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RESOLUTION NO. 2018-065 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE OF REVENUE <br />BONDS BY THE CALIFORNIA MUNICIPAL FINANCE <br />AUTHORITY FOR THE PURPOSE OF FINANCING AND <br />REFINANCING THE ACQUISITION, CONSTRUCTION, <br />IMPROVEMENT AND EQUIPPING OF CERTAIN <br />FACILITIES OF A CONTINUING CARE RETIREMENT <br />COMMUNITY OWNED AND OPERATED BY TOWN AND <br />COUNTRY MANOR OF THE CHRISTIAN AND <br />MISSIONARY ALLIANCE LOCATED AT 555 EAST <br />MEMORY LANE, SANTA ANA, AND CERTAIN OTHER <br />MATTERS PERTAINING THERETO <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. Pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the <br />State of California (the "Act'), certain public agencies (the "Members") have <br />entered into a Joint Exercise of Powers Agreement Relating to the California <br />Municipal Finance Authority dated as of January 1, 2004 (the "Agreement') in <br />order to form the California Municipal Finance Authority (the "CMFA"), for the <br />purpose of promoting economic, cultural and community development, and in <br />order to exercise any powers common to the Members, including the issuance <br />of bonds, notes or other evidences of indebtedness. <br />B. The City of Santa Ana, California (the "City") is a Member of the CMFA. <br />C. Town and Country Manor of The Christian and Missionary Alliance, a nonprofit <br />public benefit corporation organized and existing under the laws of the State of <br />California and an organization described in Section 501(c)(3) of the Internal <br />Revenue Code of 1986 (the `Borrower"), has requested that the CMFA issue <br />and sell revenue bonds in an aggregate principal amount not to exceed <br />$45,000,000 (the 'Bonds") for the purpose of making a loan to the Borrower to <br />enable the Borrower to finance and refinance the acquisition, construction, <br />improvement and equipping of certain retirement, nursing, assisted living and <br />parking facilities of the continuing care retirement community owned and <br />operated by the Borrower, located at 555 East Memory Lane, Santa Ana, <br />California 92706 (the "Project'). <br />D. In order for the interest on the Bonds to be tax-exempt, Section 147(f) of the <br />Internal Revenue Code of 1986, as amended (the "Code"), requires that an <br />"applicable elected representative" of the governmental unit, the geographic <br />jurisdiction of which contains the site of facilities to be financed and refinanced <br />Resolution No. 2018-065 <br />Page 1 of 4 <br />