2010-060 - Tax Allocation Bonds the Community Redevelopment Agency

Home Browse Search

E. the Agency has determined that, due to financial conditions of the Agency and prevailing financial market conditions, it is in the best interests of the Agency at this time to finance and refinance redevelopment activities for the benefit of the Redevelopment Projects and, in particular, to: (a) refund, on a current basis, the outstanding Santa Ana Financing Authority Refunding Revenue Bonds, 1998 Series A (City of Santa Ana and South Harbor Boulevard/Fairview Street Redevelopment Projects) (the "1998A Bonds"), (b) refund, on a current basis, the outstanding Santa Ana Financing Authority Refunding Revenue Bonds, 1998 Series B (City of Santa Ana and South Harbor Boulevard/Fairvie w Street Redevelopment Projects) (the "19988 Bonds"), (c) refund, on a current basis, the outstanding Santa Ana Financing Authority Refunding Revenue Bonds, 1998 Series C (Inter-City Commuter Station Redevelopment Project) (the " 1998C Bonds"), (d) refund, on a current basis, the outstanding Santa Ana Financing Authority Refunding Revenue Bonds, 1998 Series D (MainPlace Project) (the "1998D Bonds" and, with the 1998A Bonds, the 1998B Bonds and the 1998C Bonds, the "1998 Bonds"), and (e) finance certain public parking and infrastructure improvements (the "2010 Project"); F. to provide moneys to refund the 1998 Bonds and, if for any reason the Agency ' is unable to issue or determines not to issue the 2010B Bonds (hereinafter defined), to finance the 2010 Project, the Agency has determined to issue its Community Redevelopment Agency of the City of Santa Ana Tax Allocation Bonds (Merged Project Area), 2010 Series A, in the aggregate principal amount of not to exceed $75,000,000 (the "2010A Bonds"), under the provisions of Article 9 of Chapter 3 (commencing with section 53570) of Division 2 of Title 5 of the California Government Code and, if the 2010A Bonds include provision for the 2010 Project, under the provisions of Part 1 of Division 24 of the California Health and Safety Code, commencing with section 33640 of said Code; G. the American Recovery and Reinvestment Act of 2009 (the "Federal Stimulus Act"), added sections 14000-1 and 14000-2 to the Internal Revenue Code of 1986 (the "Code"), authorizing state and local governmental agencies to issue recovery zone economic development bonds ("Recovery Zone Economic Development Bonds") upon compliance with various requirements of the Code; Resolution No. 2010-060 Page 2 of 4