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<br />jwf 6/20/2008 <br /> <br />RESOLUTION NO. 2008-053 <br /> <br />RESOLUTION APPROVING, AUTHORIZING, AND <br />DIRECTING EXECUTION OF A JOINT EXERCISE OF <br />POWERS AGREEMENT RELATING TO THE CALIFORNIA <br />MUNICIPAL FINANCE AUTHORITY AND APPROVING <br />THE ISSUANCE OF REVENUE BONDS BY THE <br />AUTHORITY FOR THE PURPOSE OF FINANCING THE <br />ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF <br />CERTAIN FACILITIES FOR THE BENEFIT OF ORANGE <br />COUNTY EDUCATIONAL ARTS ACADEMY. <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. Pursuant Chapter 5 of Division 7 of Title 1 of the Government Code of the <br />State of California (the "Act"), certain public agencies (the "Members") <br />have entered into a Joint Exercise of Powers Agreement Relating to the <br />California Municipal Finance Authority, effective as of January 1, 2004 (the <br />"Agreement") in order to form the California Municipal Finance Authority <br />(the "Authority"), for the purpose of promoting economic, cultural and <br />community development, and in order to exercise any powers common to <br />the Members, including the issuance of bonds, notes or other evidences of <br />indebtedness; and, <br /> <br />B. The City of Santa Ana (the "City"), has determined that it is in the public <br />interest and for the public benefit that the City become a Member of the <br />Authority in order to facilitate the promotion of economic, cultural and <br />community development activities in the City, including the financing of <br />projects therefor by the Authority; and, <br /> <br />C. There is now before this City Council (the "City Council") the form of the <br />Agreement; and, <br /> <br />D. The Agreement has been filed with the City, and the members of the City <br />Council, with the assistance of its staff, have reviewed said document; <br />and, <br /> <br />E. The Authority is authorized to issue and sell revenue bonds for the <br />purpose, among others, of financing or refinancing the construction of <br />capital projects; and, <br /> <br />Resolution No. 2008-053 <br />Page 1 of 4 <br />