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<br />REL:adg <br />10/9/81 <br /> <br />RESOLUTION 81-119 <br /> <br />. <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />THE SALE OF A $557,000 PROMISSORY NOTE <br />TO WELLS FARGO BANK, PURSUANT TO THE MAJOR <br />COMMERCIAL REHABILITATION LOAN PROGRAM <br /> <br />WHEREAS, by its Resolution No. 81-103, 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 />Steven J. and Paula B. <br />Keiser <br /> <br />Location of Project Property <br /> <br />414/416 West 4th St. <br />Santa Ana, California <br /> <br />.8 <br /> <br />WHEREAS, the City Council of the City of Santa <br />Ana, by its Resolution No. 81-167. approved the said bond <br />issue in accordance with California Health and Safety Code <br />Section 33640; <br /> <br />WHEREAS, on October 26,1981, 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 property, in the form of a <br />Promissory Note in the principal amount of $557,000 ; 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 $557,000. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />. <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 $557,000 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 />subject to the prior approval by the Executive Director of <br />the Agency and by Agency Legal Counsel as to terms and <br />conditions. <br /> <br />19-(, I <br /> <br />6B <br />