80C - JT PH - RESO LOCAL STREET FINANCING

Home Browse Search

REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: AUGUST 20, 2007 TITLE: PUBLIC HEARING-RESOLUTIONS APPROVING FINANCING AGREEMENTS AND AUTHORIZING VALIDATION ACTION FOR LOCAL STREET FINANCING PLAN CITY MANAGER RECOMMENDED ACTION City Council Action CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 1s` Reading ^ Ordinance on Intl Reading ^ Implementing Resolution ^ Set Public Hearing For CONTINUED TO FILE NUMBER Adopt a resolution authorizing the execution of Agreement (between the City of Santa Ana and Authority), the Trust Agreement (between the Authority and the Bank of New York), and comment validation action to authorize pledge of Gas Tax local street improvements. Santa Ana Financing Authority the Installment Sales Santa Ana Financing Santa Ana Financing cement of the judicial Revenue for financing Adopt a resolution authorizing the execution of the Installment Sales Agreement (between the City of Santa Ana and Santa Ana Financing Authority), the Trust Agreement (between the Santa Ana Financing Authority and the Bank of New York). DISCUSSION The Public Works Agency has completed an inventory of all the City's streets that includes their general lifespan condition. Based on staff's assessment, an immediate infusion of funds to rebuild the City's neighborhood streets would advance the City's position to address all neighborhood streets and implement a long-term preventive maintenance program. Based on this strategy, it is recommended that over the next five years, $100 million be invested toward rebuilding and repairing City streets. To achieve this initiative, bonds or other financing mechanisms in the amount of $60 million dollars would be needed to complete the $100 million investment. Neighborhood street improvements will include slurry 80C-1