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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 5, 2019 <br />TITLE: <br />ADOPT A RESOLUTION AUTHORIZING <br />THE ISSUANCE AND SALE OF GAS TAX <br />REVENUE REFUNDING BONDS, SERIES <br />2019; MAKING CERTAIN <br />DETERMINATIONS RELATING THERETO; <br />AND AUTHORIZING CERTAIN OTHER <br />ACTIONS IN CONNECTION THEREWITH <br />{STRATEGIC PLAN NO. 4, 2D} <br />is/ Kristine Ridge <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 111 Reading <br />❑ Ordinance on 211d Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />Wis]►111►111101i[w <br />FILE NUMBER <br />1. Adopt a Resolution authorizing the Issuance of the City of Santa Ana Gas Tax Refunding <br />Bonds, Series 2019 ("the Bonds") in connection with the proposed refunding of the Gas Tax <br />Revenue Certificates of Participation, Series 2007. <br />2. Authorize the execution of and approving a form of the Indenture of Trust, Escrow <br />Agreement, Preliminary Official Statement, Bond Purchase Agreement and Continuing <br />Disclosure Agreement. <br />3. Authorize the transfer of the reserve account of the Series 2007 Certificates of Participation <br />("COPs") in the amount of approximately $4,335,179, or the amount reflected upon closing, <br />to the respective fund and to apply such proceeds to maximize the savings on the refunding. <br />BACKGROUND <br />On December 26, 2007, the City of Santa Ana (the "City") issued the Gas Tax Revenue Certificates <br />of Participation, Series 2007 ("2007 COP") in the amount of $68,010,000 with a final maturity on <br />January 1, 2040. The 2007 COPS financed local roadway projects, including but not limited to: grind <br />and overlay, reconstruction, critical repair of sidewalks, curbs and gutters, and street resurfacing <br />projects within the City. The City completed most of the improvements by 2012. Gas Tax revenues <br />allocated to the City secured the original 2007 COP. <br />The City's ability to pledge gas tax revenues toward the repayment of the 2007 COP was legally <br />validated in Orange County Superior Court on November 16, 2007. On July 25, 2019, the City <br />received correspondence from the Chief Counsel to California State Controller, reauthorizing the <br />pledge of gas tax revenues for the refinancing of the 2007 COPS. On September 3, 2019, the City <br />Council approved consulting agreements for the financing team to move forward with refinancing. <br />55A-1 <br />