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• Iss11/2/10 <br />RESOLUTION NO. 2010-054 <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 />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. 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 any immediately adjacent parcels thereto) and to pay <br />certain expenses incurred in connection with the issuance of the Bonds <br />(the "Project"). The principal tenant of the Project will be the Regional <br />Center of Orange County, Inc. ("RCOC"), which will use the Project <br />primarily in the furtherance of its charitable mission of coordinating <br />services to individuals with developmental disabilities; and <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 />Resolution No. 2010-054 <br />Page 1 of 3