HomeMy WebLinkAbout84-134RESOLUTION NO. 84-134
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 PHASE II 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, construction 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 commercial 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 aurhorizes the issuance
and sale of Bonds of the City pursuant to the City Charter
and the ~rocedures specified in the Ordinance in a principal
amount of not to exceed Ten Million Dollars ($10,000,000)
for the purpose of financing the construction and
improvement of the Project located on the southwest corner
of Flower Street and Santa Ana Boulevard, Phase II. 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
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 19t~ay of November , 1984.
ATTEST:
~R6b~ ~6~e~bourger ,/d~or
f~dice C' Guy, cl~rk ~f/he Council
COUNC I LMEMBERS:
Luxembourger Aye
Griset Aye
Acosta _~t
Bricken Ah~nt
Johnson Aye
McGuigan Ay~
Young Ay~
Approved as to form:
Edward J. Cooper,/
City Attorney