Item 26 - Council Consideration of Resolution to Establish Public Financing Authority

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Council Consideration of Resolution to Establish Public Financing Authority May 7, 2024 Page 2 4 2 4 1 agencies (Government Code Section 6502). The parties to the JEPA may create a separate legal entity (i.e. joint powers authority) under the JEPA to administer the agreement. Additionally, joint powers authorities have the power of issuing bonds secured by local revenues, such as the City’s water system revenues. This is a commonly utilized financing mechanism for cities throughout the State of California. Discussion In consultation with BB&K, if the City desires to utilize water system revenue financings in the future, then the Financing Authority will be a necessary component of such financings. The governing body of the Financing Authority will be the Mayor and members of the City Council. Any regular meeting of the Financing Authority’s Board of Directors shall be held at the same time and same location as regular meetings of the City Council and noticed in the same manner. The Board of Directors of the Financing Authority will conduct a regular meeting at least once each calendar year on the first Tuesday of December. The Financing Authority Board meetings will have separate agendas from the City Council meetings and will comply with Brown Act requirements. For City Council consideration: •Resolution No. 2024-XXX Resolution of the City Council of the City of Santa Ana Authorizing the Creation of the City of Santa Ana Public Financing Authority and Certain Other Matters Pertaining Thereto For Housing Authority Board consideration: •Resolution No. 2024-XXX Resolution of the Board of Directors of the City of Santa Ana Housing Authority Authorizing the Creation of the City of Santa Ana Public Financing Authority and Certain Other Matters Pertaining Thereto If the City Council and Housing Authority Board adopt the aforementioned resolutions, then staff recommends the newly established Financing Authority Board consider: •Resolution No. 2024-XXX Resolution of the Board of Directors of the City of Santa Ana Public Financing Authority Approving and Adopting Bylaws, Establishing Regular Meeting Dates and Authorizing Certain Other Actions in Connection Therewith The City Council will be asked to consider issuing water revenue refunding bonds to finance the City’s water system capital improvements at a future meeting. Until then, the City may make expenditures related to design and construction costs. The City may desire to use a portion of the proceeds of the bonds to reimburse the City for prior