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**SUPERCEDED & AMENDED BY RES. 85-151 dated 12/17/85'**
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11/27/84
11/27/84
11/28/84
RESOLUTION NO. 84-156
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE ISSUANCE
AND SALE OF $4,500,000 PRINCIPAL AMOUNT OF
COMMERCIAL REVENUE BONDS (CIVIC CENTER
MEDICAL ARTS PROJECT), APPROVING RELATED
DOCUMENTS AND AUTHORIZING OFFICIAL ACTION
WHEREAS, the City of Santa Ana (the "City") proposes to issue its City
anta Aha Commercial Revenue Bonds (Civic Center Medical Arts Project) in
aggregate principal amount of $4,500,000, under and pursuant to the
istons of Chapter 28 of the Santa Ana Municipal Code, enacted pursuant to
inance No. NS-1609 adopted by the City Council on November 16, 1981 (the
w"), in order to provide funds to make a loan to Civic Center Medical Arts
)ciatlon, a California general partnership (the "Company"), pursuant to the
ns of a proposed Loan Agreement (the "Loan Agreement"), dated as of
)mber l, 1984, by and between the City and the Company to finance the
~isitton, construction and improvement of a four-story building consisting
three stories of medical and professional suites and one story of related
H1 space aggregating approximately 40,000 square feet, together with
:lng facilities, landscaping and related facilities to be located in the
I on an approximately one acre parcel of land located at 500 West Santa Ana
levard (the "Project"); and
WHEREAS, the Bonds are to be issued under and pursuant to an Indenture
Frust (the "Indenture"), dated as of December l, 19B4, between the City and
Interstate Bank of California, as trustee (the "Trustee"); and
WHEREAS, the Bonds are to be secured by a letter of credit issued by
ays Bank; and
WHEREAS, the City Council has heretofore called and conducted a public
ng on the issuance of the Bonds as required by Section 103(k) of the
· hal Revenue Code of 1954, as amended; and
WHEREAS, Crocker National Bank, as placement agent, intends to submit to
City an offer from certain purchasers to purchase the Bonds; and
WHEREAS, the City approves of said transactions in the public interests
:he City;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA
AS FOLLOWS:
Section 1. Issuance and Sale of Bonds. The City Council hereby
iortzes the issuance of the Bonds pursuant to and in accordance with the
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~s and provisions of the Law and the Indenture, all of which terms and
~Isions are incorporated herein by reference. The Bonds are hereby
norized to be sold to the purchasers thereof pursuant to and in accordance
~ the terms of a bond purchase agreement or placement agency agreement
refor (the "Bond Purchase Agreement") in substantially the form on file
~ the Clerk of the Council. The Mayor or. his designee is hereby authorized
directed to approve the terms of and accept an offer to purchase the Bonds
ch is acceptable to the Mayor or his designee, and to execute the Bond
chase Agreement for and in the name and on behalf of the City; provided
t the rate of interest on the Bonds shall not exceed twelve percent (12%)
annum and the Bonds shall be sold to the purchasers for a price not less
ninety-five percent (95%) of the par value thereof.
Section 2. Indenture. The Indenture, in substantially the form
)nted to the City Council at this meeting, together with any additions
eto or changes therein deemed necessary or advisable by the Mayor or his
)ghee, is hereby approved. The Mayor or his designee is hereby authorized
directed to execute and the Clerk of the Council is hereby authorized to
)st the Indenture for and in the name and on behalf of the City.
Section 3. Loan Agreement. The Loan Agreement, in substantially the
n presented to the City Council at this meeting, together with any
)tions thereto or changes therein deemed necessary or advisable by the
>r or his designee, is hereby approved. The Mayor or his designee is
)by authorized and directed to execute and the Clerk of the Council is
)by authorized to attest the Loan Agreement for and in the name and on
~lf of the City.
Section 4. Official Action. All actions heretofore taken by the
)cers and agents of the City with respect to the sale and issuance of the
~s are hereby approved, confirmed and ratified, and the Mayor, the Clerk of
Council, the Executive Director of the Economic Development Agency, the
:utive Director of Finance, the City Attorney and any and all other
leers of the City are hereby authorized and directed, for and in the name
on behalf of the City, to do any and all things and take any and all
ions relating to the execution and delivery of any and all certificates,
Jisitions, assignments, instruments of transfer, agreements and other
Jments, including but not limited to those described in the Bond Purchase
)ement, which they, or any of them, may deem necessary or advisable in
)r to consummate the lawful issuance and delivery of the Bonds in
)rdance with the Bond Purchase Agreement, the Indenture, the Law and this
>lution.
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Section 5. Effective Date. This Resolution shall take effect
im~ diately upon its passage.
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APPROVED, PASSED AND SIGNED this ]Tth day of
December , 1984.
Da~E. Griset
Ha¥0r
EST:
auy /
the Counci]f /
ECTORS:
set Aye
nson Aye Approved as to form:
s t a
t A.ye
embourger ATe
uigan Aye
ng A,ye
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