2007-063 - Aprroving the Industrial Development Authority of the City of Santa Ana

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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. Section 2. The City Council hereby finds and determines that the Project will provide significant public benefits to residents of the Santa Ana Empowerment Zone. Section 3. The City Council hereby approves the Project and approves the Authority issuing the Bond to GE Government Finance, Inc. in an amount not to exceed $2,500,000 pursuant to a loan agreement (the "Bond") by and among the Authority, the Applicant and GE Government Finance, Inc. to finance on a tax-exempt basis the costs of the Project, which Bond and interest thereon shall be paid from revenues received by the Authority from the Applicant pursuant to the Loan Agreement. This resolution shall constitute both "host" and "issuer" approval of the Bond within the meaning of Section 147(f) of the Code and approval of the Bond for purposes of Section 91530(f) of the Act. Section 4. The Authority is hereby designated as an issuer in an amount of the Empowerment Zone Ceiling equal to $2,500,000 for the benefit of the Applicant (the "Allocation"). Such Allocation may only be used by the Authority for the Project, as specifically described herein and represented in the Application. The Authority is not authorized to transfer the Allocation set forth herein to any other governmental unit in the State except the City. Section 5. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the Bond are hereby approved and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things to execute and deliver any and all certificates and documents which they, bond counsel and the Authority Attorney and the City may deem necessary or advisable to consummate the issuance of the Bond and the loan of the proceeds to the Applicant and otherwise effectuate the purposes of this Resolution. Section 6. Neither the faith and credit nor the taxing power of the State, the City, the Authority or any political subdivision of the State, is pledged to the payment of the principal of, premium, if any, or interest on the Bond, nor is the State or any political subdivision of the State, in any manner obligated to make any appropriation for such payment. The Authority has no taxing power. Section 7. This Resolution shall take effect from and after its adoption. ADOPTED this 20th day of August 2007. Resolution No. 2007-063 Page 3 of 4