55B - RESO PROP 1B PROJECTS - Laserfiche WebLink

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3/17/081es RESOLUTION NO. 2008- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE PROJECT LIST FOR USE OF PROPOSITION 1 B FY 2007/08 FUNDS BE IT RESOLVED BY THE CITY COUNCil OF THE CITY OF SANTA ANA AS FOllOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. On November 7, 2006, the people of the State of California enacted the Highway Safety, traffic Reduction, Air Quality, and Port Security Bond Act of 2006 Proposition 1 B, which authorized a total of nineteen billion nine hundred twenty five million dollars ($19,925,000,000) in General Obligation Bonds to be sold to carry out the purposes chaptered in this proposition. B, One component of Proposition 1 B (Prop. 1 B) is known as the Local Streets and Road Improvement, Congestion relief, and Traffic Safety Account of 2006 (LSR), which requires the deposit of two billion dollars ($2,000,000,000) of authorized bond funds, available upon an appropriation, for the purposes specified in this subdivision, 50% to counties, including a city and county, in accordance with a formula and 50% to the cities, including a city and county, by population, with a minimum of $400,000 to be allocated to each city. C. The City of Santa Ana will receive, an allocation of $5,684,648 based on the city's population percentage of the county's total population. O. In order for the City to satisfy legislative requirements and receive first cycle Prop. 1 B LSR funds, the City of Santa Ana must adopt a list of proposed Prop. 1 B projects by resolution as part of the City's Capital Improvement Budget. Said list of projects must be submitted to the Department of Finance (OOF) using the template provided by the OOF. E. The City of Santa Ana intends to enter into an agreement with the County of Orange addressing the terms and conditions of the Prop. 1 B LSR funded projects, the description of eligible city projects, and the specific amount of Prop. 1 B funds that City will receive. The City of Santa Ana will receive additional Prop. 1 B LSR allocations in the future. F, The State Controller's Office also requires that the Lead Agency include a financial plan that demonstrates how the projects submitted for inclusion in the Proposition 1 B can be implemented. G. The City of Santa Ana, as the Lead Agency, possesses the legal authority to 558-3