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Board Consideration of Resolution to Establish Public Financing Authority <br />May 7, 2024 <br />Page 2 <br />4 <br />2 <br />4 <br />0 <br />separate governmental entity to jointly exercise powers common to the member <br />agencies (Government Code Section 6502). The parties to the JEPA may create a <br />separate legal entity (i.e. joint powers authority) under the JEPA to administer the <br />agreement. Additionally, joint powers authorities have the power of issuing bonds <br />secured by local revenues, such as the City’s water system revenues. This is a <br />commonly utilized financing mechanism for cities throughout the State of California. <br />Discussion <br />In consultation with BB&K, if the City desires to utilize water system revenue financings <br />in the future, then the Financing Authority will be a necessary component of such <br />financings. <br />The governing body of the Financing Authority will be the Mayor and members of the <br />City Council. Any regular meeting of the Financing Authority’s Board of Directors shall <br />be held at the same time and same location as regular meetings of the City Council and <br />noticed in the same manner. The Board of Directors of the Financing Authority will <br />conduct a regular meeting at least once each calendar year on the first Tuesday of <br />December. The Financing Authority Board meetings will have separate agendas from <br />the City Council meetings and will comply with Brown Act requirements. <br />For City Council consideration: <br />•Resolution No. 2024-XXX Resolution of the City Council of the City of Santa <br />Ana Authorizing the Creation of the City of Santa Ana Public Financing <br />Authority and Certain Other Matters Pertaining Thereto <br />For Housing Authority Board consideration: <br />•Resolution No. 2024-XXX Resolution of the Board of Directors of the Housing <br />Authority of the City of Santa Ana Authorizing the Creation of the City of Santa <br />Ana Public Financing Authority and Certain Other Matters Pertaining Thereto <br />If the City Council and Housing Authority Board adopt the aforementioned resolutions, <br />then staff recommends the newly established Financing Authority Board consider: <br />•Resolution No. 2024-XXX Resolution of the Board of Directors of the City of <br />Santa Ana Public Financing Authority Approving and Adopting Bylaws, <br />Establishing Regular Meeting Dates and Authorizing Certain Other Actions in <br />Connection Therewith <br />The City Council will be asked to consider issuing water revenue refunding bonds to <br />finance the City’s water system capital improvements at a future meeting. Until then, the <br />City may make expenditures related to design and construction costs. The City may <br />desire to use a portion of the proceeds of the bonds to reimburse the City for prior