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<br />(JWF, 1/26/05) <br /> <br />RESOLUTION NO. 2005-010 <br />A RESOLUTION APPROVING THE FORM OF AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />PURCHASE AND SALE AGREEMENT AND RELATED <br />DOCUMENTS WITH RESPECT TO THE SALE OF THE <br />SELLER'S VEHICLE LICENSE FEE RECEIVABLE FROM <br />THE STATE; AND DIRECTING AND AUTHORIZING <br />CERTAIN OTHER ACTIONS IN CONNECTION <br />THEREWITH. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br /> <br />A. <br /> <br />E. <br /> <br />B. <br /> <br />Certain public agencies within the State of California (the "State") are <br />entitled to receive certain payments payable by the State to each such <br />local agency on or before August 15, 2006, in connection with vehicle <br />license fees pursuant to Section 10754.11 of the California Revenue and <br />Taxation Code ("VLF Gap Repayments"); <br /> <br />The City of Santa Ana (the "Seller") is entitled to and has determined to <br />sell all right, title and interest of the Seller in and to the "VLF Receivable", <br />as defined in Section 6585(i) of the California Government Code (the "VLF <br />Receivable"), namely, the right to payment of moneys due or to become <br />due to the Seller out of funds payable in connection with vehicle license <br />fees to a local agency pursuant to Section 1 0754.11 of the California <br />Revenue and Taxation Code; <br /> <br />C. <br /> <br />The California Statewide Communities Development Authority, a joint <br />exercise of powers authority organized and existing under the laws of the <br />State (the "Authority"), has been authorized pursuant to Section 6588(w) <br />of the California Government Code to purchase the VLF Receivable; <br /> <br />D. <br /> <br />The Authority desires to purchase the VLF Receivable and the Seller <br />desires to sell the 'VLF Receivable pursuant to a purchase and sale <br />agreement by and between the Seller and the Authority in the form <br />presented to this City Council (the "Sale Agreement") for the purposes set <br />forth herein; <br /> <br />In order to finance the purchase price of the VLF Receivable from the <br />Seller and the purchase price of other VLF Receivables from other local <br /> <br />Resolution No. 2005-010 <br />Page 1 of 5 <br />