HomeMy WebLinkAbout84-041RESOLUTION NO. 84-41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE ACQUISITION AND
CONSTRUCTION OF COMMERCIAL RESIDENTIAL BUILDINGS
AND RELATED FACILITIES BY MARGRAVE DEVELOPMENT
COMPANY.
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 lo6ated within the City:
WHEREAS, Margrave Development Company, a
California corporation, and successors and assigns
("Developer") have requested the City to issue and sell its
revenue bonds for the purpose of financing the acquisition
of property and the construction of commercial residential
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 Five Million Dollars ($5,000,000.00)
for the purpose of financing the construction and
improvement of the Project located on 1.58 acres on Chestnut
Street between Elk and Lyon Streets. 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.
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 2nd day of April , 1984.
ATTEST:
~b~rt Luxembourg~t, Mayor
COUNCI LMEMBERS:
the Council
Luxembourge r Aye
Griset Aye
Acosta Ave
Br i cke n Aye
Johnson Ave
McGu igan Aye
Young Aye
Approved as to form:
Edwar~/~. gooper,
City ArVey