HomeMy WebLinkAbout84-133RESOLUTION NO. 84- 133
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 CON-
STRUCTION OF A COMMERCIAL MULTI-FAMILY HOUSING
COMPLEX AND RELATED FACILITIES BY W. JACKSON
BRANSFORD AND KATHRYN L. BRANSFORD AS CO-TRUSTEES
UNDER THE BRANSFORD LIVING TRUST
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, rehab-
ilitation, construction and improvement of industrial and
commercial projects located within the City:
WHEREAS, W. Jackson Bransford and Kathryn L.
Bransford as co-trustees under the Bransford Living Trust,
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 construction of a
commercial multi-family housing complex and related facili-
ties (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 o~ the City pursuant to the City Charter
and the procedures specified in the Ordinance in a principal
amount of not to exceed Six Million Dollars ($6,000,000) for
the purpose of financing the acquisition of land and con-
struction of the Project located on the west side of Harbor
Boulevard approximately 100 feet from Westminster Avenue
(Orange County Assessor's Parcel Number 198-032-10). 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 Developer and the purchaser of said Bonds and
shall be issued by resolution of the City Council at a meet-
ing duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such re-
lated and necessary issuance expenses, administrative costs,
debt service reserves and interest payments as may be re-
quired to accomplish successfully the finanCing.
4. The City Council does hereby find that the adop-
tion 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 19t~ay of November , 1984.
ATTEST:
~rii'ce C.'Guy, Ci~-k o~e Council
COUN, CI LMEMBERS:
Luxembourger Aye
Griset ~
Acosta t
Bricken Absent
Johnson Aye
McGuigan Aye
Young Aye
Approved as to form:
Edward J. Cooper, /
City Attorney