESOLUTION OF THE CITY OF SANTA ANA <br />COMMUNITY REDEVELOPMENT AGENCY AUTHOkIZING THE ISSUANCE OF TAX <br />ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF EIGHT <br />MILLION DOLLARS ($8,000,000) TO FINANCE A PORTION OF THE COST OF <br />A REDEVELOPMENT PROJECT KNOWN AS SANTA ANA INTER-CITY COMMUTER <br />STATION REDEVELOPMENT PROJECT. <br /> <br />Adopt Resolution No. 85-54: A RESOLUTION OF THE CITY OF SANTA <br />ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF <br />TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF <br />SIXTY THREE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS <br />($63,850,000) TO REFUND THE $13,400,000 1978 TAX ALLOCATION BONDS <br />AND TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT <br />KNOWN AS CITY OF SANTA ANA REDEVELOPMENT PROJECT. <br /> <br />Adopt Resolution No. 85-55: A RESOLUTION OF THE CITY OF SANTA <br />ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF <br />TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF <br />THIRTEEN MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS ($13,650,000) <br />TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN <br />AS SANTA ANA SOUTH HARBOR BOULEVARD/FAIRVIEW STREET REDEVELOPMENT <br />PROJECT. <br /> <br />Adopt Resolution No. 85-56: A RESOLUTION OF THE CITY OF SANTA <br />ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF <br />TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF <br />THIRTEEN MILLION DOLLARS ($13,000,000) TO FINANCE A PORTION OF <br /> <br />-2- <br /> <br />'Y <br /> <br />, <br />\~ <br />