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RESOLUTION NO. 87-88 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING A SITE LEASE BY AND BETWEEN THE CITY OF SANTA ANA AND THE ORANGE COUNTY PUBLIC FACILITIES CORPORATION AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the Orange County Public Facilities Corporation (the "Corporation") is a nonprofit public benefit corporation orga- nized and existing under the laws of the State of California with the authority to assist the County of Orange (the "County") in the financing of public facilities; and WHEREAS, the County has proposed that the Corporation assist the County in the financing of the acquisition, construction and installation of facilities for the off-street parking of motor vehicles (the "Projects") to be located at or near the location of the real property designated as "Site 1" and "Site 2" on Exhibit A attached hereto (the "Exhibit A Property"); and WHEREAS, pursuant to the Civic Center Lease by and between the city of Santa Aha (the "City") and the Orange County civic Center Authority (the "CCA"), dated as of May 10, 1966, the CCA presently leases a portion of the Exhibit A Property to the City; and WHEREAS, it has been proposed that. the City lease said por- tion of the Exhibit A Property (the "City Property") to the Corporation pursuant to a Site Lease, dated as of December 1, 1987, by and between the City and the Corporation (the "City Site Lease"), which will grant to the Corporation the right to the use and occu- pancy of the City Property for a term not to exceed 55 years, the form of which City Site Lease has been provided to this city Council; and WHEREAS, pursuant to the City Site Lease, the Corporation shall use the City Property solely for the purpose of acquiring, con- structing and installing thereon the Projects; and WHEREAS, it has been proposed that the County lease the Projects from the Corporation pursuant to a Parking Facilities Lease Agreement, dated as of December 1, 1987, by and between the County and the Corporation (the "Facilities Lease"), pursuant to which the County will agree to lease the Projects, for a term not to exceed 55 years, from the Corporation and to pay certain lease payments (the "Lease Payments") in connection therewith; and the Interest Components of Lease Payments to be established by the Facilities Lease will be based on interest rates not to exceed 12% per annum; and