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10/11/82
RESOLUTION NO. 82-144
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE
CONSTRUCTION AND REHABILITATION OF A
COMMERCIAL OFFICE BUILDING AND RELATED
FACILITIES BY OTIS BUILDING PARTNER-
SHIP NO. 1
WHEREAS, the City Council of the City of Santa Ana
(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,
rehabilitation, construction and improvement of industrial
and commercial projects located within the City;
WHEREAS, Otis Building Partnership No. 1, a
partnership 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
and rehabilitation of a commercial office building and
related facilities (the "Project"), to be constructed by the
Developer within the City, and the City Council wishes to
induce the Developer to construct and develop the Project in
the City; and
WHEREAS, 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 construction and
rehabilitation and improvement of the Project located at 104
W. Fourth Street. Such authorization is for the purpose of
inducing the Developer to undertake to construct and develop
the Project and, in particular, to do so at such location.
RESOLUTION NO. 82-144
PAGE TWO
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 Developer 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.
4. The City Council does hereby find that the
adoption of this Resolution constitutes a substantial
inducement to the Developer to undertake its Project within
the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 1st day of November
, 1982.
ATTEST:
Bricken A.¥e
Luxembourger Absent
Acosta
Serrato Absent
Griset
Markel Nay
McGuigan
Council
Approved as to Form:
E~ard J. ~oo e~_~ City Attorney