HomeMy WebLinkAbout89-096CITY OF SANTA ANA
RESOLUTION NO.89-096
A RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION
OF AN INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE
RELATING TO THE TRUSTEE FOR THE CITY'S $6,500,000 INDUSTRIAL
DEVELOPMENT REVENUE BONUS, SERIES 1985 (URBATEC PROJECT) AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council of the City of Santa Ana (the
"City"):
WHEREAS, the City has heretofore issued its $6,500,000 industrial
Development Revenue Bonds, Series 1985 (Urbatec Project), pursuant to
that certain Trust Indenture, dated as of November 1, 1985 (the
"Indenture"), between the City and Trust Services of America, Inc., as
trustee (the "Trustee");
WHEREAS, the Trustee has informed the City of its desire to resign
as trustee under and in accordance with the provisions of the indenture
and the City is willing to assent to such resignation;
WHEREAS, the City wishes to appoint Manufacturers Hanover Trust
Company as successor trustee (the "Successor Trustee"), and the Successor
Trustee is willing to accept such appointment;
WHEREAS, it is in the public interest and for the public benefit
that the City authorize the direct execution of the instrument of
resignation, appointment and acceptance among the City, the Trustee and
the Successor Trustee (the "Instrument") in connection with such
resignation and appointment;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The instrument, in the form on deposit with the City
Clerk, be and is hereby approved, and the Mayor, the City Manager or the
Finance Director is hereby authorized and directed to execute said
document, with such changes, insertions and omissions as may be approved
by such official, and the City Clerk is hereby authorized and directed to
attest to such official's signature thereon.
RESOLUT O, NO. 89-096 021
PAGE 2
Section 2. The Mayor, the City M~nager, the Finance Director, the
City Clerk and all other appropriate officials of the City are hereby
authorized and directed to execute such other agreements, documents and
certificates as may be necessary to effect the purposes of this
resolution.
Section 3. This Resolution shall take effect upon its adoption by
this City Council.
THE FOREGOING RESOLUTION is approved and adopted by the City
Council of the City of Santa Aha this 2nd day of October, 1989.
ATTEST:
~n~ce C. G~uy, Clerk/of~ZCouncil
APPROVED AS TO FORM
EDWA~D~.J~OPER
CITY ATTORNEY
AYES:
NOES:
ABSENT:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILHEMBERS:
Acosta, Griset, May, McGuigan, Norton, Pulido
Young
None
None