2007-062 - Certificates of Participation Gas Tax Secured Local Street Improvement

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changes, insertions and omiSSions as are made pursuant to this Resolution, being referred to herein as the "Trust Agreement"); D. The City may determine that securing the timely payment of the principal and interest evidenced by the Certificates by obtaining a bond insurance policy with respect thereto could be economically advantageous to the City; E. The City is a member of the Authority and the Street Improvement Project is to be located within the boundaries of the City; E. The City hereby finds that the financing of such public capital improvements within the City will result in significant public benefits in the form of demonstrable savings in effective interest rates, and the more efficient delivery of City services such as the Street Improvement Project; F. On this date, the City held a public hearing on the financing of such public capital improvements within the City in accordance with Section 6586.5 of the Act, which hearing was held at 22 Civic Center Plaza, Santa Ana, California; G. In accordance with Section 6586.5 of the Act, notice of such hearing was published once at least five days prior to the hearing in a newspaper of general circulation in the City of Santa Ana; and H. All acts, conditions and things required by the laws of the State of California and the City Charter of the City to exist, to have happened and to have been performed precedent to and in connection with the consummation of such financing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such financing for the purpose, in the manner and upon the terms herein provided. Section 2. The foregoing recitals herein contained are true and correct and the City Council so finds. Section 3. The Street Improvement Project is hereby approved. The Director of Public Works is hereby authorized to implement the Street Improvement Project in accordance with the provisions of the Installment Sale Agreement and this Resolution. Section 4. The form of the Installment Sale Agreement, on file with the Clerk of the Council, is hereby approved, and the City Manager, the City Attorney, the Clerk of the Council, the City Treasurer and the Executive Director of Finance and Management Services of the City (the "Authorized Officers"), are each hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Installment Sale Agreement in substantially said form, with such changes, insertions and omissions therein as the Authorized Officer executing the same and the City Resolution No. 2007-062 Page 2 of 4