1981-053 CRA - Laserfiche WebLink

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.. ;C'" . . , REL:adg 6/26/81 RESOLUTION 81-53 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING THE SALE OF A $505,000 PROMISSORY NOTE TO WELLS FARGO BANK, PURSUANT TO THE MAJOR COMMERCIAL REHABILITATION LOAN PROGRAM WHEREAS, by its Resolution No. 81-14, this Agency authorized bond issues for the purpose of funding permanent loans for the rehabilitation of the following property pursuant to the Agency's Major Commercial Rehabilitation Loan Program: Developer/Owner Location of Project Property Broadway Improvement 406 West 4th St. Company, Inc. Santa Ana, California . WHEREAS, the City Council of the City of Santa Ana, by its Resolution No. 81-37 approved the said bond issue in accordance with California Health and Safety Code Section 33640, WHEREAS, on July 20,1981, after publication of notice as required by law, the Agency held a public sale of a bond issue for the purpose of funding permanent loans for the above specified project property, in the form of a Promissory Note in the principal amount of $505,000, and WHEREAS, upon such date of public sale, Wells Fargo Bank, National Association, submitted a bid for the purchase of the said Promissory Note for the purchase price of $505,000. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. That the execution and delivery of a Secured Promissory Note, to Wells Fargo Bank, National Association, in exchange for the payment of loan proceeds in the amount of $505,000 by the said Bank to the Agency is hereby approved, and the Chairman is authorized to execute the same on behalf of the Agency, said Secured Promissory Note to be subject to the prior approval by the Executive Director of the Agency and by Agency Legal Counsel as to terms and conditions. /;-511 5~