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RESOLUTION NO. 86-71 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA APPROVING~ LEASE- <br />PURCHASE, TRUST AND LOAN AGREEMENTS, <br />PRELIMINARY AND FINAL OFFICIAL STATEMENTS <br />AND CONTRACT OF PURCRASE PERTAINING TO <br />THE SANTA ANA DOWNTOWN PARKING FACILITIES <br />PROJECT, AND AUTHORIZING EXECUTION <br />THEREOF <br /> <br /> Wq{EREAS, the City wishes to acquire and construct the <br />City of Santa Aha Downtown Parking Facilities Project (the <br />"Project") on real property owned by the Community <br />Redevelopment Agency of the City of Santa Ana (the "Agency"); <br />and <br /> <br /> WHEREAS, the Agency has agreed to cause the Project to <br />be acquired and constructed and to lease the Project to the <br />City pursuant to the Lease-Purchase Agreement, dated as of <br />July 1, 1986; and <br /> <br /> WHEREAS, in order to permit the financing of the <br />Project, the City and the Agency will enter into a Trust <br />Agreement, dated as of July 1, 1986, with Pirst Interstate <br />Bank of California, Los Angeles, California, as Trustee, <br />whereby the Trustee will deliver Certificates of <br />Participation in the lease payments paid by the City pursuant <br />to the Lease-Purchase Agreement, which Certificates in turn, <br />will be purchased by Shearson Lehman Bros. Inc. and Grigsby, <br />Brandford and Co., Inc. for reoffering to the public; and <br /> <br /> WHEREAS, the Agency has agreed to reimburse the City <br />from the Agency's property tax increment revenues and other <br />available revenues for the City's payments under the Lease- <br />Purchase Agreement for the acquisition and construction of <br />the Project which are not defrayed by parking revenues, <br />pursuant to the Loan Agreement, dated as of July 1, 1986; and <br /> <br /> WHEREAS, prior to taking action on this resolution, the <br />City Council has considered the proposed Negative Declaration <br />prepared for the Project in accordance with the California <br />Environmental Quality Act, t~ether with any comments <br />received during the process of public review of said Negative <br />Declaration; and <br /> <br /> WHEREAS, the Agency has prepared, and the City Council <br />has reviewed and considered a Summary Report setting forth <br />the cost of the Lease-Purchase Agreement to the Agency, the <br />estimated value of the interests to be conveyed determined at <br /> <br /> <br />