HomeMy WebLinkAbout81-227RESOLUTION NO. 81- 227
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS
FOR THE PURPOSE OF FINANCING THE CONSTRUCTION
OF INDUSTRIAL AND COMMERCIAL FACILITIES BY
DREXEL DEVELOPMENT INC.
W~EREAS, the City Council of the City of Santa Aha
(the "City') has adopted its Ordinance No. NS-1609 (the
"Ordinance") authorizing the City to issue and sell its
bonds, notes, interim certificates, debentures or other
obligations ("Bonds") pursuant to the City Charter for the
purpose of providing financing for the acquisition, rehabili-
tation, construction and improvement of industrial and
commercial projects located within the City.
WHEREAS, Drexel Development Inc., a corporation
qualified to do business in California ("Company") has requested
the City to issue and sell its revenue bonds for the purpose
of financing the construction of certain industrial and
commercial facilities consisting of commercial and industrial
condominiums and parking and related and appurtenant facilities
and property (the "Project"), to be constructed by the
Company within the City, and the City Council wishes to
induce the Company to construct and develop the Project in
the City; and
$~EREAS, it is in the public interest, for the
public benefit and in furtherance of the public purposes of
the City that the City Council authorizes Bonds for the
aforesaid purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
1. The City Council hereby authorizes the issuance
and sale of Bonds of the City pursuant to the City Charter
and the procedures specified in the Ordinance in a principal
amount of not to exceed Five Million Dollars ($5,000,000)
for the purpose of financing the acquisition, construction
and improvement of the Project identified as Parcel Map
NO. 81-887; map filed in Book 159, pages 9 and 10 of Parcel
Maps in the Office of the County Recorder of Orange County,
State of California. Such authorization is for the purpose
of inducing the Company to undertake to construct and
develop the Project and, in particular, to do so at such
location.
2. The issuance and sale of said bonds shall be
upon such terms and conditions as may be mutually agreed
upon by the City, the Company and the purchaser of said
Bonds and shall be issued by resolution of the City Council
at a meeting duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such
related and necessary issuance expenses, administrative
costs, debt service reserves and interest payments as may be
required to accomplish successfully the financing.
RESOLUTION [IO. 8t.-227
PAGE TWO
4. The City Council does hereby find that the
adoption of this Resolution Constitutes a substantial
inducement to the Company to undertake its Project with the
City.
5. This Resolution shall take effect immediately
upon its passage and adoption.
ADOPTED, this 215~ day of D~c~mber
1981, by the following vote:
AYES:
COUNCILMEMBERS: Acosta, Bricken, Griset,
Luxemb0ur§er, McGuigan, Serrat0
NOES:
COUNCILMEMBERS: Marke]
ABSENT: COUNCILMEMBERS: None
ATTEST:
APPROVED AS TO FORM:
EDWARD J: C..OOPE~_.,/
CITY ATTORNEY