HomeMy WebLinkAbout1985-38 CRA
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RESOLUTION NO.
85-38
RESOLUTION OF THE CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY PROVIDING FOR
THE SALE OF TAX ALLOCATION BONDS IN THE
APPROXIMATE PRINCIPAL AMOUNT OF SEVENTY
MILLION DOLLARS ($70,000,000) FOR THE SANTA
ANA COMMUNITY REDEVELOPMENT PROJECT AREA,
APPROVING THE FORM OF NOTICE OF INTENTION TO
SELL SAID BONDS AND DIRECTING THE
PUBLICATION THEREOF
WHEREAS, the City of Santa Ana Community Redevelopment
Agency (herein sometimes referred to as the "Agency"), is a
redevelopment agency (a public body, corporate and politic)
duly created, established and authorized to transact business
and exercise its powers, all under and pursuant to the
Community Redevelopment Law (Part 1 of Division 24 (commencing
with Section 33000) of the Health and Safety Code of the State
of California) and the powers of the Agency include the power
to issue bonds for any of its corporate purposes¡ and
WHEREAS, the Agency wishes to sell at this time not more
than $70,000,000 of the aggregate principal amount of the Tax
Allocation Bonds to provide financing in connection with the
Santa Ana Community Redevelopment Project Area¡ and
WHEREAS, the Agency is required by law to sell the Bonds at
competitive bid following publication of notice of intention to
sell such securities.
NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER
AS FOLLOWS:
Section 1. Sale Authorized. The sale of an aggregate
principal amount of Seventy Million Dollars ($70,000,000) (or
such lesser amount as may be specified in the notice of sale as
approved by the Executive Director) of the CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY, SANTA ANA COMMUNITY
REDEVELOPMENT PROJECT AREA TAX ALLOCATION BONDS, 1985 (herein
sometimes referred to as the "Bonds"), in accordance with law,
is hereby authorized.
section 2. Publication of Notice of Intention to Sell
Securities. The Notice of Intention to Sell Securities
attached hereto as Exhibit "A" is hereby approved subject to
such changes as requested by Bond Counsel. The Secretary of
the Agency shall cause said Notice of Intention to Sell
Securities (a) to be published in a newspaper published and of
general circulation in the City of Santa Ana, California, by
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at least one (1) insertion at least ten (10) days prior to the
day fixed for the receipt of bids¡ and (b) to be published in a
financial publication generally circulated throughout the
State, namely the Bond Buyer, by at least one (1) insertion at
least fifteen (15) days prior to the day fixed for the receipt
of bids.
Section 3. Furnishing of Notice Inviting Bids and Official
Statement. The Executive Dlrector of the Agency and the
Financial Consultant are hereby authorized and directed to
cause to be prepared and furnished to prospective bidders a
reasonable number of copies of the notice inviting bids
(including the bid form) and a reasonable number of copies of
the Official Statement.
Section 4. Effective Date.
effect upon adoptlon.
This Resolution shall take
ADOPTED AND APPROVED this ~ day of SeP~
1985 by the following vote:
AYES:
GRISET, HART, JOHNSCN, I1JXEMBCXJRGER, YOUNG
M:::GUIGAN
NOES:
ABSENT:
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ACœTA
Chairman, City of Santa Ana
Community Redevelopment Agency
(SEAL)
APPROVED AS TO FORM:
iU~
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EXHIBIT "A"
NOTICE OF INTENTION
TO SELL SECURITIES
Notice is hereby given that on or before October 29, 1985,
at 11:00 a.m., Pacific Time, or at such time on November 5,
1985 or November 12,1985 until bids are accepted, in the
offices of Stradling, Yocca, Carlson & Rauth, 660 Newport
Center Drive, suite 1600, Newport Beach, California 92660, the
City of Santa Ana Community Redevelopment Agency will receive
bids for the sale of its Santa Ana Community Redevelopment
Project Area Tax Allocation Bonds 1985, in the aggregate
principal amount of Seventy Million Dollars ($70,000,000).
Copies of the complete Notice Inviting Bids and other
information concerning said bonds may be obtained from
E.F. Hutton & Company Inc., 580 California Street, Suite 2200,
San Francisco, California 94104, (415) 954-9200.
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Secretary, City of Santa Ana
Community Redevelopment Agency
7797p/228l/l0