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5 '5 <br /> <br />RESOLUTION NO. 96-033 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA PROVIDING FOR THE FINANCING OF THE <br />CITY OF SANTA ARA RECYCLING PROJECT AND APPROVING <br />THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS <br />IN CONNECTION THEREWITH <br /> <br /> WHEREAS, this City Council (the "City Council") of the city of <br />Santa Aha (the "City") proposes that the city finance various <br />recycling components of its solid waste disposal facilities (the <br />"Project") described in Exhibit A to the within mentioned <br />Installment Purchase Contract; and <br /> <br /> W~ER~AS, in connection with the financing of such Project, the <br />city Council has determined that is in the best interest of the <br />city to cause to be delivered certificates of participation (the <br />"Certificates") by the California Environmental Finance Corporation <br />(the "Corporation"); <br /> <br /> W~{EREAS, the city has detel-mined that dedication of its <br />revenues, and in particular its solid waste collection revenues, <br />toward the payment of long-term financing, will benefit the <br />taxpayers and ratepayers of the City and that such dedication of <br />reliable revenue sources and the related higher credit ratings are <br />of considerable importance to investors purchasing long-term <br />financing obligations of the City; <br /> <br /> NOW, THEREFORE, the City Council of the City hereby finds, <br />determines, declares and resolves as follows: <br /> <br /> SECTION 1. The City Council of the city hereby confirms and <br />ratifies that ex~enditures for component~ of the Projects made <br />prior to the date hereof or the issuance of Certificates have and <br />will be made, as the case may be, with the intention that the City <br />be reimbursed for such expenditures with proceeds of a tax-exempt <br />financing. <br /> <br /> SECTION 2. The Installment Purchase Contract for the Project <br />to be prepared with the assistance of city staff and the City <br />Attorney, is hereby approved. The Mayor (or the authorized <br />representative of the Mayor), the City Manager and the Clerk of the <br />Council are hereby authorized and directed to execute and de!iver <br />the Installment Purchase Contract with such changes, insertions and <br />omissions as may be approved by the officer executing the same and <br />the City Attorney, said execution being conclusive evidence of such <br />approval. <br /> <br /> <br />