HomeMy WebLinkAbout85-128RESOLUTION NO. 8~128
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING
FINANCING FOR THE CONSTRUCTION OF A SKILLEO NURSING FACILITY
AND RELATED FACILITIES BY CONTINENTAL CARE, INC.
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 ~rojects located within the City:
WHEREAS, Continental Care, Inc., 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 acqusition of prop-
erty and the construction of a skilled nursing center 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 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 Ten Million Dollars
($10,003,000) for the purpose of financing the acquisition and construction of
the Project located on the northwest corner of First and Townsend Streets.
Such authorization is for the purpose of inducing the Developer to undertake
to construct ann develop the Project and, in particular, to do s~ 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.
5. The proceeds of the Bonds shall include such related and
necessary issuance expenses, administrative costs, debt service reserves
and interest payments as may bc required to accomplish successfully the
financing.
4. The City Council does hereby find that the adoption of this
Resol,Jtion 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 4th day of November , 1985.
Daniel E. Griset, Mayor
ATTEST:
COUNCILMEMBERS:
GRISET Aye
Johnson Aye
Acosta Absent
Hart Aye
Luxembourger Aye
McGuigan Absent
Young Aye _
Approved as to form:
Edward O~/~oope~
City At t or~y_~X