2005-020 - Execution of Certain Lease Financing Documents

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(JWF 2/01/05) RESOLUTION NO. 2005-020 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING AND DIRECTING THE EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds. determines and declares as follows: A. The City proposes to finance the costs of the construction of a parking structure on City-owned property located adjacent to the proposed State Appellate Court Building in Santa Ana, California (the "Improvements"); B. The City has determined to finance the Improvements by entering into a site lease (the "Site Lease") and a lease agreement (the "Lease Agreement") with the Santa Ana Financing Authority (the "Authority"); C. The Authority intends to assign its rights under the Site Lease and the Lease Agreement to one or more purchasers to be identified by SunTrust Leasing Corporation, as placement agent; D. It is in the public interest and for the public benefit that the City authorize and direct execution of the Site Lease and the Lease Agreement with the Authority and certain other financing documents in connection therewith; and E. The documents below specified have been filed with the City and the members of the Council, with the aid of its staff, shall review said documents; Section 2. The below-enumerated documents be and are hereby approved, and the Mayor, the City Manager, the Finance Director, or the designee of any such official, is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, and the City Clerk is hereby authorized and directed to attest to such official's signature: Resolution No. 2005-020 Page 1 of 3