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Jwf 10-19-09 <br />RESOLUTION NO. 2009-XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA APPROVING THE FORM OF AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />PURCHASE AND SALE AGREEMENT AND RELATED <br />DOCUMENTS WITH RESPECT TO THE SALE OF THE <br />SELLER'S PROPOSITION 1A RECEIVABLE FROM THE <br />STATE; AND DIRECTING AND AUTHORIZING CERTAIN <br />OTHER ACTIONS IN CONNECTION THEREWITH. <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 to Section 25.5 of Article XIII of the California Constitution and <br />Chapter 14XXXX of the California Statutes of 2009 (Assembly Bill No. 15), <br />as amended (the "Act"), certain local agencies within the State of <br />California (the "State") are entitled to receive certain payments to be made <br />by the State on or before June 30, 2013, as reimbursement for reductions <br />in the percentage of the total amount of ad valorem property tax revenues <br />allocated to such local agencies during the State's 2009-10 fiscal year (the <br />"Reimbursement Payments"), which reductions have been authorized <br />pursuant to Sections 100.05 and 100.06 of the California Revenue and <br />Taxation Code; <br />B. The City of Santa Ana, a local agency within the meaning of Section <br />6585(f) of the California Government Code (the "Seller"), is entitled to and <br />has determined to sell all right, title and interest of the Seller in and to its <br />"Proposition 1A receivable", as defined in Section 6585(g) of the California <br />Government Code (the "Proposition 1A Receivable"), namely, the right to <br />payment of moneys due or to become due to the Seller pursuant to <br />Section 25.5(a)(1)(B)(iii) of Article XIII of the California Constitution and <br />Section 100.06 of the California Revenue and Taxation Code, in order to <br />obtain money to fund public capital improvements or working capital; <br />C. The Seller is authorized to sell or otherwise dispose of its property as the <br />interests of its residents require; <br />D. The California Statewide Communities Development Authority, a joint <br />exercise of powers authority organized and existing under the laws of the <br />State (the "Purchaser"), has been authorized pursuant to Section 6588(x) <br />Resolution No. 2009-XXX <br />55A-3 Page 1 of 4 <br />