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RESOLUTION NO. 2021-045 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA, CALIFORNIA APPROVING THE FORM OF A <br />PRELIMINARY OFFICIAL STATEMENT AND A <br />CONTINUING DISCLOSURE CERTIFICATE IN <br />CONNECTION WITH THE ISSUANCE OF BONDS TO <br />REFUND CERTAIN PENSION OBLIGATIONS OF THE CITY <br />AND APPROVING ADDITIONAL ACTIONS RELATED <br />THERETO <br />WHEREAS, the City of Santa Ana (the "City") has previously adopted a retirement <br />plan pursuant to the Public Employees' Retirement Law, commencing with section 20000 <br />of the Government Code of the State of California, as amended (the "Retirement Law"), <br />and elected to become a contracting member of the California Public Employees' <br />Retirement System ("PERS"); <br />WHEREAS, the Retirement Law and the contract (the "PERS Contract") effective <br />July 1, 1948, between the Board of Administration of PERS and the City Council of the <br />City (the "City Council") obligate the City: (i) to make contributions to PERS to fund <br />pension benefits for certain City employees; (ii) to amortize the unfunded accrued <br />actuarial liability with respect to such pension benefits; and (iii) to appropriate funds for <br />the foregoing purposes; <br />WHEREAS, pursuant to a resolution adopted by the City Council on March 16, <br />2021 (the "Prior Resolution"), the City previously authorized the issuance of its City of <br />Santa Ana 2021 Taxable Pension Obligation Bonds, Series A (the "Bonds") pursuant to <br />the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the <br />California Government Code, commencing with section 53570 of said Code (the "Bond <br />Law"), in a maximum principal amount not to exceed that required for the purposes of <br />refunding all or a portion of the City's current obligation to PERS for fiscal year 2021-22, <br />pursuant to the PERS Contract, to pay all or a portion of the unfunded accrued actuarial <br />liability of the City (the "Unfunded Liability") with respect to pension benefits under the <br />Retirement Law and the PERS Contract and to pay the costs of issuance of such Bonds, <br />including the underwriter's discount and any original issue discount on such Bonds; <br />WHEREAS, pursuant to the Prior Resolution, the City Council also approved the <br />forms of certain legal documents in connection with the issuance of the Bonds, including <br />a Trust Agreement (the "Trust Agreement") and a Bond. Purchase Agreement; <br />WHEREAS, pursuant to the Prior Resolution, the City Council also authorized the <br />institution of a proceeding for judicial validation of the Bonds and the Trust Agreement in <br />the Superior Court of Orange County, under and pursuant to the provisions of <br />sections 860 et seq. of the California Code of Civil Procedure (the "Validation <br />Proceeding"); <br />Resolution No. 2021-045 <br />Page 1 of 4 <br />