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EJC.' -i 085 02/07/86 RESOLUTION NO. 86-~6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORI~INC AND DIRECTING PURCHASE OF ANNUITIES FROM SANTA ANA FINANCING CORPORATION, AUTHORIZING AND DIRECTING EXECUTION OF INSTALLMENT SALE AGREEMENT AND TRUST AGREEMENT, AND AUTHORIZING INSTITUTION OF JUDICIAL VALIDATION PROCEEDINGS WHEREAS, the City of Santa Ana (the "City") and the Public Employees' Retirement System ("PERS") have heretofore entered into a contract dated as of November 25, 1946, as amended, (the "PERS Contract") pursuant to which PERS provides retire- ment benefits for certain retired former employees of the City in consideration of periodic payments required to be made by the City to PERS; and WHEREAS, the City has determined that it is in the interests of the City to acquire certain annuities (the "Annuities") from Santa Ana Financing CorpDration (the "Co~poration") with respect to certain beneficiaries under the PERS Contract, for the purpose of providing financial assistance to the City to meet its obligations under the PERS Contract; and WHEREAS, the City proposes to acquire the Annuities pursuant to an Installment Sale Agreement dated as Of-April 1, 1986, (the "Installment Sale Agreement") by and between the City and the Corporation; and WHEREAS, the Corporation will cause funds to be provided for the acquisition of the Annuities from the proceeds of sale of Certificates of Participation in the aggregate principle amount of not to exceed $50,000,000 pursuant to a Trust Agreement dated as of April 1, 1986, (the "Trust Agreement") by and among the City, the Corporation and a trustee bank; and WHEREAS, the City Council approves all of said transactions in furtherance of the public purposes of City. the NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana as follows: