80D - JT PH BOND ALLOCATION - Laserfiche WebLink

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G. The Board of Directors of the Authority in its resolutions adopted on July 16, 2007, and August 20, 2007 expressed its intent to issue its revenue bond or other obligation (the "Bond") for the benefit of the Applicant ,and the Applicant has revised its application to make a technical correction to its legal name and to increase the principal amount of financing requested to a revised principal amount not to exceed $2,500,000. H. The Authority has made the determinations required to be made pursuant to Section 91530 of the Act preliminary to issuing the Bond. I. The Authority approved and authorized the Bond, subject to certain conditions, on August 20, 2007. The Authority proposes to lend the proceeds ofthe Bond to the Applicant. K. This City Council of the City of Santa Ana (the "City Council") has considered the information contained in the Applicant's application and has considered the determinations of the Authority. L. The Bond must be approved by the City Council to satisfy the public approval requirements of Section 147(f) of the Code and Section 91530(f) of the Act. M. It is intended that this Resolution shall constitute the approval of the Project and the Bond as required by Section 147(f) of the Code and Section 91530(f) of the Act. N. The City Council is the elected legislative body of the City and is one of the applicable elected representatives required to approve the execution and delivery of the Bond under Section 147(f) of the Code. O. The Authority has requested that the City Council approve the execution and delivery of the Bond by the Authority to satisfy the public approval requirement of Section 147(f) of the Code. P. Pursuant to Section 147(fj 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 Bond and the loan of the proceeds to the Applicant would be held on August 20, 2007. 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 issuance of the Bond. S. The Board of Directors of the Santa Ana Empowerment Corporation, at its regular meeting of July 25, 2007, unanimously recommended approval of this action by the City of Santa Ana and the Industrial Development Authority of the City of Santa Ana. DOC SOC/ 1233 208v l /200039-0001 80D-5