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<br />JWF 11/19/2007 <br /> <br />RESOLUTION NO. 2007-086 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A CERTIFICATE PURCHASE AGREEMENT <br />AND AUTHORIZING THE DISTRIBUTION ON AN OFFICIAL <br />STATEMENT IN CONNECTION WITH THE OFFERING AND <br />SALE OF SUCH CERTIFICATES, AND OTHER MATTERS <br />RELATING THERETO, AND RATIFYING ACTION <br />PREVIOUSLY TAKEN OR APPROVED TO BE TAKEN, <br />INCLUDING THE EXECUTION AND DELIVERY OF AN <br />INSTALLMENT SALE AGREEMENT AND THE EXECUTION <br />AND DELIVERY OF CITY OF SANTA ANA, CALIFORNIA, GAS <br />TAX REVENUE CERTIFICATES OF PARTICIPATION (2007 <br />LOCAL STREET IMPROVEMENT PROJECT) PURSUANT TO <br />A TRUST AGREEMENT. <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 previously determined, pursuant to Resolution No. 2007-062, <br />adopted by the City Council of the City on August 20, 2007 (the "Initial City <br />Resolution"), to enter into a 2007 Installment Sale Agreement with the <br />Authority, (the "Installment Sale Agreement") in order to apply certain <br />motor vehicle fuel tax revenues received by the City to acquire certain <br />public capital improvements consisting of street resurfacing and related <br />improvements (as more fully described in the Installment Sale Agreement) <br />for the benefit of the City in accordance with Article XIX, Section 1 of the <br />California Constitution (collectively, the "Street Improvement Project"); <br /> <br />C. In order to provide for the delivery of the City of Santa Ana, California, Gas <br />Tax Revenue Certificates of Participation (2007 Local Street Improvement <br />Project) (the "Certificates") and to establish and declare the terms and <br />conditions upon which the Certificates are to be executed and delivered <br />and secured, the Authority, pursuant to Resolution No. SAFA-2007-002, <br /> <br />Resolution No. 2007-086 <br />Page 1 of 4 <br />