HomeMy WebLinkAbout84-1122086H 5HHN:WHM:sss 8/30/84
RESOLUTION NO. 84-112
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING AND AUTHORIZING EXECUTION OF AN INDENTURE
OF TRUST AND A LOAN AGREEMENT, AWARDING THE SALE
OF BONDS (THE GRAND PARTNERSHIP), AND AUTHORIZING
CERTAIN ACTIONS RELATING THERETO
WHEREAS, this Council has passed and adopted Ordinance No. NS-1609 (the
"Ordinance"), which authorizes the City to issue its industrial development
revenue bonds, pursuant to the City Charter, for the purpose of providing
financing for the acquisition, construction and improvement of industrial and
commercial ~acilities within the City; and
WHEREAS, this Council has heretofore, by Resolution No. 83-131, entitled
"A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE
ISSUANCE OF 80NDS FOR THE PURPOSE OF FINANCING THE ACQUISITION OF LAND AND
CONSTRUCTION OF A HOTEL BUILDING AND RELATED FACILITIES BY G~AND PLAZA
DEVELOPMENT COMPANY" expressed its intent to issue Bonds in an amount not to
exceed $10,OO0,O00 'to finance the acquisition and construction and
rehabilitation of a hotel to be located at 2724 - 2726 S. Grand Avenue, Santa
Aha (the "Project") for a California general partnership (the "Partnership");
and
WHEREAS, there have been presented to this Council certain agreements
and related documents pertaining to the issuance and sale of, the security for
and the use of proceeds of the City's Industrial Development Revenue Bonds,
Series 1984 (The Grand Partnership) (the "Bonds"); and
WHEREAS, this Council has reviewed such agreements and related
documents; and
WHEREAS, the issuance, sale and delivery of the Bonds will further the
public purposes of the City as set forth in the Ordinance, and approval .of
said agreements and related documents will be in the public interest and for
the public benefit; and
WHEREAS, this Council has held a public hearing on the question of
whether the~City should issue the 8onds, and all persons wishing to be heard
on such question have been heard; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Santa Ana that:
1. The following documents (each in the form
submitted to this Council or in such form together with such
changes therein, not adverse to the City, as shall be
approved by Bond Counsel and the City Attorney, such
approval to be conclusively evidenced by the execution
thereof as authorized herein) be and they are hereby
approved, that the Mayor or his designee be and is hereby
authorized to execute and deliver each such document, and
that the Clerk of the Council is hereby authorized to affix
the seal of the City to each such document, as may required
thereby, and to attest the execution thereof:
(i)
Indenture of Trust, dated as of October
1, 1984, between First Interstate Bank
of California, as Trustee (the ·
"Trustee") and the City (the
"Indenture"); and
(ii)
Loan Agreement, dated as of October 1,
1984 between the City and the
Partnership.
2. The Bonds shall be sold to of
or such other purchaser
as shall be designated by Wells Fargo National Bank and
approved by the City of Santa Aha, at par value in the
principal amount of $9,600,000.
3. The Mayor, the Clerk of the Council, the City
Manager, the Director of Finance, the Economic Development
Analyst and each of them, acting alone, are hereby severally
authorized to execute such certificates, agreements and
other closing documents as are necessary or customary for
the consummation of the transactions contemplated by the
documents enumerated in Section 1 of this Resolution.
4. This Resolution shall take effect immediately
upon its passage and adoption.
ADOPTED, this 17th day of September , 1984.
R6be~,~uxembourger, ~/
Chai~an
ATTEST:
DIRECTORS:
Luxembourger Aye
Griset ~
Acosta ~
Bricken ~
Johnson ~
McGuigan --~
Young ~
Edward ~J~ Co~per
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