HomeMy WebLinkAbout84-132RESOLUTION NO. 84-132
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 A
COMMERCIAL MULTI-FAMILY HOUSING COMPLEX AND
RELATED FACILITIES BY PULLIAM PROPERTIES, INC.
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, Pulliam Properties, Incorporated, 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 construction
of a commerical multi-family housing complex 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 Four Million Dollars ($4,000,000)
for the purpose of financing the construction of the Project
located at the northeast corner of 16th and Bush 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 be mutually agreed upon by
the City, the Develope~ 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
its passage and adoption.
ADOPTED, this 5th day of
effect immediately upon
November , 1984.
ATTEST:
~nice C. Guy, ~er~ the
COUNCILMEMBERS:
Council
Luxembourger Aye
Griset Aye
Acosta Aye
Bricken Aye
Johnson Aye
McGuigan Aye
Young Aye
Approved as to form:
E~war~{. ~oper,
City Att~T~hey