2010-039 - Connection With the Proposed Financing of Public Parking Facilities

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JF 720/10 RESOLUTION NO. 2010-039 RESOLUTION AUTHORIZING THE COMMENCEMENT OF PROCEEDINGS IN CONNECTION WITH THE PROPOSED FINANCING OF PUBLIC PARKING FACILITIES, WATER INFRASTRUCTURE AND OTHER PUBLICLY-OWNED CAPITAL IMPROVEMENTS, EXPRESSING OFFICIAL INTENT REGARDING CERTAIN CAPITAL EXPENDITURES TO BE REIMBURSED WITH PROCEEDS OF OBLIGATIONS AND RETAINING A FINANCIAL ADVISOR, AN UNDERWRITER, BOND COUNSEL AND DISCLOSURE COUNSEL BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. The City, or another entity of the City, proposes to issue obligations, which may be in the form of Recovery Zone Economic Development Bonds authorized by the American Recovery and Reinvestment Act pursuant to which the City has received an allocation of $5,872,000 (the "Obligations"), to finance improvements to various public parking facilities, water infrastructure and other publicly-owned capital improvements (the "Project"); B. Capital expenditures relating to the Project (the "Expenditures") have been paid not more than 60 days prior to the adoption of this Resolution or will be paid on or after the adoption of this Resolution but prior to the issuance of the Obligations; C. The City or such other entity of the City reasonably expects to reimburse itself for the Expenditures with the proceeds of the Obligations; and D. it is appropriate that the Council formally authorize the commence of proceedings to finance the Project and to appoint a financial advisor, an underwriter, bond counsel and disclosure counsel in connection with the Obligations; Section 2. The Council authorizes City staff to commence proceeding for the issuance of the Obligations. Resolution No. 2010-039 Page 1 of 3