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LR 5/7/24 <br />RESOLUTION NO. 2024-014 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE CREATION OF THE CITY <br />OF SANTA ANA PUBLIC FINANCING AUTHORITY AND <br />CERTAIN OTHER MATTERS PERTAINING THERETO <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. WHEREAS, the City Council (the "City Council') of the City of Santa Ana (the <br />"City") has determined that it is in the best interests of the City to approve a joint <br />powers authority which shall be created by the City and the Housing Authority of <br />the City of Santa Ana (the "Housing Authority") for the purpose of assisting the <br />members of such joint powers authority with the financing of public capital <br />improvements for the benefit of the community; and <br />WHEREAS, it has been proposed that the City and the Housing Authority form a <br />joint powers authority to be designated as the "City of Santa Ana Public Financing <br />Authority" (the "Financing Authority"), pursuant to a Joint Exercise of Powers <br />Agreement (the "Joint Powers Agreement"), by and between the City and the <br />Housing Authority, dated May 7, 2024, a copy of which has been presented to the <br />City Council, pursuant to the Joint Powers Law (Articles 1 through 4 of Chapter 5, <br />division 7, Title 1 of the California Government Code); and <br />C. WHEREAS, the City Council, with the aid of its staff, has reviewed the Joint Powers <br />Agreement and the City Council wishes to approve the Joint Powers Agreement, <br />the creation of the Financing Authority and matters related thereto. <br />Section 2. Creation of Authority. The City hereby approves the creation of the <br />Financing Authority, the membership of the City therein and the Joint Powers Agreement. <br />The Mayor and the City Clerk are and each of them is hereby authorized and directed to <br />execute and delivery the Joint Powers Agreement for and on behalf of the City with any <br />such changes as the City Manager may deem appropriate. <br />Section 3. Effective Date. This Resolution shall take effect immediately upon its <br />adoption by the City Council, and the City Clerk shall attest to and certify the vote adopting <br />this Resolution. <br />ADOPTED this 7'h day of May, 2024. <br />Resolution No. 2024-014 <br />Page 1 of 2 <br />