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1980-069 CRA
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1980-069 CRA
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Last modified
1/3/2012 12:23:04 PM
Creation date
3/8/2005 11:41:08 AM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1980-69
Date
6/16/1980
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<br />.... ~ <br />. '" .. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />~ <br /> <br />REL:ms <br />6/12/80 <br /> <br />RESOLUTION NO. 80-69 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />THE SALE OF AN $800,000 PROMISSORY NOTE <br />TO WELLS FARGO BANK, PURSUANT TO THE MAJOR <br />COMKERCIAL REHABILITATION LOAN PROGRAM <br /> <br />WHEREAS, by its Resolution No. 79-63, this Agency <br />authorized bond issues for the purpose of funding permanent <br />loans for the rehabilitation of certain properties pursuant <br />to the Agency's Major Commercial Rehabilitation Loan Program, <br />including the following: <br /> <br />Developer/Owner <br /> <br />Harry and Evelyn Greenberg <br />Steven J. Keiser and <br />Paula B. Keiser <br /> <br />Location of Project Properties <br /> <br />117 North Sycamore, Santa Ana <br />408/410 West Fourth Street, <br />Santa Ana, California <br /> <br />WHEREAS, the City Council of the City of Santa <br />ID1a, by its Resolution No. 79-209 approved the said bond <br />issue in accordance with California Health and Sa~ety Code <br />Section 33640; <br /> <br />WHEREAS, on June 12,1980, after publication of <br />notice as required by law, the Agency held a public sale of <br />a bond issue for the purpose of funding permanent loans for <br />the above-specified project properties, in the form of a <br />Promissory Note in the principal amount of $800,000: 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 $800,000. <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 $800,000 by the said Bank to the Agency is hereby approved, <br />and the Chairman is authorized to execute the same on behalf <br />of the Agency: said Secured Promissory Note to be in the <br />principal amount, to bear interest, and to require payment <br />in installments as set forth in the form attached hereto as <br />Exhibit A and incorporated herein by reference, and to be <br />subject to the prior approval by the Executive Director of <br />the Agency and by Agency Legal Counsel as to other terms and <br />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 proceeds <br />as security for payment of the said Secured Promissory Note <br />pending the use of said loan proceeds for the funding of <br />permanent loans for the rehabilitation of the abovesaid <br />project properties, is hereby approved and the Chairman is <br />authorized to execute the same on behalf of the Agency, <br /> <br />~2- <br /> <br />5E <br />
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