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<br />ì . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />,IS" <br /> <br />REL:adg <br />12/8/80 <br /> <br />RESOLUTION 80-123 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />THE SALE OF A $1,000,000 PROMISSORY NOTE <br />TO WELLS FARGO BANK, PURSUANT TO THE MAJOR <br />COMMERCIAL REHABILITATION LOAN PROGRAM <br /> <br />WHEREAS, by its Resolution No. 80-27, this Agency <br />authorized bond issues for the purpose of funding permanent <br />loans for the rehabilitation of the following property <br />pursuant to the Agency's Major Commercial Rehabilitation <br />Loan Program: <br /> <br />Developer/Owner <br /> <br />Horton Building <br />Partnership <br /> <br />Location of Project Property <br />519 N. Main St., Santa Ana, CA. <br /> <br />WHEREAS, the City Council of the City of Santa <br />Ana, by its Resolution No. 80-40 approved the said bond <br />issue in accordance with California Health and Safety Code <br />Section 33640; <br /> <br />WHEREAS, on December 15, 1980, after publication <br />of notice as required by law, the Agency held a public sale <br />of a bond issue for the purpose of funding permanent loans <br />for the above specified project property, in the form of a <br />Promissory Note in the principal amount of $1,000,000; and <br /> <br />WHEREAS, upon such date of public sale, Wells <br />Fargo Bank, National Association, submitted a bid for the <br />purchase of the said Promissory Note for the purchase price <br />of $1,000,000. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />1. That the execution and delivery of a Secured <br />Promissory Note, to Wells Fargo Bank, National Association, <br />in exchange for the payment of loan proceeds in the amount <br />of $1,000,000 by the said Bank to the Agency is hereby <br />approved, and the Chairman is authorized to execute the same <br />on behalf of the Agency; said Secured Promissory Note to be <br />in the principal amount, to bear interest, and to require <br />payment in installments as set forth in the form attached <br />hereto as Exhibit A and incorporated herein by reference, <br />and to be subject to the prior approval by the Executive <br />Director of the Agency and by Agency Legal Counsel as to <br />other terms and conditions. <br /> <br />2. That the execution and delivery of a Pledge <br />Agreement to Wells Fargo Bank N.A. simultaneously with the <br />execution and delivery of the abovesaid Secured Promissory <br />Note, for the purpose of pledging the abovesaid loan <br />proceeds as security for payment of the said Secured <br />Promissory Note pending the use of said loan proceeds for <br />the funding of permanent loans for the rehabilitation of <br /> <br />If) f <br /> <br />6ð <br />