HomeMy WebLinkAbout84-082RESOLUTION NO. 84-82
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 OFFICE BUILDINGS AND
RELATED FACILITIES BY LOWY DEVELOPMENT
CORPORATION.
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, construeti0n and improvement of industrial
and commercial projects located within the City:
WHEREAS, Lowy Development Corporation, 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 commerical office
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 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 Ten Million Dollars ($10,000,000.00)
for the purpose of financing the construction and
improvement of the Project located on 3.3 acres on Flower
Street between Third and Santa Ana Boulevard. 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 Councildoes 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 16 .day of . July , 1984.
~embourger, ayor
ATTEST:
Guy, Clerk of
COUNCI LMEMBERS:
the Council
Luxembourger A e
Griset -~seent
Acosta ~
Bricken ~
Johnson
McGuigan ~
Young ~
Approved as to form:
~dwar~ ~. 9ooper,
City A t~tT~Z~ ey