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2/7/85
RESOLUTION NO. 85- 31
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA RELATING TO THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND CONSTRUCTION OF VARIOUS
MULTI-FAMILY RESIDENTIAL RENTAL PROJECTS
AND RELATED FACILITIES
WHEREAS, the City Council of the City of Santa Ana
(the "City") is authorized to issue bonds pursuant to the
provisions of California Health and'Safety Code, Division 31,
Part 5 (Sections 52000 et seq.) (the "Law") for the purpose of
providing financing for the acquisition and construction of
multi-family residential rental projects located within the
City; and
WHEREAS, the various property owners and/or developers
listed in Exhibit A hereto (collectively, the "Developers")
have requested the City to issue and sell its revenue bonds
pursuant to the procedures specified in the Law for the purpose
of financing the acquisition and construction of certain land
and facilities consisting of multi-family residential rental
projects and underlying land and related and appurtenant
facilities located at the respective addresses set forth in
Exhibit A (collectively, the "Projects") to be acquired and
constructed by the Developers Within the City, and the City
Council wishes to induce the Developers to acquire, construct
and develop the Projects 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 authorize the Bonds for the aforesaid
purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Santa Ana as follows:
RESOLUTION NO. 85-31
PAGE TWO
1. The City Council hereby authorizes the issuance
and sale of the Bonds pursuant to the procedures specified in
the Law in an aggregate principal amount not to exceed Eight
Million Five Hundred Thousand Dollars ($8,500,000.00) for the
purpose of providing financing for the acquisition, construc-
tion and improvement of the Projects as set forth in Exhibit A.
Such authorization shall be for the purpose of inducing the
Developers to undertake the Projects and, in particular, to
do so at the aforesaid respective locations.
2. The issuance and sale of the Bonds shall be upon
such terms and conditions as may be mutually agreed upon by the
City, the Developers and the purchaser of said Bonds and Shall
be authorized by resolution Of the Ci'ty 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.
ADOPTED this 19th day of February , 1985.
ATTEST:
en 7oC 't Jco nci
Daniel E. Griset
Mayor
COUNCILMEMBERS:
Griset Aye
Acosta Aye
Hart Aye
Johnson Aye
Luxembourger Aye
McGuigan Aye
Young Aye
APPROVED AS TO FORM.-
EXHIBIT A
Address
2148 S. Main St.
Santa Ana
A.P.#408-471-12
Parcel 3, as shown
on a parcel map
filed in book 109,
pg. 46 & 47
709, 711 loth St.
1004, 1008 N. Parton
Santa Ana
A.P. #002-261-2g
TOTAL:
Oevel oper
BACS Development
1616 N. Broadway
Santa Ana 92706
Seacrest Development Corp.
1725 S. Douglass Rd., Ste. A
Anaheim 92806
Fred Anderson
17461 Irvine Blvd., Ste. 200
Tustin 92680
Melilli Associates
23010 Lake Forest Dr., Ste. E
Laguna Hills 92653
Units
49
65
3O
64
2O8
$ Amount
$2,000,000
$2,500,000
$1,500,000
$2,500,000
$8,500,000