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REQUEST FOR <br />SANTA ANA <br />FINANCING AUTHORITY ACTION <br />SEEMMMERNMENIM <br />CITY COUNCIL MEETING DATE: <br />AUGUST 5, 2014 <br />TITLE: <br />RESOLUTION AUTHORIZING A <br />SUPPLEMENTAL INDENTURE RELATING <br />TO POLICE ADMINISTRATION AND <br />HOLDING FACILITY REVENUE BONDS <br />SERIES 1994A <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on I6t Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />P CONTINUED TO <br />FILE NUMBER I_ <br />CITY MAMA 4 -206 4 - © a a <br />RECOMMENDED ACTION <br />Adopt a resolution authorizing a supplemental indenture relating to the Police Administration and <br />Holding Facility Lease Revenue Bonds 1994A. <br />On June 3, 2014, the City Council unanimously approved resolutions executing agreements and <br />financing documents related to the defeasance of a portion of the Police Administration and <br />Holding Facility Lease Revenue Bonds, Series 1994A, the defeasance and refunding of the <br />outstanding City of Santa Ana Certificates of Participation (1998 City Hall Expansion Project), and <br />a decrease in the lease rates for the City Hall parking structure. The issuance was provided under <br />a private placement strategy and will generate annual savings in the amount of $280,000 for the <br />first ten years. <br />However, during the issuance it was discovered that since the structure required that only 50% of <br />1994 Bonds be defeased, the denomination at which the bonds are sold ($5,000) did not hold for <br />bonds maturing on July 1, 2016 and on July 1, 2018. As such, the approved indenture needs to be <br />amended so that authorized denominations for bonds maturing on the aforementioned dates <br />include the $5,000 and any integral multiple of $2,500, <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's effort to meet Goal #4 City Financial Stability, Objective <br />#2 (provide a reliable five-year financial forecast that ensures financial stability in accordance with <br />the strategic plan), Strategy D (conduct an assessment of the City's debt and refinancing options <br />to achieve savings). <br />4-1 <br />