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r .. <br />REQUEST FOR <br />COUNCIL/SANTA ANA <br />i' <br />FINANCING AUTHORITY ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 3, 2007 <br />TITLE: <br />RESOLUTIONS APPROVING AGREEMENTS <br />AND FINANCING DOCUMENTS <br />FOR LOCAL STREET FINANCING <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 15t Reading <br />? Ordinance on 2"d Reading <br />? Implementing Resolution <br />? Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <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 />Santa Ana Financing Authority <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 />DISCUSSION <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 />2