HomeMy WebLinkAbout84-023RESOLUTION NO. 84- 23
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
COMMERCIAL BUILDINGS AND RELATED FACILITIES BY
ROBERT K. WONG AND MAY L. WONG.
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, Robert K. Wong and May L. Wong and
successors and assigns ("Developer") have requested the City
to issue and sell its revenue bonds for the purpose of
financing the construction of commerical buildings 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 aurhorizes 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 Three Million Dollars
($3,000,000.00) for the purpose of financing the
construction and improvement of the Project located on two
acres at the northwest corner of Harbor and Kent. 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.
2. The issuance and sale of said bonds shall be upon
such terms and conditions as may by 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.
RESOLUTION NO. 84-23
Page No. two
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 19th day of March
, 1984.
ATTEST:
~n-l~e C. Guy, Cl~rk ~the Council
COUNCI LMEMBERS:
Luxembourger Aye
Griset Aye
Acosta Aye
Bricken Aye
Johnson Aye
McGu igan Aye
Young Aye
Approved as to form:
C~'~Q rA~Jt~per ,