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SA 2018-001
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Last modified
7/25/2018 9:43:29 AM
Creation date
7/25/2018 9:43:14 AM
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City Clerk
Doc Type
Resolution
Doc #
2018-001
Date
7/17/2018
Destruction Year
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RESOLUTION NO. 2018-001 <br />RESOLUTION OF THE SUCCESSOR AGENCY TO THE <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY <br />OF SANTA ANA AUTHORIZING THE ISSUANCE OF ITS <br />SUCCESSOR AGENCY TO THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA, TAX ALLOCATION REFUNDING BONDS (MERGED <br />PROJECT AREA), SERIES 2018; APPROVING A FORM OF <br />INDENTURE, A FORM OF ESCROW AGREEMENT, A <br />FORM OF BOND PURCHASE AGREEMENT AND A FORM <br />OF CONTINUING DISCLOSURE CERTIFICATE; MAKING <br />CERTAIN DETERMINATIONS RELATING THERETO; AND <br />AUTHORIZING CERTAIN OTHER ACTION IN <br />CONNECTION THEREWITH <br />WHEREAS, pursuant to the Community Redevelopment Law (Part 1 of Division <br />24 of the Health and Safety Code of the State of California and referred to herein as the <br />"Law"), the City Council of the City of Santa Ana (the "City") created the former Community <br />Redevelopment Agency of the City of Santa Ana (the "Former RDA"); <br />WHEREAS, the Former RDA was a redevelopment agency, a public body, <br />corporate and politic duly created, established and authorized to transact business and <br />exercise its powers, all under and pursuant to the Law, and the powers of such agency <br />included the power to issue bonds for any of its corporate purposes; <br />WHEREAS, the Former RDA adopted six redevelopment project areas between <br />1973 and 1989, including the Central City Redevelopment Project Area, the Inter -City <br />Commuter Station Redevelopment Project Area, the North Harbor Boulevard <br />Redevelopment Project Area, the South Harbor Boulevard/Fairview Street <br />Redevelopment Project Area, the South Main Street Redevelopment Project Area, and <br />the Bristol Corridor Redevelopment Project Area (the "constituent Redevelopment <br />Projects" or "Redevelopment Projects"), each of which was adopted and approved in <br />accordance with the Law; <br />WHEREAS, to allow tax increment revenues to be shared between <br />Redevelopment Projects and thereby facilitate redevelopment of the Redevelopment <br />Projects, the Redevelopment Projects were merged in 2004 in compliance with all <br />requirements of the Law, creating the Merged Project Area; <br />WHEREAS, the Merged Plan contemplated that the Former RDA would issue its <br />bonds to finance and/or refinance a portion of the cost of such redevelopment; <br />WHEREAS, California Assembly Bill No. 26 (First Extraordinary Session) ("ABX1 <br />26") adopted on June 28, 2011, dissolved all redevelopment agencies and community <br />development agencies in existence in the State of California, as of February 1, 2012, and <br />designated "successor agencies" and "oversight boards" to satisfy "enforceable <br />Resolution No. 2018-001 <br />Page 1 of 10 <br />
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