Laserfiche WebLink
RESOLUTION NO. 2003-02 <br /> <br />RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE BORROWING OF FUNDS FROM <br />THE CITY OF SANTA ANA PUBLIC FINANCING AUTHORITY RELATING TO <br />THE AGENCY'S SANTA ANA SOUTH MAIN STREET REDEVELOPMENT <br />PROJECT, AUTHORIZING AND DIRECTING EXECUTION OF A LOAN <br />AGREEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING <br />THERETO. <br /> <br /> BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br /> Section 1. The Board of the Community Redevelopment Agency of the City of <br />Santa Ana ("Agency") hereby finds, determines and declares as follows: <br /> <br />The City of Santa Ana (the "City") and the Agency have heretofore <br />entered into a Joint Exercise of Powers Agreement, establishing the <br />Santa Aha Financing Authority (the "Authority") for the purpose of issuing <br />its bonds to be used to provide financial assistance to the City and the <br />Agency. <br /> <br />To finance and refinance redevelopment activities with respect to the <br />Santa Ana South Main Street Redevelopment Project (the <br />"Redevelopment Project"), the Agency issued its $44,650,000 aggregate <br />principal amount of Santa Ana South Main Street Redevelopment Project <br />Tax Allocation Bonds, Series 1993D (the "Series 1993D Bonds") pursuant <br />to an Indenture, dated as of August 1, 1993, by and between the Agency <br />and Dai-Ichi Kangyo Bank of California (the "1993 Indenture"). <br /> <br />The Agency now wishes to finance certain additional redevelopment <br />activities (within the meaning of Section 33678 of the Law) with respect to <br />the Redevelopment Project Area and, in implementation thereof, the <br />Agency has determined to issue its $25,000,000 aggregate principal <br />amount of Santa Ana South Main Street Redevelopment Project Tax <br />Allocation Bonds, Series 2003A (the "Agency Bonds") at an interest rate <br />not to exceed 6 ~ %. <br /> <br />D= <br /> <br />The Agency may, however, be prohibited by law from issuing and <br />delivering the Agency Bonds in a timely manner for the purpose of <br />financing the planned redevelopment activities. <br /> <br />If the Agency is unable to issue and deliver the Agency Bonds, the <br />Authority is willing to issue its City of Santa Ana Public Financing Authority <br />2003 Tax Allocation Revenue Bonds (Santa Ana South Main Street <br />Redevelopment Project), in an aggregate principal amount of not to <br />exceed $25,000,000 (the "Authority Bonds") to provide funds to make a <br /> <br /> <br />