2004-099 - Industrial Development Authority of the City of Santa Ana Entering Into a Loan

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. P. Pursuant to Section 147(f) of the Code, prior to their execution and delivery, private activity bonds are required to be approved by the "applicable elected representative" of the governmental units on whose behalf such obligations are expected to be issued and by a governmental unit having jurisdiction over the entire area in which any facility financed by such obligations is to be located, after a public hearing held following reasonable public notice. Q. There has been published, at least 14 days prior to the date thereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the Loan would be held on December 20, 2004. R. Such public hearing was conducted on said date by the City, at which time an opportunity was provided to interested parties to present arguments both for and against the execution and delivery of the Loan. S. The Board of Directors of the Santa Ana Empowerment Corporation, at its regular meeting of September 22, 2004, unanimously recommended approval of this action by the City of Santa Ana and the Industrial Development Authority of the City of Santa Ana. Section 2. The Council hereby finds and determines that the Project will provide significant public benefits to residents of the Santa Ana Empowerment Zone. . Section 3. The City Council of the City hereby approves the Project and approves the Authority entering into the Loan in an amount not to exceed $3,800,000 pursuant to a loan agreement (the "Loan Agreement") by and among the Authority, the Applicant and GE Capital Public Finance, Inc. to finance on a tax-exempt basis the costs of the Project, which Loan and interest thereon shall be paid from revenues received by the Authority from the Applicant pursuant to the Loan. This resolution shall constitute both "host" and "issuer" approval of the Loan within the meaning of Section 147(f) of the Code and approval of the Loan for purposes of Section 91530(f) of the Act. Section 4. The Authority is hereby designated as an issuer in an amount of the Empowerment Zone Ceiling equal to $3,800,000 for the benefit of the Applicant (the "Allocation"). Such Allocation may only be used by the Authority for the Project, as specifically described herein and represented in the Application. . Section 5. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the Loan are hereby approved and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things to execute and deliver any and all certificates and documents which they, bond counsel and/or counsel to the Authority and the City Resolution No. 2004-099 Page 3 of5