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RESOLUTION NO. 92- 007 A RESOLUTION OF THIS CITY COUNCIL OF THE CITY OF SANTA ARA PROVIDING THAT PAYMENTS MADE BY THE CITY IN COHNECTION WITH THE PROPOSED POLICE ADMINISTRATION BUILDING AND HOLDING FACILITY ~APXTAL IMPROVEMENT PROJECT ARE TO BE MADE IN ANTICIPATION OF REIMBURSEMENT FROM THE PROCEEDS OF A PLANNED LEASE FXNAHCXR(3 WXTH CERTXFXCATES OF PARTXCXPATXON OR OTHER FINANCING MECHANISM TO BE ACCOMPLXEHED BY THE CITY AND AUTHORXZXNfl AHD DIRECTXRO CERTAIN ACTIONS WITH RESPECT THERETO WHEREAS, the City is proposing to proceed with a lease financing with certificates of participation or other financing mechanism (the 'Certificates'); and WHEREAS, in connection therewith, the city proposes to finance the construction of certain capital improvements, generally described in Exhibit attached hereto and by this reference incorporated herein (the 'Project") and wishes to assure that amounts expended for the Project may be reimbursed from the proceeds of the Certificates; and WHEBEAS, it is in the public interest, for public benefit and in furtherance of the public purposes of the City that the City Council provide preliminary approval of the lease financing for the aforesaid purposes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA as follows: Section 1: The City hereby declares it intent to proceed with a lease financing with certificates of participation in a principal amount not to exceed $60,000,000 for the purpose of providing financing for the Project. Section 2: The City hereby declares its intent to use proceeds of the Certificates to pay for costs of the Project which are incurred after the date of delivery of the Certificates as well as to reimburse the city or others for amounts paid or incurred for the Project or the Certificates prior to delivery of the Certificates. Section 3: The City hereby determines that it will take all action necessary or advisable in connection with such lease financing and the execution and delivery of the Certificates. Section 4: The lease payments to be made by the City shall be general fund obligations and shall not constitute an indebtedness of the City or a loan of credit thereof within the meaning of any constitutional or statutory provisions. Section 5: The lease financing and the execution and delivery of the Certificates shall be upon such terms and condi- tions as may be subsequently determined by the City and shall be subject to completion of proceedings for execution, sale and delivery of the Certificates. Section 6: The proceeds of the Certificates shall include such related and necessary delivery costs, administrative expenses, debt service reserves and interest payments as may be required to accomplish the financing successfully. Section 7: The City Council hereby finds that the adoption of this resolution is a substantial inducement to the City and others to expend amounts