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<br />, <br />f <br /> <br />REL:adg <br />6/2/80 <br /> <br />,. <br /> <br />. <br /> <br />RESOLUTION NO. 80-61 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING <br />BOND ISSUES FOR THE FUNDING OF PERMANENT <br />LOANS FOR REHABILITATION OF SPECIFIED <br />PROPERTIES AND MAKING CERTAIN FINDINGS <br />IN CONNECTION THEREWITH <br /> <br />WHEREAS, by Resolution No. 79-61, adopted November <br />5,1979, the Community Redevelopment Agency of the City of <br />Santa Ana adopted a Major Commercial Rehabilitation Program <br />and declared its intention to issue bonds or notes pursuant <br />to the Community Redevelopment Law or the Marks Historical <br />Rehabilitation Act of 1976 for the purpose of providing <br />financial assistance to developers and owners of properties <br />by funding permanent loans for rehabilitation of said <br />properties within a Designated Rehabilitation Area, therein <br />described; and <br /> <br />, <br /> <br />WHEREAS, in order to induce developers and owners <br />of property within the described Designated Rehabilitation <br />Area, the Community Redevelopment Agency of the City of <br />Santa Ana desires to take official action authorizing the <br />issuance of specified bonds to fund loans made for <br />rehabilitation of specified properties by developers and <br />owners. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLL<MS: <br /> <br />1. In accordance with the general requirements <br />set forth in Resolution Number 79-61, this Agency hereby <br />authorizes the issuance of one or more separate and distinct <br />bond issues in an amount not to exceed $1,000,000 per bond <br />issue for the purpose of providing financial assistance to <br />the developers or owners set forth herein below by funding <br />permanent loans made for rehabilitation of the property set <br />forth below: <br /> <br />Developer or Owner <br /> <br />Location of Project Property <br /> <br />. <br /> <br />Robert R. Selway III <br />David N. Marshall <br /> <br />322 West 3rd Street <br /> <br />2. The proceeds of such issue of bonds shall <br />include related and necessary issuance expenses, <br />administrative costs, reasonably required reserves and <br />interest payments. <br /> <br />3. Such issue of bonds shall be issued subject to <br />completion of issuance, sale and delivery proceedings and <br />other matters relating thereto to the full satisfaction of <br />the Agency. <br /> <br />, <br /> <br />4. It is hereby found and determined that the <br />providing of financial assistance, as more particularly <br />described herein and in Resolution No. 79-61, is a <br />substantial inducement to the aforesaid developer or owner <br />to rehabilitate the aforedescribed property, that said <br />rehabilitation will further the public purpose and goals of <br />this Agency and is for the public interest and benefit, and <br /> <br />38" <br /> <br />5A <br /> <br />'1.1 <br />