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<br />JWF 8/13/07 <br /> <br />RESOLUTION NO. 2007-062 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE EXECUTION AND DELIVERY <br />OF CITY OF SANTA ANA (COUNTY OF ORANGE, <br />CALIFORNIA) CERTIFICATES OF PARTICIPATION (2007 <br />GAS TAX SECURED LOCAL STREET IMPROVEMENT <br />PROJECT) PURSUANT TO A TRUST AGREEMENT, <br />AUTHORIZING THE EXECUTION AND DELIVERY OF AN <br />INSTALLMENT SALE AGREEMENT AND THE FILING OF A <br />VALIDATION ACTION, AND OTHER MATTERS RELATING <br />THERETO <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. The Santa Ana Financing Authority (the "Authority") is empowered to <br />assist the City of Santa Ana (the "City") in financing certain public capital <br />improvements pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of <br />the Government Code of the State of California and pursuant to that <br />certain Joint Exercise of Powers Agreement by and between the City of <br />Santa Ana and the Community Redevelopment Agency of the City of <br />Santa Ana, dated August 1, 1993; <br /> <br />B. The City has determined to enter into a 2007 Installment Sale Agreement <br />with the Authority, in the form presented to this meeting (with such <br />changes, insertions and omissions as are made pursuant to this <br />Resolution, being referred to herein as the "Installment Sale Agreement") <br />in order to apply certain motor vehicle fuel tax revenues received by the <br />City to acquire certain public capital improvements consisting of street <br />resurfacing and related improvements (as more fully described in the <br />Installment Sale Agreement) for the benefit of the City in accordance with <br />Article XIX, Section 1 of the California Constitution (collectively, the "Street <br />Improvement Project"); <br /> <br />C. In order to provide for the delivery of the City of Santa Ana (County of <br />Orange, California) Certificates of Participation (2007 Gas Tax Secured <br />Local Street Improvement Project) (the "Certificates") and to establish and <br />declare the terms and conditions upon which the Certificates are to be <br />executed and delivered and secured, the Authority proposes to enter into <br />a Trust Agreement with The Bank of New York Trust Company, N.A. (such <br />Trust Agreement, in the form presented to this meeting, with such <br /> <br />Resolution No. 2007-062 <br />Page 1 of 4 <br />