Laserfiche WebLink
<br />, <br /> <br />. <br /> <br />. <br /> <br />- <br /> <br />REL:adg <br />6/3/81 <br /> <br />--I <br /> <br />RESOLUTION 81-51 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />THE SALE OF A $1,000,000 PROMISSORY NOTE <br />TO WELLS FARGO BANK, PURSUANT TO THE MAJOR <br />COMMERCIAL REHABILITATION LOAN PROGRAM <br /> <br />WHEREAS, by its Resolution No. 81-14, 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 />Location of Project Property <br /> <br />David L. Horowitz, <br />Andrew R. Horowitz and <br />Thomas W. Horowitz <br /> <br />117 West 4th St. <br />Santa Ana, California <br /> <br />WHEREAS, the City Council of the City of Santa <br />Ana, by its Resolution No. 81-31 approved the said bond <br />issue in accordance with California Health and Safety Code <br />Section 33640; <br /> <br />WHEREAS, on JuneS, 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 $1,000,000; 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 $1,000,000. <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 $1,000,000 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 />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 <br />proceeds as security for payment of the said Secured <br />Promissory Note pending the use of said loan proceeds for <br />the funding of permanent loans for the rehabilitation of the <br />