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Home My WebLink About1985-16 CRA - . . REL :adg 4/15/85 RESOLUTION NO. 85-16 A SUPPLEMENTAL RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY MODIFYING RESOLUTION NO. 84-20 TO INSTRUCT THE FISCAL AGENT TO TRANSFER AVAILABLE BOND SALE PROCEEDS AND AVAILABLE TAX REVENUES TO A COLLECTION AGENT FOR DISBURSEMENT IN ACCORDANCE WITH AN AGREEMENT BETWEEN THE AGENCY AND SANTA FE LAND IMPROVEMENT COMPANY. WHEREAS, by Resolution No. 84-20, the City of Santa Ana Community Redevelopment Agency (the "Agency") authorized the issuance of tax allocation bonds in a principal amount not to exceed nineteen million dollars ($19,000,000) to finance a portion of the cost of a redevelopment project known as the South Main Street Redevelopment project¡ and WHEREAS, Section 23 of Resolution No. 84-20 provides that the said Resolution may be modified or amended at any time by supplemental resolution adopted by the Agency without the consent of Bondholders to surrender rights or privileges of the Agency, provided that the modifications or amendments do not adversely affect the rights of the owners of any outstanding Bonds¡ and WHEREAS, Section 18 of Resolution covènants of the Agency to diligently carry completion in a sound and economical manner Project and to use the proceeds of the sale sound and businesslike manner¡ and No, 84-20 contains out and continue to the Redevelopment of the Bonds in a WHEREAS, the Agency desires to proceed with acquisition and disposition of property within the South Main Street Redevel- opment Project area for the development of an auto center as described on page 19 of the Official Statement for the nineteen million dollar ($19,000,000) South Main Street Redevelopment Project Tax Allocation Bonds, 1984¡ and WHEREAS, the Agency is entering into an agreement (hereinafter, "the Agreement") for the acquisition of certain real property (hereinafter, "the Property") from Santa Fe Land Improvement Company (hereinafter "Santa Fe") for development as part of the aforesaid auto center¡ and . . . ," RESOLUTION NO. 85-16 PAGE TWO WHEREAS, pursuant to the Agreement, the Agency will execute a promissory note (hereinafter, lithe Note") for a portion of the purchase price of the Property and will pledge its avail- able bond sale proceeds and its available tax revenues as security for payment of the Note¡ and WHEREAS, the Agreement further requires that the afore- said available bond sale proceeds and available tax revenues be forwarded by the fiscal agent directly to a collection agent for disbursement to Santa Fe in payment of the Note. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY RE- DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. Definitions (a) All definitions set forth in Section 1 of Resolu- tion No. 84-20 of this Agency are incorporated herein as though fully set forth. (b) "Available Bond Sale Proceeds II means all proceeds from the sale of bonds which become available for transfer to the Redevelopment Fund pursuant to Section 13 of Resolution No. 84-20 after the Commencement Date and prior to the Termination Date. (c) "Available Tax Revenues. means all Pledged Tax Revenues which become available for use and application by the Agency for any lawful purpose pursuant to Section 15 of Resolu- tion No. 84-20 after the Commencement Date and prior to the Termination Date. Available Tax Revenues do not include Com- mitted Tax Revenues. (d) .Committed Tax Revenues" means and includes the following: (1) Twenty percent (20%) of Agency's tax revenues allocated to deposit in the low and moderate income housing fund of the Agency¡ (2) Twenty percent (20%) of Agency's tax revenues allocated to deposit in the Main Street Improvement set-Aside Fund of the Agency's¡ and (3) Six percent (6%) of Agency's tax revenues which are required to be passed through to certain taxing entities. . . . RESOLUTION NO. 85-16 PAGE THREE (e) "Commencement Date" means the date of conveyance of the Property to Santa Fe as established pursuant to Section 3 hereinbelow. (f) "Termination Date" means the date on which the Collection Agent receives moneys sufficient to fully satisfy the Note, as established pursuant to Section 4 hereinbelow, (g) "Collection Agent" means the person or entity designated to receive Available Bond Sale Proceeds and Available Tax Revenues and to disburse the same to Santa Fe, 2, Designation of Collection Agent The Fiscal Agent may contract with the Agency to perform the services of Collection Agent in accordance with the Agreement between the Agency and Santa Fe. In the event a person or firm other than the Fiscal Agent contracts with the Agency to perform such services, the Executive Director of the Agency shall immedi- ately serve a written notice on the Fiscal Agent of the identity and address of such other person or firm, and the Fiscal Agent shall thereafter regard such person or firm so identified in the notice as the Collection Agent for purposes of this Resolution, 3. Establishment of Commencement Date Immediately upon conveyance of the Property to the Agency, the Executive Director of the Agency shall serve a written notice on the Fiscal Agent of the date of such conveyance, and the Fiscal Agent shall thereafter regard the date set forth in such notice as the Commencement Date for purposes of this Resolution. 4. Establishment of Termination Date In the event that the Fiscal Agent contracts with the Agency to perform the services of Collection Agent pursuant to the Agreement between the Agency and Santa Fe, the Termination Date shall be established in accordance with that Agreement. In the event the Fiscal Agent is not the same person or entity as the Collection Agent, the Fiscal Agent shall, for purposes of this Resolution regard as the Termination Date the date set forth in a written notification received by the Fiscal Agent from the Collection Agent that the Note has been paid in full. . .. 4 RESOLUTION NO. 85-16 PAGE FOUR 5. Duties of Fiscal Agent The duties of the Fiscal Agent under Resolution No. 84-20 of the Agency are modified and revised only as follows: (a) In the event that the Fiscal Agent contracts with the Agency to perform the services of Collection Agent pursuant to the Agreement between the Agency and Santa Fe, the Fiscal Agent, in its capacity as Collection Agent, shall disburse Available Bond Sale Revenues and Available Tax Revenues in accordance with said Agreement. (b) In the event the Fiscal Agent is not the same person or entity as the Collection Agent, the Fiscal Agent shall forward Available Bond Sale Revenues and Available Tax Revenues to the Collection Agent at the time as such moneys would other- wise, in the absence of this Resolution, be forwarded to the Treasurer of the Agency. ADOPTED this ~ day of by the following vote: April ,1985, AYES: MEMBERS: Acosta, Griset, Hart, Johnson, Luxembourger, McGuigan & Young MEMBERS: None NOES: ABSENT: MEMBERS: None TZi~ Executive Director/ Recording Secretary lu Daniel E. Griset Chairman APPROVED AS TO FORM: