HomeMy WebLinkAbout89-105103
RESOLUTION NO. 89-105
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA ANA APPROVING AND AUTHORIZING
EXECUTION OF A SUPPLEMENTAL INDENTURE OF TRUST
(C.M. LEGION PROJECT), AND AUTHORIZING CERTAIN
ACTIONS RELATING THERETO
WHEREAS, this Council has passed and adopted Ordinance No. NS-1809
(the "Ordinance"), which authorizes the City to issue its industrial
development revenue bonds, p~rsuant to the City Charter, for the purpose
of providing financing for the acquisition, construction and improvement
of industrial and commercial facilities within the City; and
WHEREAS, this Council has heretofore, by Resolution No. 83-160,
entitled "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING AND AUTHORIZING EXECUTION OF AN INDENTURE OF TRUST AND A LOAN
AGREEMENT, AWARDING THE SALE OF BONDS (C.M. LEGION PROJECT), AND
AUTHORIZING CERTAIN ACTIONS RELATING THERETO" authorized the issuance of
Bonds (the "Bonds") to finance the rehabilitation of a commercial
facility at 313 North Birch Street, Santa Ana (the "Project"); and
WHEREAS, the Bonds were issued on December 29, 1983 pursuant to an
Indenture of Trust, dated as of December 15, 1983 (the "Indenture") by
and between the City and Crocker National Bank, as trustee; and
WHEREAS, Crocker National Bank has been acquired by Wells Fargo
Bank, N.A. and Wells Fargo Bank, N.A. no longer provides trust services,
and Bankers Trust Company of California has assumed the responsibility of
the Trustee to be performed under the Indenture; and
WHEREAS, Section 8.07 of the Indenture requires the Trustee to have
minimum capitalization of $250,000,000; and
WHEREAS, Bankers Trust Company of California has capitalization of
$100,000,000; and
WHEREAS, it is necessary to amend Section 8.07 of the Indenture to
reduce the Trustee's capitalization requirement from $250,000,000 to
$100,000,000; and
WHEREAS, there has been presented to this Council a Supplemental
Indenture of Trust dated as of October 1, 1989, by and between the City
and Wells Fargo Bank, N.A.; and
105
WHEREAS, this Council has reviewed said agreement;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Santa And that;
1. The Supplemental Indenture of Trust, dated as of October 1,
1989, between Wells Fargo Bank, N.A. of California (the "Trustee") and
the City (the "Supplemental Indenture") (in the form submitted to this
Council or in such form together with such changes therein, not adverse
to the City, as shall be approved by the Bond Counsel and the City
Attorney, such approval to be conclusively evidenced by the execution
thereof as authorized herein) be and is hereby approved, that the Mayor
or his designee be and is hereby authorized to execute and deliver such
document, and that the Clerk of the Council is hereby authorized to affix
the seal of the City to such document, as may be required thereby, and to
attest the execution thereof.
2. This Resolution shall take effect upon adoption.
3. The Mayor, the Clerk of the Council, the City Manager and the
Director of Finance and each of them, acting alone, are hereby severally
authorized to execute such certificates, agreements and other closing
documents as are necessary or customary for the consummation of the
transactions contemplated by the documents enumerated in Section 1 of
this Resolution.
ADOPTED, this 16th day of October, 1989.
ATTEST:
Daniel H. You~or
J2J-a~nice~CL Guy, Clewt~ ~f~{~fCouncil
Approved as to form
cit
COUNCILMEMBERS:
Young Aye
Acosta Aye
Griset Absent
McGuigan Aye
May Aye
Norton Aye
Pulido Aye