SA-3 - RESO - REFUNDING BONDS - Laserfiche WebLink

Home Browse Search

OFFICIAL STATEMENT SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA TAX ALLOCATION REFUNDING BONDS Series 2018A (Tax -Exempt) Series 2018B (Federally Taxable) This Official Statement, which includes the cover page, inside cover pages and appendices (the "Official Statement"), is provided to furnish certain information concerning the sale of the Successor Agency to the former Community Redevelopment Agency of the City of Santa Ana Tax Allocation Refunding Bonds, Series 2018A (Tax -Exempt) ("Series 2018A Bonds") and Tax Allocation Refunding Bonds, Series 2018B Bonds (Federally Taxable) ("Series 2018B Bonds," and together with the Series 2018A Bonds, the "Bonds"). INTRODUCTION This Introduction contains only a brief description of this issue and does not purport to be complete. This Introduction is subject in all respects to more complete information in the entire Official Statement and the offering of the Bonds to potential investors is made only by means of the entire Official Statement and the documents summarized in the Official Statement. Potential investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision (see "RISK FACTORS'). For definitions of certain capitalized terms used in the Official Statement and not otherwise defined, and the terms relating to the Bonds, see the summary included in APPENDIX A - "SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE. " The Successor Agency and the Former Agency The former Community Redevelopment Agency of the City of Santa Ana (the "Former Agency") was established on June 2, 1973 by the City Council (the "City Council") of the City of Santa Ana (the "City") pursuant to the Community Redevelopment Law (the "Redevelopment Law"), constituting Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California (the "State"). On June 28, 2011, Assembly Bill No. 26 ("AB Xl 26") was enacted as Chapter 5, Statutes of 2011, together with a companion bill, Assembly Bill No. 27 ("AB Xl 27"), A lawsuit was brought in the California Supreme Court, California Redevelopment Association, et al. v. Matosantos, et al., 53 Cal. 4th 231 (Cal. 2011), challenging the constitutionality of AB X1 26 and AB XI 27. In its December 29, 2011 decision, the California Supreme Court largely upheld AB Xl 26, invalidated AB Xl 27, and held that AB Xl 26 may be severed from AB Xl 27 and enforced independently. As a result of AB Xl 26 and the decision of the California Supreme Court in the California Redevelopment Association case, as of February 1, 2012, all redevelopment agencies in the State were dissolved, including the Former Agency, and successor agencies were designated as successor entities to the former redevelopment agencies to expeditiously wind down the affairs of the ,former redevelopment agencies. The primary provisions enacted by AB Xl 26 relating to the dissolution and wind down of former redevelopment agency affairs are Parts 1.8 (commencing with Section 34161) and 1.85 (commencing with Section 34170) of Division 24 of the Health and Safety Code of the State, as amended on June 27, 2012 by Assembly Bill No. 1484 ("AB 1484"), enacted as Chapter 26, Statutes of 2012, and as further amended on September 22, 2015 by Senate Bill No. 107 ("SB 107") enacted as Chapter 325, Statutes of 2015. The provisions of Part 1.85 as amended by AB 1484 and SB 107 are referred to in this Official Statement as the " Preliminary, subject to change. SA -3-15