HomeMy WebLinkAbout84-102RESOLUTION NO. 84-102
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
sANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE ACQUISITION,
REHABILITATION, AND CONSTRUCTION OF COMMERCIAL
BUILDINGS AND RELATED FACILITIES BY GEORGE AND
NANCY PARK.
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 financ%ng for the acquisition,
rehabilitation, construction'and improvement of industrial
and commercial projects located within the City;
WHEREAS, George and Nancy Park and successors and
assigns ("Developer") have requested the City to issue and
sell its revenue bonds for the purpose of financing the
acquisition, rehabilitation, and 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 C-ity Gounci! 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 One and One-half Million Dollars
($1,500,000) for the purpose of financing the acquisition,
rehabilitation, and construction of the Project located at
2417 N. Tustin Avenue. 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 4th day of September , 1984.
ATTEST:
~ice C. Guy, Cler~ of~ Council
COUNCI LMEMBERS:
Luxembourger Aye
Griset ~
Acosta Ave
Bricken Ave
Johnson Aye
McGuigan Absent
Young ~¥e ..
Approved as to form:
~rAd~Jt~e '