94-009 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 94- 009 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING AND DIRECTING THE DEFEASANCE OF ITS OUTSTANDING CITY OF SANTA ANA WATER REVENUE BONDS, SERIES B AND CITY OF SANTA ANA WATER REVENUE BONDS, SERIES C; AND DELEGATING TO OFFICERS OF THE CITY THE AUTHORIZATION TO TAKE NECESSARY ACTIONS. WHEREAS, the City of Santa Ana (the "City") has heretofore issued its City of Santa Ana Water Revenue Bonds, Series B and city of Santa Ana Water Revenue Bonds, Series C (collectively, the "Prior Bonds") pursuant to Resolution No. 63-178, duly adopted by the City Council of the City on November 18, 1963 and Resolution No. 74-75, duly adopted by the City Council of the City on May 6, 1974, respectively; and WHEREAS, the City has determined, and does hereby declare that it is necessary and desirable to defease the outstanding Prior Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: SECTION 1: The Mayor, City Manager or any other proper officer of the City, acting singly, is hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and to execute and deliver, and the Clerk of the Council is hereby authorized to attest, seal and deliver any such documents, including a refunding escrow agreement, as may be required or advisable in order to affect the defeasance of the outstanding Prior Bonds as contemplated by this Resolution, and any such action previously taken by the aforementioned officers are hereby ratified, confirmed and approved in all respects. Amounts which may be used to accomplish such defeasance include but are not limited to any amounts held in any fund or account by the trustee or paying agent or the City for the Prior Bonds, and amounts made available through a temporary borrowing from other funds of the city.