93-004 - Laserfiche WebLink

Home Browse Search

Pa(Jo 3 Council has examined and approved each document and desires to authorize and direct the execution of such documents and the consummation of such financing; and WHEREAS, all acts, conditions and things required by the Constitution and laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of such financing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such financing for the purpose, in the manner and upon the terms herein provided; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana, as follows: Section 1. Ail of the recitals herein contained are true and correct and the Council so finds. Section 2. The Lease, on file with the City Clerk, in substantially the form submitted to this meeting and made a part hereof as though set forth in full herein, be and the same is hereby approved. The Mayor and the city Clerk or any other officers duly designated by the City Council of the City (the "Officers") are hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Lease in substantially said form, with such changes, insertions and omissions therein as such Officers and the city's legal counsel (the "City Attorney") may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the base rental payable in each fiscal year under the Lease shall not exceed the base rental which would have been payable for the corresponding fiscal year under the ]986 Lease, the term of the Lease shall not extend beyond the year 2016, except as permitted therein, and, subject to such requirements, the proceeds of the Certificates shall be sufficient to prepay the 1986 Certificate and to provide the City with at least $1,000,000 in additional funds to finance new public facilities within the City. Section 3. The Escrow Agreement, on file with the City Clerk, in substantially the form submitted to this meeting and made a part hereof as though set forth in full herein, be and the same is hereby approved. The officers are hereby authorized and directed, for and in the name and on behalf of the city, to execute and deliver the Escrow Agreement in substantially said form, with such changes, insertions and omissions therein as such officers and the city Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof.