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75B - BOND-CRAMER-DECKER
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12/20/2004
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75B - BOND-CRAMER-DECKER
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Last modified
1/3/2012 4:59:57 PM
Creation date
12/14/2004 5:10:47 PM
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City Clerk
Doc Type
Agenda Packet
Item #
75B
Date
12/20/2004
Destruction Year
2009
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<br />P. Pursuant to Section 147(f) of the Code, prior to their execution and <br />delivery, private activity bonds are required to be approved by the "applicable <br />elected representative" of the governmental units on whose behalf such <br />obligations are expected to be issued and by a governmental unit having <br />jurisdiction over the entire area in which any facility financed by such obligations <br />is to be located, after a public hearing held following reasonable public notice. <br /> <br />a. There has been published, at least 14 days prior to the date <br />thereof, in a newspaper of general circulation within the City, a notice that a <br />public hearing regarding the Loan would be held on December 20, 2004. <br /> <br />R. Such public hearing was conducted on said date by the City, at <br />which time an opportunity was provided to interested parties to present <br />arguments both for and against the execution and delivery of the Loan. <br /> <br />S. The Board of Directors of the Santa Ana Empowerment <br />Corporation, at its regular meeting of September 22, 2004, unanimously <br />recommended approval of this action by the City of Santa Ana and the Industrial <br />Development Authority of the City of Santa Ana. <br /> <br />Section 2. The Council hereby finds and determines that the Project will <br />provide significant public benefits to residents of the Santa Ana Empowerment <br />Zone. <br /> <br />Section 3. The City Council of the City hereby approves the Project and <br />approves the Authority entering into the Loan in an amount not to exceed <br />$3,800,000 pursuant to a loan agreement (the "Loan Agreement") by and among <br />the Authority, the Applicant and GE Capital Public Finance, Inc. to finance on a <br />tax-exempt basis the costs of the Project, which Loan and interest thereon shall <br />be paid from revenues received by the Authority from the Applicant pursuant to <br />the Loan. This resolution shall constitute both "host" and "issuer" approval of the <br />Loan within the meaning of Section 147(f) of the Code and approval of the Loan <br />for purposes of Section 91530(f) of the Act. <br /> <br />Section 4. The Authority is hereby designated as an issuer in an <br />amount of the Empowerment Zone Ceiling equal to $3,800,000 for the benefit of <br />the Applicant (the "Allocation"). Such Allocation may only be used by the <br />Authority for the Project, as specifically described herein and represented in the <br />Application. <br /> <br />Section 5. All actions heretofore taken by the officers, employees and <br />agents of the City with respect to the approval of the Loan are hereby approved <br />and ratified, and the officers and employees of the City and their authorized <br />deputies and agents are hereby authorized and directed, jointly and severally, to <br />do any and all things to execute and deliver any and all certificates and <br />documents which they, bond counsel and/or counsel to the Authority and the City <br />
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