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F. Orange County Educational Arts Academy, a California nonproft public <br />benefit corporation {the "Borrower"), has requested that the Authority issue <br />and sell revenue bonds in the maximum principal amount of $11,500,000 <br />{the "Bonds"} for the purpose of making a loan to the Borrower, to enable <br />the Borrower to finance the casts of the acquisition, construction and <br />improvement of an approximate 43,400 square foot charter public school <br />facility to serve grades K through 8 and house related administrative and <br />other support functions, located at 825 North Broadway, Santa Ana, <br />Califomia {the "Project"); and, <br />G. In order for the interest on the Bonds to be tax-exempt, Section 147(f) of <br />the Internal Revenue Code of 1986, as amended {the "Code"), requires <br />that an "applicable elected representative" of the governmental unit, the <br />geographic jurisdiction of which contains the site of facilities to be financed <br />with the proceeds of the Bonds, hold a public hearing on the issuance of <br />the Bands and approve the issuance of the Bonds following such hearing; <br />and <br />H. The Authority has determined that the City Council is an "applicable <br />elected representative" for purposes of holding such hearing; and, <br />The Authority has requested that the City Council approve the issuance of <br />the Bonds by the Authority in order to satisfy the public approval <br />requirement of Section 147(f) of the Code and the requirements of Section <br />4 of the Agreement; and, <br />J. Notice of such public hearing has been duly given as required by the <br />Code, and this City Council has heretofore held such public hearing at <br />which all interested persons were given an opportunity to be heard on all <br />matters relative to the financing of the Project and the Authority's issuance <br />of the Bonds therefor; and <br />K. It is in the public interest and for the public benefit that the City Council <br />approve the issuance of the Bonds by the Authority for the aforesaid <br />purposes. <br />Section 2. The Agreement is hereby approved and the City Manager is hereby <br />authorized and directed to execute said document, and the Clerk of the Council is <br />hereby authorized and directed to attest thereto. <br />Section 3. The City Council hereby approves the issuance of the Bonds by the <br />Authority. It is the purpose and intent of the City Council that this resolution constitute <br />approval of the issuance of the Bonds {a) by the "applicable elected representative" of <br />the governmental unit having jurisdiction over the area in which the Project is located in <br />accordance with Section 147{f) of the Code and (b) by the City in accordance with <br />Section 4 of the Agreement. <br />Resolution No. 2008-053 <br />Page 2 of 4 <br />