HomeMy WebLinkAbout05/26/1981
.
.
.
CALL TO ORDER
AGENDA
JOINT MEETING WITH
CITY COUNCIL AND
COMMUNITY REDEVELOPMENT AGENCY
COUNCIL CHAMBERS
22 CIVIC CENTER PLAZA
SANTA ANA, CALIFORNIA
MAY 26, 1981 5:30 P.M.
PLEDGE OF ALLEGIANCE TO THE FLAG
ROLL CALL
1.
RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE 1981, SERIES A-
TOWN SQUARE CONDOMINIUMS
2,
ADJOURNMENT
City Council Recommendation: Adopt Resolution 81-
84: A RESOLUTION APPROVING THE ISSUANCE BY THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA
ANA OF RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF
1981, SERIES A, (PARTICIPATION PURCHASE AND LOAN TO
LENDER PROGRAM) in a principal amount of $15,730,000.
Redevelopment Agency Recommendation:
1.
Adopt Resolution 81-40: A RESOLUTION OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF RESI-
DENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1981,
SERIES A (PARTICIPATION PURCHASE AND LOAN TO
LENDER PROGRAM).
2.
Adopt Resolution 81-41: A RESOLUTION OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA AMENDING RULES AND REGULATIONS RELA-
TING TO ITS RESIDENTIAL MORTGAGE FINANCING
PROGRAM, AUTHORIZING THE EXECUTION OF IMPLE-
MENTING AGREEMENTS AND PROVIDING OTHER MATTERS
PROPERLY RELATING THERETO.
Redevelopment Commission Recommendation:
the use of SB 99 for financing.
Approved
.
.
.
10
MINUTES
JOINT MEETING WITH
CITY COUNCIL AND
COMMUNITY REDEVELOPMENT AGENCY
SANTA ANA, CALIFORNIA
MAY 26,1981 5:30 P.M.
The Joint Meeting of the City Council and Community
Redevelopment Agency of the City of Santa Ana was called to
order by Chairman Bricken at 5:35 P.M., in the City Council
Chambers, 22 Civic Center Plaza, Santa Ana, California.
After the Pledge to the Flag and the Invocation given by
Chairman Bricken, roll was called:
PRESENT
ABSENT
Daniel Griset
Gordon Br icken
Al Serrato
Robert Luxembourger
John Acosta
Patricia McGuigan
J. Ogden Markel
Others in Attendance:
A. J. Wilson, City Manager
Rex Swanson, Executive Director
Edward J, Cooper, City Attorney
David N. Ream, Community Development Director
Pamela Wiget, Miller and Schroeder Municipals
Terry McCarty, Stone & Youngberg
Andrew C, Hall, Jr., Jones, Hall, Hill & White
RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE 1981, SERIES A-
TOWN SQUARE CONDOMINIUMS
Chairman Bricken asked Staff if they had any additional
remarks on this item. Rex Swanson stated that this
financing for Phase II contained two actions. He introduced
Pamela Wiget of Miller and Schroeder who gave a brief
presentation.
Ms. Wiget stated that the Phase Two construction, consisting
of an additional 159 units, is well underway. City Council
and Agency approval of the recommended resolutions will
authorize the sale of $15,730,000 in Mortgage Revenue Bonds
for the second phase financing. Miller and Schroeder has
informed staff that the bonds have been marketed at 11,5
percent interest, which the developer agrees is an
.
.
.
II
acceptable interest rate, The issuance of the bonds at 11.5
percent will provide mortgage loans to the condominium
buyers at approximately 12.1 percent interest. The proceeds
from this sale will be used by Security Pacific National
Bank to purchase the mortgages from Phase Two.
The bonds will not be an obligation or debt of the
Redevelopment Agency of City of Santa Ana, The security for
the bonds will be the mortgages on the condominiums. The
monthly payments made by the condominium owners will be used
to pay the interest and principal on the bonds.
Mr, Andrew C, Hall, Jr. of Jones, Hall, Hill & White
explained to the Agency what the Resolutions before them
were all about. Resolution 81-40: A RESOLUTION OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
AUTHORIZING THE ISSUANCE OF RESIDENTIAL MORTGAGE REVENUE
BONDS, ISSUE OF 1981, SERIES A (PARTICIPATION PURCHASE AND
LOAN TO LENDER PROGRAM), is the principal resolution for
consideration by the Agency in connection with the above
referenced bond issue. This resolution authorizes the
issuance of the Bonds, establishes the relationships of the
Agency, the Trustees and the Bondholders, directs the
Trustee in the deposit of Bond proceeds and the proper
application of proceeds to the purchase of mortgage loans,
directs the Trustee as to the making of the Loan to Lender
to Citizens Savings and Loan and as to the proper
application of revenues delivered by the Lender to the
Trustee during the period when the Bonds are outstanding.
The Bonds are special obligations of the Agency payable
solely with respect to the various funds and accounts
established pursuant to this resolution. No other assets of
the Agency are liable in any way for payment of the Bonds.
Resolution 81-41: A RESOLUTION OF THE COMMUNITY RE-
DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AMENDING RULES
AND REGULATIONS RELATING TO ITS RESIDENTIAL MORTGAGE
FINANCING PROGRAM, AUTHORIZING THE EXECUTION OF IMPLEMENTING
AGREEMENTS AND PROVIDING OTHER MATTERS PROPERLY RELATING
THERETO, is to amend the Agency's Rules and Regulations to
include the application of the proceeds of the above
referenced bonds within the Agency's Residential Mortgage
Financing Program. This is done by amending various
definitions, including the definition of "Resolution" and
"Project" and by including additional definitions relating
to the various agreements required under by the above
described resolution issuing the Bonds. It also approves
the forms of agreements attached to the resolution for use
in connection with the Agency's Residential Mortgage
Financing Program and to authorize the appropriate officer
of the Agency to execute the agreements on behalf of the
Agency,
-2-
.
.
.
1'1.
Resolution 81-84: A RESOLUTION APPROVING THE ISSUANCE BY
THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
OF RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1981, SERIES
A (PARTICIPATION PURCHASE AND LOAN TO LENDER PROGRAM), IN A
PRINCIPAL AMOUNT OF $15,730,000, sets forth such approval
and is substantially the same as a resolution of the City
Council adopted in connection with the issuance of the first
Mortgage Revenue Bonds,
After further discussion a motion was made by Councilman
Griset, seconded by Councilman Luxembourger and carried by
the following roll call vote to adopt Resolution 81-84: A
RESOLUTION APPROVING THE ISSUANCE BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OF RESIDENTIAL
MORGAGE REVENUE BONDS, ISSUE OF 1981, SERIES A,
(PARTICIPATION PURCHASE AND LOAN TO LENDER PROGRAM), IN A
PRINCIPAL AMOUNT OF $15,730,000,
AYES:
Griset, Acosta, Luxembourger,
McGuigan, Serrato, Bricken
Markel
None
NOES:
ABSENT:
A motion was made by Mr. Luxembourger, seconded by Mr,
Serrato and carried by the following roll call vote to adopt
Resolution 81-40: A RESOLUTION OF THE COMMUNITY RE-
DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AUTHORIZING THE
ISSUANCE OF RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF
1981, SERIES A (PARTICIPATION PURCHASE LOAN TO LENDER
PROGRAM) .
AYES:
Griset, Acosta, Luxembourger
McGuigan, Serrato, Bricken
Markel
None
NOES:
ABSENT:
A motion was made by Mr. Luxembourger, seconded by Mr.
Acosta and carried by the following roll call vote to adopt
Resolution 81-41: A RESOLUTION OF THE COMMUNITY RE-
DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AMENDING RULES
AND REGULATIONS RELATING TO ITS RESIDENTIAL MORTGAGE
FINANCING PROGRAM, AUTHORIZING THE EXECUTION OF IMPLEMENTING
AGREEMENTS AND PROVIDING OTHER MATTERS PROPERLY RELATING
THERETO.
AYES:
Griset, Acosta, Luxembourger
McGuigan, Serrato, Bricken
Markel
None
NOES:
ABSENT:
-3-
I :
.
.
.
IJ
ADJOURNMENT
There being no further business before the City Council and
Redevelopment Agency, the meeting was adjourned at 6:01 P.M.
~
Rex Swanson,
Executive Director
-4-