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<br />.~ <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />REL:ms <br />5/15/80 <br /> <br />RESOLUTION NO. 80-53 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA CLARIFYING <br />THE AUTHORITY OF THE AGENCY TO FUND PERMANENT <br />LOANS PURSUANT TO THE MAJOR COMMERCIAL <br />REHABILITATION LOAN PROGRAM AND AUTHORIZING <br />THE EXECUTIVE DIRECTOR TO APPROVE BID <br />COMMITMENTS. <br /> <br />WHEREAS, the Community Redevelopment Agency of the <br />City of Santa Ana, by its Resolution No. 79-61, dated November <br />5,1979, adopted a Major Commercial Rehabilitation Loan <br />program; and <br /> <br />WHEREAS, such Program, as then adopted, contemplated <br />the purchase or acquisition by the Agency of permanent loans <br />granted by lenders other than the Agency for the purpose of <br />financing commercial rehabilitation projects; and <br /> <br />WHEREAS, it now appears that the more effective <br />method of financing such projects is by permanent loans <br />funded directly by the Agency; and <br /> <br />WHEREAS, the funding for such permanent loans is <br />now contemplated to be available primarily through "bond <br />issues" each in the form of promissory note offered by the <br />Agency for public sale based upon a commitment to bid by a <br />major financial institution; and <br /> <br />WHEREAS, the proceeds of sale of each such promissory <br />note may be used for funding either a permanent loan for one <br />rehabilitation project or permanent loans for two or more <br />rehabilitation projects collectively, subject to the maximum <br />face value for each such promissory note of $1,000,000; and <br /> <br />WHEREAS, it is necessary for expeditious administration <br />of the promissory note sale process to delegate authority to <br />the Executive Director of the Agency to approve, on behalf <br />of the Agency, commitments to bid on the public sale of such, <br />promissory notes as have been previously authorized for such <br />sale by the Agency; <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 authority of the Agency to purchase <br />or acquire permanent loans for the purpose of financing <br />commercial rehabilitation projects, as referred to in Resolution <br />No. 79-61, adopting the Major Commercial Rehabilitation Loan <br />Program, and as referred to in any and all resolutions of <br />the Agency authorizing issuance of bonds pursuant thereto <br />for the funding of specified rehabilitation projects, heretofore <br />or hereafter adopted, shall extend to and include the authority <br />of the Agency to act as lender and make or otherwise directly <br />fund such permanent loans, subject to the same limitations <br />and conditions established by the said Resolution No. 79-61 <br />for the purchase of such loans. <br /> <br />2. As referred to in any resolution, heretofore <br />or hereafter adopted, authorizing the issuance of separate <br />and distinct bond issues for one or more specified rehabilitation <br />projects, such authority shall extend to and include the <br />authority to sell one or more promissory notes, with each <br />such promissory note to be either for the purpose of funding <br />a permanent loan to anyone of the projects therein specified, <br />or for the purpose of funding permanent loans to any combination <br />of two or more of the projects therein specified, subject to <br />the maximum face value amount of anyone such promissory <br />note of $1,000,000, in accordance with such public sale bid <br />commitments as may be received by the Agency. <br /> <br />"1) <br /> <br />7C <br />