HomeMy WebLinkAbout85-004RESOLUTION NO. 85- 4
A RESOLUTION OF THE CITY COUNCIL 0F THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE ACQUISITION AND
CONSTRUCTION OF AN INDOOR SPORTS ARENA AND RELATED
FACILITIES BY THE GARDENS PARTNERSHIP
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, The Gardens Partnership, a California General
Partnership, 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 an indoor sports arena and related facilities,
including but not limited to a parking structure (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 Ninety Million Dollars ($90,000,000) for the
purpose of financing the construction and improvement of the
Project located on the southwest corner of Flower Street and
Civic Center Boulevard. 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
this Resolution constitues
Developer to undart~ake its
does hereby find that the
a substantial inducement
Project within the City.
adoption of
to the
5. This Resolution shall take effect immediately upon its
passage and adoption.
ADOPTED, this 21stday of January , 1985.
Daniel E. Griset, Mayor
ATTEST:
COUNCILMEMBERS:
Griset Ave
Johnson Aye
Acosta Absent
Hart Aye
Luxembourger Aye
McGugian Aye
Young Aye
Approved as to form:
Ed a(d q. Aoo er,
City'Att~-rfey