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MINUTES OF THE SPECIAL MEETING <br />OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA, CALIFORNIA <br /> <br />December 30, 1985 <br /> <br />The meeting was called to order at 5:50 p.m., by Mayor Daniel E. <br />Griset, in the Council Chambers, 22 Civic Center Plaza. Council- <br />members present were John Acosta, Wilson B. Hart, P. Lee Johnson, <br />R. W. Lux~nbourger, Patricia A. McGuigan, Dan Young, and Mayor Griset. <br />Also present were City Manager Robert C. Bobb, City Attorney ~dward J. <br />Cooper and Clerk of the Council JaniceC. Cuy. <br /> <br />WESTDOME BOND FINANCING <br /> <br />The City Attorney explained that since the approval of Resolution No. <br />85-159 authorizing the issuance of $40,000,000 variable/fixed rate <br />bonds for the Westdome Sports Arena at an undesignated site, informa- <br />tion had been received frc~ bond counsel indicating that in bond coun- <br />sel's opinion, the bonds, as approved, were for the downtown site. He <br />indicated that to apply the bond proceeds to another site would re- <br />quire an IRS ruling, and that to carry forward State approval of the <br />allocation for the project would require mailing a form to the IRS by <br />December 31, 1985 which would indicate a specific site. He addition- <br />ally explained that tax exempt financing for sports arenas would cease <br />effective December 31, 1985, and that the probability of issuing tax <br />exempt bonds for the Westdeme project in 1986 was low. <br /> <br />Councilm~nbers discussed various aspects of the bond financing, par- <br />ticularly as related to Federal tax reform impacts anticipated in <br />1986. <br /> <br />MOTION: <br /> <br />Proca~=d with Industrial Development bond sale for the Westdome <br />project, <br /> <br />MOTION: Johnson SECOND: Acosta <br /> <br />VOTE: AYES: <br /> <br /> NOES: <br /> ABSENT: <br /> <br />Acosta, Griset, Hart, Johnson, <br />Luxembourger, McGuigan <br />Young <br />None FILE <br /> <br />620.05 <br /> <br />At 6:16 p.m., the meeting was adjourned. <br /> <br /> anice C. Guy / ~ <br />~FC~erk of the Counc~/ <br /> <br />CITY COUNCIL MINUTES <br /> <br />601 <br /> <br />DEC~gMBER 30, 1985 <br /> <br /> <br />