Laserfiche WebLink
bk:7/27/09 <br />+`. <br />RESOLUTION NO. 2009-046 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA DESIGNATING SANTA ANA AS A <br />RECOVERY ZONE PURSUANT TO THE FEDERAL <br />AMERICAN RECOVERY AND REINVESTMENT ACT <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. The federal American Recovery and Reinvestment Tax Act of 2009 <br />(hereon referred to as the "Recovery Act") provides federal income tax <br />incentives for obligations issued to finance expenditures for purposes of <br />promoting economic development or other activity in a "Recovery Zone' <br />(Recovery Zone Economic Development Bonds) and obligations issued to <br />finance the construction, renovation, or acquisition of Recovery Zone <br />v property to be used in a qualified business in the Recovery Zone <br />(Recovery Zone Facility Bonds). <br />B. Under the Recovery Act, Santa Ana has been given an allocation of nearly <br />$5.9 million in Recovery Zone Facility Bonds, and over $8.8 million in <br />Recovery Zone Economic Development Bonds. <br />C. The Recovery Act provides that the City may issue Recovery Zone Facility <br />Bonds and Recovery Zone Economic Development Bonds only until the <br />end of 2010. <br />D. To be eligible to use this bonding authority under the Recovery Act, each <br />jurisdiction must first adopt a "Recovery Zone." <br />E. The Recovery Zone is defined in the Recovery Act as including any area <br />designated by this Council as having significant poverty, unemployment, <br />rate of home foreclosures, or general distress; and any area designated <br />as an empowerment zone as of February, 2009. <br />F. Internal Revenue Service Notice 2009-50 states that each city council of a <br />city designated to issue Recovery Zone Facility Bonds and Recovery Zone <br />Economic Development Bonds may make a designation of its Recovery <br />Zone by resolution in any reasonable manner as the City Council shall <br />determine in good faith in its discretion. <br />Resolution No. 2009-046 <br />Page 1 of 3 <br />