Laserfiche WebLink
Finance and Management Services <br />www.santa-ana.org/finance/ <br />Item # 4 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />May 7, 2024 <br />TOPIC: Board Consideration of Resolution Establishing the City of Santa Ana Public <br />Financing Authority <br />AGENDA TITLE <br />Board Consideration of Resolution Establishing the City of Santa Ana Public Financing <br />Authority <br />RECOMMENDED ACTION <br />Adopt a Resolution of the Board of Directors of the Housing Authority of the City of <br />Santa Ana authorizing the creation of the City of Santa Ana Public Financing Authority <br />and certain other matters pertaining thereto (Agreement No. A-2024-XXX). <br />RESOLUTION NO. 2024-XXX entitled RESOLUTION OF THE HOUSING AUTHORITY <br />OF THE CITY OF SANTA ANA AUTHORIZING THE CREATION OF THE CITY OF <br />SANTA ANA PUBLIC FINANCING AUTHORITY AND CERTAIN OTHER MATTERS <br />PERTAINING THERETO <br />GOVERNMENT CODE §84308 APPLIES: No <br />DISCUSSION <br />Introduction <br />Staff has been working with Urban Futures, Inc. (UFI) municipal advisors and Best Best <br />and Krieger LLP (BB&K) bond counsel to consider alternatives to pay for water system <br />capital improvement projects and refund the existing City of Santa Ana Financing <br />Authority Water Revenue Refunding Bonds, Series 2014. The City may use water <br />system revenues to finance projects through the issuance of water revenue refunding <br />bonds. In order to issue water revenue refunding bonds, staff recommends the City and <br />the Housing Authority of the City of Santa Ana (Housing Authority) form a joint powers <br />authority and enter into a joint exercise of powers agreement. The joint powers authority <br />is proposed to be called the City of Santa Ana Public Financing Authority (Financing <br />Authority) and the Financing Authority will issue the water revenue refunding bonds. <br />Background <br />The Joint Exercise of Powers Act, Government Code section 6500 et seq. (Act), permits <br />public agencies to enter into a joint exercise of powers agreement (JEPA) to form a