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4/10/81
RESOLUTION NO. 81-24
8
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA APPROVING
$175,000 PROMISSORY NOTE TO WELLS FARGO
BANK, PURSUANT TO THE MAJOR COMMERCIAL
REHABILITATION LOAN PROGRAM
WHEREAS, by its Resolution No. 79-63, this Agency
authorized bond issues for the purpose of funding permanent
loans for the rehabilitation of the following property
pursuant to the Agency's Major Commercial Rehabilitation
Loan Program:
Developer/OWner
Steven J. Keiser
Location of Project Property
412 W. Fourth Street
Santa Ana, California
.
WHEREAS, the City Council of the City of Santa
Ana, by its Resolution No. 79-209 approved the said bond
issue in accordance with California Health and Safety Code
Section 33640;
WHEREAS, on April 14, 1981, after publication of
notice as required by law, the Agency held a public sale of
a bond issue for the purpose of funding permanent loans for
the above specified project property, in the form of a
Promissory Note in the principal amount of $175,000; and
WHEREAS, upon such date of public sale, Wells
Fargo Bank, National Association, submitted a bid for the
purchase of the said Promissory Note for the purchase price
of $175,000.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
.
1. That the execution and delivery of a Secured
Promissory Note, to Wells Fargo Bank, National Association,
in exchange for the payment of loan proceeds in the amount
of $175,000.00 by the said Bank to the Agency is hereby
approved, and the Chairman is authorized to execute the same
on behalf of the Agency; said Secured Promissory Note to be
in the principal amount, to bear interest, to require
payment in installments, and to be subject to such terms and
conditions, as set forth in the draft Secured Promissory
Note attached as an exhibit to the letter dated March 23,
1981, from the said Bank to the Agency, on file in the
office of the Executive Director of the Agency.
2. That the execution and delivery of a Pledge
Agreement to Wells Fargo Bank, N.A. simultaneously with the
execution and delivery of the abovesaid Secured Promissory
Note, for the purpose of pledging the abovesaid loan
proceeds as security for payment of the said Secured
Promissory Note pending the use of said loan proceeds for
.
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RESOLUTION NO. 81-24
PAGE TWO
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the funding of permanent loans for the rehabilitation of
the abovesaid project property, in form and substance
satisfactory to said Bank and Agency's Executive Director,
is hereby approved and the Chairman is authorized to execute
the same on behalf of the Agency.
ADOPTED this 20th day of
1981, by the following vote:
April
AYES: MEMBERS: Griset, Acosta, Serrato, Bricken,
Luxembourger, McGuigan
NOES: MEMBERS: Markel
ABSENT: MEMBERS: None
ATTEST:
.
UE~
RECORDING SECRETARY
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APPROVED AS TO FORM:
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