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2005-010
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Last modified
1/3/2012 12:27:49 PM
Creation date
2/15/2005 11:00:16 AM
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City Clerk
Doc Type
Resolution
Doc #
2005-010
Date
2/7/2005
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<br />F. <br /> <br />agencies, the Authority will issue its taxable and tax-exempt notes (the <br />"Notes") pursuant to Section 6590 of the California Government Code and <br />an Indenture (the "Indenture"), by and between the Authority and Wells <br />Fargo Bank, National Association, as trustee (the "Trustee"), which Notes <br />will be payable solely from the proceeds of the VLF Receivable and such <br />other VLF Receivables; <br /> <br />The Seller acknowledges that the Authority will grant a security interest in <br />the VLF Receivable to the Trustee and any credit enhancer to secure <br />payment of the Notes; and <br /> <br />H. <br /> <br />A portion of the proceeds of the Notes will be used by the Authority to, <br />among other things, pay the purchase price of the VLF Receivable; <br /> <br />The Seller will use the proceeds received from the sale of the VLF <br />Receivable for any lawful purpose as permitted under the applicable laws <br />of the State; <br /> <br />G. <br /> <br />NOW THEREFORE, the City Council of the City of Santa Ana hereby resolves as <br />follows: <br /> <br />Section 2. All of the recitals set forth above are true and correct, and this <br />City Council hereby so finds and determines. <br /> <br />Section 3. The Seller hereby authorizes the sale of the VLF Receivable to <br />the Authority for a price no less than the Minimum Purchase Price set forth in <br />ADDendix A. The form of Sale Agreement presented to the City Council is hereby <br />approved. An Authorized Officer (as set forth in ADDendix A) is hereby authorized and <br />directed to execute and deliver the Sale Agreement on behalf of the Seller, which shall <br />be in substantially the form presented to this meeting, with such changes therein, <br />deletions therefrom and additions thereto, as such Authorized Officer shall approve, <br />which approval shall be conclusively evidenced by the execution and delivery of the <br />Sale Agreement. <br /> <br />Section 4. Any Authorized Officer is hereby authorized and directed to <br />send, or to cause to be sent, an irrevocable written instruction to the State Controller <br />notifying the State of the sale of the VLF Receivable and instructing the disbursement <br />pursuant to Section 6588.5(c) of California Government Code of the VLF Receivable to <br />the Trustee, on behalf of the Authority. <br /> <br />Section 5. The Authorized Officers and such other Seller officers, as <br />appropriate, are hereby authorized and directed, jointly and severally, to do any and all <br />things and to execute and deliver any and all documents, including but not limited to one <br />or more tax certificates, if required, appropriate escrow instructions relating to the <br />delivery into escrow of executed documents prior to the closing of the Notes, and such <br />other documents mentioned in the Sale Agreement or the Indenture. which any of them <br />may deem necessary or desirable in order to implement the Sale Agreement and <br />otherwise to carry out, give effect to and comply with the terms and intent of thi's <br /> <br />Resolution No. 2005-010 <br />Page 2 of 5 <br />
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