2000-006 - Santa Ana Empowerment Zone Ceiling for Private Activity Bonds

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2O G The City Council in evaluating the Project has relied upon the written facts and information represented in the Application by the Applicant, the Request For Council Action, and any public comments made before the City Council. H. It appears appropriate for the City Council to designate the Issuer as an issuer of a portion of the City's Empowerment Zone Ceiling in order to benefit the Project as described in the Application. I. The Board of Directors of the Santa Ana Empowerment Corporation, at its regular meeting of January 26, 1999, did unanimously recommend to the City Council that it approve the Application. Section 2. This City Council hereby expresses its full support for the Project to be undertaken by the Borrower. The City Council finds and determines that the Project is vital to the City's business community and will provide significant public benefits to residents of the Santa Ana Empowerment Zone. Section 3. The Issuer is hereby designated as an issuer of Bonds in an amount of the City's Empowerment Zone Ceiling equal to Five Million Dollars ($5,000,000.00) for the benefit of Borrower (the "Allocation"). Such Allocation may only be used by the Issuer for the issuance of the Bonds for the Project, as specifically described above and represented in the Application. Any modification of the Project may require reconsideration by the City Council before the Allocation may be used for the Project. The Issuer is not authorized to transfer the Allocation set forth herein to any other governmental unit in the State except the City. Section 4. Unless the City has extended the date by which the Allocation must be used by the Issuer, the Allocation designated to the Issuer herein shall automatically revert to the City unless the Issuer has issued Bonds for the Project by the close of business on June 30, 2000. Section 5. The Issuer shall notify the City Council in writing within fifteen (15) days of the bond closing that the financing is complete and reporting the exact amount of Bonds issued. Any difference between the amount of Bonds issued and the amount of the Allocation designated in Section 2 shall automatically revert to the City. If at any time prior to June 30, 2000, the Issuer determines that all or part of the Allocation designated to the Issuer in Section 3 will not be used to issue the Bonds by that date, the Issuer shall take prompt action by resolution of its governing board and return such unneeded Allocation to the City. Section 6. The City Clerk is authorized and directed to transmit a copy of this Resolution to the Issuer together with a request that the Issuer retain a copy of this Resolution in the Issuer's official records. Resolution No. 2000-006 Page 2 of 3