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<br /> <br /> <br /> <br /> <br /> Iss11/2/10 <br /> RESOLUTION NO. 2010-XXX <br /> <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA <br /> ANA APPROVING THE ISSUANCE OF THE CALIFORNIA <br /> MUNICIPAL FINANCE AUTHORITY REVENUE BONDS <br /> (REGIONAL CENTER OF ORANGE COUNTY PROJECT), SERIES <br /> 2010 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br /> $25,000,000 FOR THE PURPOSE OF FINANCING THE <br /> ACQUISITION, REHABILITATION, IMPROVEMENT AND <br /> EQUIPPING OF AN OFFICE BUILDING AND CERTAIN OTHER <br /> MATTERS RELATING THERETO <br /> <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br /> FOLLOWS: <br /> <br /> Section 1. The City Council of the City of Santa Ana hereby finds, determines <br /> and declares as follows: <br /> <br /> A. Jake's LIFE, a California nonprofit public benefit corporation (the <br /> "Borrower"), has requested that the California Municipal Finance Authority <br /> (the "Authority") participate in the issuance of revenue bonds, in one or <br /> more series and at one or more times, in an aggregate principal amount <br /> not to exceed $25,000,000 (the "Bonds"). The proceeds of the Bonds are <br /> to be loaned by the Authority to the Borrower (or any successor thereto or <br /> assign thereof), and applied by the Borrower for the purpose of financing <br /> the acquisition, rehabilitation, improvement and equipping of certain real <br /> property and improvements thereon (consisting of a building located within <br /> the City of Santa Ana (the "City") at 1525 North Tustin Avenue, Santa Ana, <br /> California 92705) and to pay certain expenses incurred in connection with <br /> the issuance of the Bonds (the "Project"). The principal tenant of the <br /> Project will be the Regional Center of Orange County, Inc. ("RCOC"), <br /> which will use the Project primarily in the furtherance of its charitable <br /> mission of coordinating services to individuals with developmental <br /> disabilities; and <br /> <br /> B. Pursuant to section 147(f) of the Internal Revenue Code of 1986 (the <br /> "Code"), the issuance of the Bonds by the Authority must be approved by <br /> the "applicable elected representatives" of the City because the Project is <br /> located within the territorial limits of the City; and <br /> C. The City Council of the City of Santa Ana (the "Council") is the elected <br /> legislative body of the City and so is the "applicable elected <br /> representatives" qualified to hold a public hearing with respect to the <br /> issuance of the bonds; and <br /> <br /> <br /> Resolution No. 2010-XXX <br /> 75B-3 Page 1 of 3 <br />