2010-055 - Improvement of Certain Educational Facilities and Certain Other Matters Pertaining Thereto

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acquisition of certain parcels of land adjacent to the School's campus (the "Project"); and E. The Borrower has requested the issuance of the Bonds in order to effect savings in interest rate and/or issuance costs to effect significant public benefits pursuant to the Act; and F. In order for the interest on the Bonds to be tax-exempt, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that the "applicable elected representative" of the governmental unit, the geographic jurisdiction of which contains the site of facilities to be financed with the proceeds of the Bonds, hold a public hearing on the issuance of the Bonds and approve the issuance of the Bonds following such hearing; and G. The City Council of the City of Santa Ana (the "Council") is the elected legislative body of the City and so is the "applicable elected representative" qualified to hold a public hearing with respect to the issuance of the bonds; and H. The Authority has requested that the Council approve the issuance of the Bonds by the Authority to satisfy the public approval requirement of section 147(f) of the Code, the requirements of Section 6586.5 of the Act, and the requirements of Section 4 of the Agreement; and 1. Pursuant to section 147(f) of the Code, the Council has, following notice duly given, held a public hearing at which all interested persons were given an opportunity to be heard on all matters regarding the financing or refinancing of the Project and the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority and finds the Project will effect significant public benefits, including demonstrable savings in effective interest rate costs. It is the purpose and intent of the Council that this resolution constitutes approval of the issuance of the Bonds (a) by the "applicable elected representative" of the governmental unit having jurisdiction over the area in which the Project is located in accordance with Section 147(f) of the Code; (b) by the City Council in accordance with Section 6586.5 of the Act; and (c) by the City Council in accordance with Section 4 of the Agreement. The Bonds may be issued in one or more series and at one time or at several times pursuant to a plan of financing for the Project. Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds. Resolution No. 2010-055 Page 2 of 4