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1985-028RESOLUTION N0. 85R-28 A RESOLUTION OF INDUCEMENT OF THE CITY COUNCIL OF ANAHEIM RELATING TO THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF VARIOUS MULTI-FAMILY RESIDENTIAL RENTAL PROJECTS AND RELATED FACILITIES WHEREAS, the City Council of the City of Anaheim (the "City") is authorized to issue bonds pursuant to the City of Anaheim Multi-Family Rental Housing Bond Law (the "Law") for the purpose of providing financing for the acquisition and construction of multi-family residential rental projects located within the City; and WHEREAS, the various property owners and/or developers listed in Exhibit "A" hereto (collectively, the "Developers") have requested the City to issue and sell its revenue bonds pursuant to the procedures specified in the Law for the purpose of financing the acquisition and construction of certain land and facilities consisting of multi-family residential rental projects and underlying land and related and appurtenant facilities located at the respective addresses set forth in Exhibit "A" (collectively, the "Projects") to be acquired and constructed by the Developers within the City, and the City Council wishes to induce the Developers to acquire, construct and develop the Projects in the City; and WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes of the City that the City Council authorize the Bonds for the aforesaid purposes; NOW, THEREFORE, the City Council of the City of Anaheim resolves as follows: Section 1. The City Council hereby authorizes the issuance and sale of the bonds pursuant to the City Charter and the procedures specified in the Law in an aggregate principal amount not to exceed $89,600,000 for the purpose of providing financing for the acquisition, construction and improvement of the Projects as set forth in Exhibit "A". Such authorization shall be for the purpose of inducing the Developers to undertake the Projects and, in particular, to do so at the aforesaid respective locations. Section 2. The issuance and sale of the Bonds shall be upon such terms and conditions as may be mutually agreed upon by the City, the Developers and the purchaser of said Bonds and shall be authorized by resolution of the City Council at a meeting duly held and conducted for such purpose. Section 3. The proceeds of the Bonds shall include such related and necessary issuance expenses, administrative costs, debt service reserves and interest payments as may be required to accomplish successfully the financing. Section 4. That the City Clerk shall certify to the passage of this resolution by the City Council of the City of Anaheim and it shall thereupon take effect. THE FOREGOING RESOLUTIOPd is approved and adopted by the City Council "~~` of the City of Anaheim this 15th day of January, 1985. /~" L~ MAYOR OF THE CITY OF ANAHEIM ~ ~ ~`~~ ~.d-'(~ CITY CLERK OF THE CITY OF 'ANAHEIM PW:dw 0221N -2- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF ANAHEIM ) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 85R-28 was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim held on '' the 15th day of January, 1985, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Kaywood, Bay, Overholt and Roth NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: Pickler AND I FURTHER certify that the Mayor of the City of Anaheim signed said. Resolution No. 85R-28 on the 15th day of January, 1985. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim this 15th day of January, 1985. CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 85R-28 duly passed and adopted by the Anaheim City Council on January 15, 1985. ~~ CITY CLERK REVISED ~:XHII3IT "A" Develo er P~rtwest Development (Dean Homes) 2. CPE - Continental Pacific Enterprises 3. Western National 4. Cal-Mark 5. Lincoln Wood Limited 6. West Anaheim Royale 7. West Anaheim Project T,ocation 1253-1255-1301 W. Lincoln Anaheim Anaheim Hills Sage Park, Loara Street Anaheim Northeast corner Santa Ana Street and Citron Street 1235 East Lincoln Beach/South of Orange Anaheim Beach/South of Orange convalescent Facility 8. Western National 2170 South Harbor 9. Karcher-George-Struthers 891 S. Walnut 10. Karcher-George-Struthers 526-528-5282 W. Vermont 11• Stratham Group 2221 and 2211 Loara St., Ana. Appropriate Loan Number of Units Am~,t 200 $15,000,000 204 $20,000,000 100 $ 7,500,000 196 $10,000,000 66 $ 3,500,000 180 $ 7,500,000 150 $ 3,50D,000 130 $ 9,750,000 159 $ 6,900,000 40 $ 1,950,000 70 $ 4,000,000 Exhibit "A"