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RESOLUTION 72-98 <br /> <br />A I~ESOLUTION OF THE CITY COUNCIL OF SANTA ANA <br />REQUESTING THE CIVIC CENTER AUTHORITY TO <br />AUTHORIZE A PROGRAM OF REFINANCING BONDS SOLD <br />FOR THE CONSTRUCTION OF THE CITY HALL PROJECT <br /> <br /> WHEREAS, the Orange County Civic Center Authority was created <br />as a public agency under the laws of the State of California on <br />January 17, 1966; and through a Joint Exercise of Powers Agreement <br />between the County of Orange and the City of Santa Ana; <br /> <br /> WHEREAS, the Civic Center Authority was formed to help finance <br />construction of a County and City Civic Center located in Santa Ana; <br />and <br /> <br /> WHEREAS: the Civic Center Authority authorized the sale of <br />$5,470,000 of revenue bonds in 1970 for the construction of a City <br />Hall, City Council Chambers, and addition to the Police facility; and <br /> <br /> WHEREAS: the City, as agent for the Civic Center Authority, <br />will construct the City Hall project and the Joint Powers Agreement <br />provides that, a) the cost will be paid from revenue bonds issued <br />by the Authority, b) the City will upon its completion, lease the <br />facility from the Authority under terms provided in the City Hall <br />lease, and c) upon termination of the agreement or the retirement of <br />all revenue bonds of the Authority, the City Hall facility and land <br />provided by the City will automatically vest in the City; and <br /> <br /> WHEREAS: a number of factors have converged to put downward <br />pressure on interest rates over the past two months, which factors <br />are not likely to be repeated and in fact may reverse; and <br /> <br /> W~EREAS: Stone & Youngberg, Financing Consultants for the <br />bonds, pursuant to a request from a member of the Orange County <br />Board of Supervisors, indicates that through a method of arbitrage <br />there can be a substantial net interest savings after refinancing <br />fees, bond council fees, financial consultants fees and fees to the <br />trustee for the refinanced bonds; <br /> <br /> NOW THEREFORE, BE IT RESOLVED: that the City Council of the City <br />of Santa Ana requests that the Orange County Civic Center Authority <br />authorize Stone & Youngberg to proceed with a program of refinancing <br />the bond issue in an amount equivalent to $3,410,000 plus premium. <br /> <br /> PASS AND ADOPTED by the City Council of the City of Santa Ana <br />at its regular meeting held on the 5th day of September, 1972. <br /> <br />ATTEST: <br /> <br />MAYOR <br /> <br />CLERK OF THE COUNCIL <br /> <br />STATE OF CALIFOP~NIA) <br />COUNTY OF ORANGE ) <br />CITY OF SANTA ANA ) <br /> <br />ss <br /> <br />-1- <br /> <br /> <br />