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55A - RESO - GAS TAX BONDS
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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TABLE OF CONTENTS <br />INTRODUCTION ........................................... 1 <br />REFUNDING PLAN ....................................... 2 <br />Estimated Sources and Uses of <br />Funds...................................................... 3 <br />DEBT SERVICE SCHEDULE ....................... 3 <br />THE BONDS ................................................... 3 <br />Authority for Issuance ................................. 3 <br />General Provisions ...................................... 3 <br />Redemption................................................. 4 <br />Book -Entry Only System ............................ 5 <br />BOND INSURANCE......................................6 <br />SECURITY FOR THE BONDS ...................... 6 <br />Pledge of Gas Tax Revenues ....................... 6 <br />Gas Tax Fund .............................................. 6 <br />Reserve Account ......................................... 8 <br />Maintenance of Gas Tax Revenues ............. 8 <br />Additional Obligations ................................ 8 <br />GAS TAX REVENUES ..... <br />E <br />General........................................................ 8 <br />Statewide Gas Tax Apportionments............ 9 <br />City of Santa Ana Gas Tax Revenues ....... 11 <br />BOND OWNERS' RISKS ............................ 13 <br />Limited Obligations .................................. <br />14 <br />Passive Revenue Source ............................ <br />14 <br />Economic, Political, Social, and <br />Environmental Conditions ................... <br />14 <br />Initiative to Repeal Gas Tax ...................... <br />14 <br />Limitations on Remedies Available <br />to Bondowners..................................... <br />15 <br />Diversion of Gas Tax Revenues ................ <br />15 <br />Gasoline Sales Subject to Fluctuation....... <br />16 <br />Secondary Market for Bonds .................... <br />16 <br />Federal Tax -Exempt Status of the <br />Bonds................................................... <br />16 <br />IRS Audit of Tax -Exempt Issues .............. <br />16 <br />Bond Insurance .......................................... <br />16 <br />Cybersecurity............................................ <br />17 <br />CONSTITUTIONAL AND <br />STATUTORY LIMITATIONS ON <br />TAXES AND APPROPRIATIONS ......... 17 <br />-i- <br />Article XHIB of the California <br />Constitution — Limitation on <br />Appropriations ...................................... 17 <br />Article XIIIC and XIED of the <br />California Constitution — The <br />Right to Vote on Taxes ........................ 18 <br />Future Initiatives........................................20 <br />TAX MATTERS ............................................ <br />20 <br />CERTAIN LEGAL MATTERS ....................21 <br />FINANCIAL STATEMENTS .......................21 <br />MUNICIPAL ADVISOR...............................21 <br />RATINGS ...................................................... <br />21 <br />LITIGATION ................................................. <br />22 <br />CONTINUING DISCLOSURE .....................22 <br />UNDERWRITING ........................................ <br />22 <br />EXECUTION ................................................. <br />23 <br />" U• lulu :: • : I►I <br />PROVISIONS OF THE <br />INDENTURE........................................A-1 <br />APPENDIX B — COMPREHENSIVE <br />ANNUAL FINANCIAL REPORT <br />FOR THE FISCAL YEAR ENDED <br />JUNE 30, 2018...................................... <br />B-1 <br />APPENDIX C — FORM OF CONTINUING <br />DISCLOSURE AGREEMENT ............. <br />C-1 <br />APPENDIX D — FORM OF BOND <br />COUNSEL OPINION ...........................D-1 <br />APPENDIX E — DTC AND THE BOOK - <br />ENTRY ONLY SYSTEM ..................... <br />E-1 <br />APPENDIX F — SPECIMEN MUNICIPAL <br />BOND INSURANCE POLICY..............F-1 <br />APPENDIX G — GENERAL <br />INFORMATION REGARDING THE <br />CITY OF SANTA ANA AND THE <br />REGION ................................................ <br />G-1 <br />55A-86 <br />
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