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2004-007
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Last modified
1/3/2012 12:28:39 PM
Creation date
1/28/2004 1:56:23 PM
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City Clerk
Doc Type
Resolution
Doc #
2004-007
Date
1/20/2004
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issuance by the Authority of Santa Ana Financing Authority Police <br />Administration and Holding Facility Lease Revenue Bonds, Series 1994A <br />(the "Series 1994 Bonds") payable from the base rental payments (the <br />"Base Rental") to be made by the City under the Original Lease; <br /> <br />All rights to receive such Base Rental were assigned without recourse by <br />the Authority to Meridian Trust Company of California, as predecessor <br />trustee to BNY Western Trust Company (the "Trustee"), pursuant to an <br />Assignment Agreement, dated as of March 1, 1994 (the "Original <br />Assignment Agreement"); <br /> <br />In consideration of such assignment and the execution of the Indenture, <br />dated as of March 1, 1994 (the "Original Indenture"), by and between the <br />Trustee and the Authority, the Authority issued the Series 1994 Bonds <br />(capitalized undefined terms used in these recitals shall have the <br />meanings ascribed thereto in the Original Indenture); <br /> <br />All of the real property leased and subleased, as applicable, under the <br />Ground Lease and the Original Lease, except the Site and the <br />improvements thereon, were subsequently released therefrom pursuant to <br />Section 2.06 of the Original Lease; <br /> <br />The Original Indenture provides that, subject to the conditions set forth <br />therein, in addition to the Series 1994 Bonds, the Authority and the <br />Trustee may by execution of a Supplemental Indenture, without the <br />consent of the Owners, provide for the issuance of Additional Bonds, <br />payable from additional Base Rental; <br /> <br />The Original Lease provides that, the Original Lease and the rights and <br />obligations of the Authority and the City thereunder may be amended or <br />supplemented at any time by an amendment thereof or supplement <br />thereto which shall become binding upon execution by the Authority and <br />the City, without the written consents of any Owners, in order to provide <br />for the issuance of Additional Bonds in accordance with the provisions of <br />the Indenture; <br /> <br />In order to achieve certain savings, the City desires to refinance a portion <br />of the Project by exercising its option to prepay a portion of the Base <br />Rental to be made by the City pursuant to the Original Lease allocable to <br />a portion of the Series 1994 Bonds; <br /> <br />In order to accomplish such refinancing, the Authority and the City desire <br />to enter into a First Amendment to Lease (the "First Lease Amendment") <br />in order to amend the Original Lease so as to provide for additional Base <br />Rental payable thereunder and to make certain other modifications in <br />order to provide for the issuance of Additional Bonds in accordance with <br /> <br />Resolution No. 2004-007 <br />Page 2 of 7 <br /> <br /> <br />
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