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3/17/08 les <br />RESOLUTION NO. 2008- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE PROJECT LIST FOR USE <br />OF PROPOSITION 1 B FY 2007/08 FUNDS <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines and <br />declares as follows: <br />A. On November 7, 2006, the people of the State of California enacted the <br />Highway Safety, traffic Reduction, Air Quality, and Port Security Bond Act of 2006 <br />Proposition 1 B, which authorized a total of nineteen billion nine hundred twenty five <br />million dollars ($19,925,000,000) in General Obligation Bonds to be sold to carry out <br />the purposes chaptered in this proposition. <br />B. One component of Proposition 1 B (Prop. 1 B) is known as the Local Streets <br />and Road Improvement, Congestion relief, and Traffic Safety Account of 2006 <br />(LSR), which requires the deposit of two billion dollars ($2,000,000,000) of <br />authorized bond funds, available upon an appropriation, forthe purposes specified <br />in this subdivision, 50% to counties, including a city and county, in accordance with <br />a formula and 50% to the cities, including a city and county, by population, with a <br />minimum of $400,000 to be allocated to each city. <br />C. The City of Santa Ana will receive, an allocation of $5,684,648 based on the <br />city's population percentage of the county's total population. <br />D. In order for the City to satisfy legislative requirements and receive first cycle <br />Prop. 1 B LSR funds, the City of Santa Ana must adopt a list of proposed Prop. 1 B <br />projects by resolution as part of the City's Capital Improvement Budget. Said list of <br />projects must be submitted to the Department of Finance (DOF) using the template <br />provided by the DOF. <br />E. The City of Santa Ana intends to enter into an agreement with the County of <br />Orange addressing the terms and conditions of the Prop. 1 B LSR funded projects, <br />the description of eligible city projects, and the specific amount of Prop. 1 B funds <br />that City will receive. The City of Santa Ana will receive additional Prop. 1 B LSR <br />allocations in the future. <br />F. The State Controller's Office also requires that the Lead Agency include a <br />financial plan that demonstrates how the projects submitted for inclusion in the <br />Proposition 1 B can be implemented. <br />G. The City of Santa Ana, as the Lead Agency, possesses the legal authority to <br />55B-3 <br />