ARA1980-016RESOLUTION NO. ARA80 -16
A RESOLUTION OF INTENTION OF THE ANAHEIM REDEVELOP-
MENT AGENCY TO ISSUE COMMERCIAL DEVELOPMENT BONDS
AND TO RETAIN BOND COUNSEL AND INVESTMENT BANKER
WHEREAS, the ANAHEIM REDEVELOPMENT AGENCY, a public body,
corporate and politic (the "Issuer "), is authorized and empowered
by Chapter 8 of the California Community Redevelopment Law, Health
& Safety Code Sections 33750 et (the "Law "), to issue bonds
for the purpose of providing oa s for the construction of
commercial facilities integral to a residential neighborhood in
redevelopment project areas and for the purpose of paying the
cost of financing such loans; and
WHEREAS, 198 Associates, a California general partnership
(the "Partnership "), has requested the Issuer to issue and sell its
redevelopment construction loan bonds pursuant to the provisions of
the Law for the purpose of financing an office building for the use
of the Partnership and its tenants (the "Project "), such building
constituting a residence as that term is defined in the Law; and
WHEREAS, the Issuer and Partnership (by use of the name
Dan W. Heil and William C. Stookey, a partnership), have executed
a Participation Agreement, dated July 3, 1979, for the acquisition
of certain properties by the Partnership from the Issuer necessary
for the construction of the Project; and
WHEREAS, the Partnership has agreed to pay all costs
associated with the issuance and sale of such bonds; and
WHEREAS, the Partnership now requires evidence of a
present intent on the part of the Issuer to issue such bonds for
such purposes; and
WHEREAS, it is the purpose of this Resolution to
constitute official action of the Issuer toward the issuance of
such bonds in accordance with Section 1.103- 8(a)(5)(iii) of the
Regulations of the Department of the Treasury; and
WHEREAS, in order to accomplish the Project, the Issuer
requires the advice and assistance of a qualified Bond Counsel and
Investment Banker.
NOW, THEREFORE, BE IT RESOLVED by the governing board
of the Issuer that:
1. It does hereby declare its intention to authorize the
issuance and sale of commercial development bonds of the Issuer
under and in accordance with the Law, in such an amount necessary
to pay the cost of the Project, presently estimated not to exceed
$4,000,000, and upon such terms and conditions as may be mutually
agreed upon by the Issuer and the Partnership, the issuance and
sale of such bonds to be authorized by Issuer by resolution to be
held for such purpose.
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2. That the funds generated by the sale of such bonds are
to be used to finance the construction of a commercial /office
building owned by the Partnership and to be located on a site
northerly of Broadway lying between Broadway and Claudina Streets
and southerly of the Anaheim Civic Center site on Anaheim Boulevard.
Such facility will be approximately 45,000 square feet in size,
consist of three stories and be architecturally compatible with
the newly construction Anaheim City Hall located on Anaheim
Boulevard.
3. That the Executive Director is authorized and directed
to prepare or cause to be prepared all necessary documents for
the issuance and sale of such bonds;
4. That all bonds issued for the Project be secured by
and made payable from revenues of the Project and that the full
faith and credit and taxing power of the Issuer not be pledged
to the payment of the principal of or interest on the bonds.
5. That the Director of the Issuer or any person executing
the bonds shall not be liable personally on the bonds or be subject
to any personal liability or accountability by reason of the
issuance thereof.
6. That Wilson, Morton, Assaf & McElligott, Attorneys -at-
Law, be retained by the Issuer as Bond Counsel to the Issuer,
with their fees to be paid from bond proceeds, and that Miller
and Schroeder Municipals, Inc., be retained by the Issuer to serve
as the Investment Banker, with their fees chargeable to the
Partnership and to be paid from bond proceeds.
THE FOREGOING RESOLUTION is approved and adopted by the
Anaheim Redevelopment Agency this 3rd day of June, 1980.
IM REDErWLOPMENT AGENCY
ATTEST:
SECRETARY
ANAHEIM REDEVELOPMENT AGENCY
SFS /sb
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LINDA D. ROBERTS, Secretary,of the Anaheim Redevelopment Agency, do
hereby certify that the foregoing Resolution No. ARA80 -16 was passed and
adopted at a regular meeting of the Anaheim Redevelopment Agency held on
the 3rd day of June, 1980 by the following vote of the members thereof:
AYES: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: AGENCY-MEMBERS: None
ABSENT: AGENCY MEMBERS: None
AND I FURTHER CERTIFY that the.Chairman.of. the.Anaheim.Redevelopment
Agency signed said Resolution on the 3r& day;of June, 1980.'.
IN WITNESS WHEREOF, I have hereunto-set my hand and seal this 3rd day of
June, 1980..
SECRETARY OF THE ANAHEIK REDEVELOPMENT AGENCY
(SEAL)