2021-045 - Approving the Form of a Preliminary Official Statement

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