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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />DECEMBER 3, 2007 <br />TITLE: <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 151 Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />RESOLUTIONS APPROVING AGREEMENTS <br />AND FINANCING DOCUMENTS <br />FOR LOCAL STREET FINANCING <br /> <br />~ <br /> <br />{2;JlJtZ <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Adopt a resolution authorizing and directing the preparation and <br />execution of certain financing documents including a certificate purchase <br />agreement, and authorizing the distribution of an Official Statement. <br /> <br />Santa Ana Financing Authority <br /> <br />Adopt a resolution authorizing and directing the preparation and <br />execution of certain financing documents including a certificate purchase <br />agreement, and authorizing the distribution of an Official Statement. <br /> <br />DISCUSSION <br /> <br />The Public Works Agency has completed an inventory of all the City's <br />streets that includes their general lifespan condition. Based on staff's <br />assessment, an immediate infusion of funds to rebuild the City's <br />neighborhood streets will enhance the City's ability to address all <br />neighborhood streets and implement a long-term preventive maintenance <br />program. Based on this strategy, it is recommended that over the next <br />five years, $100 million be invested toward rebuilding and repairing City <br />streets. To achieve this initiative, bonds in the amount of $60 million <br />dollars are needed to complete the $100 million investment. Neighborhood <br />street improvements will include grind and overlay, reconstruction, and <br />critical concrete repair of sidewalk, curb and gutter. <br /> <br />In order to explore bonding alternatives and capacity, a financing team <br />consisting of a financial advisor (Fieldman, Rolapp & Associates), an <br />underwriter (De La Rosa & Co.), bond counsel (Orrick, Herrington & <br />Sutliffe) I and disclosure counsel (Quint & Thimmig) was retained. Upon <br />evaluation the team is recommending the use of an installment-sale <br /> <br />80A-1 <br /> <br />