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A-2008-207 <br />jwf 6!2012008 <br />RESOLUTION N0.2008-453 <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 />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 <br />and declares as follows: <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 farm 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 />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 facilita#e 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 />C. There is now before this City Council (the "City Cauncil"} the form of the <br />Agreement; and, <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 />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 />Resolution No. 2048-053 <br />Page 1 of 4 <br />