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REQUEST FOR <br />COUNCIL /SANTA ANA <br />FINANCING AUTHORITY ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 15, 2014 <br />TITLE: <br />RESOLUTIONS EXECUTING <br />AGREEMENTS AND FINANCING <br />DOCUMENTS RELATED TO REFINANCING <br />THE 2004 WATER SYSTEM BONDS <br /><-��' /-C,� <br />CITY MANAG <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />CLERK OF COUNCIL USE ONLY: <br />•c• o, <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 11" Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution authorizing the execution of financing documents and related actions necessary <br />for the refinancing of the 2004 Water System Bonds in an aggregate amount not to exceed $17 <br />million. <br />SANTA ANA FINANCING AUTHORITY ACTION <br />Adopt a resolution authorizing the execution of financing documents and related actions necessary <br />for the refinancing of the 2004 Water System Bonds in an aggregate amount not to exceed $17 <br />million. <br />DISCUSSION <br />The City of Santa Ana Mayor and City Council unanimously adopted the City's 5 -year Strategic <br />Plan which includes a goal to ensure financial stability. Under goal number four, two strategies are <br />outlined: 2d) Conduct an assessment of the City's debt and refinancing options to achieve savings; <br />and 3c) Implement a plan to achieve a General Fund reserve balance of 20 percent. In an effort to <br />implement these strategies, on January 21, 2014, the City Council approved the use of four <br />financial advisory firms to assist staff in reviewing existing debt, identify opportunities for potential <br />savings, or to assist in financing future projects. On April 1, 2014, the team comprised of Urban <br />Futures, Inc. (financial advisor), Stifel /De La Rosa & Co. (underwriters) and Best, Best & Krieger <br />LLP (bond counsel), was selected to review the 2004 Water Revenue Bonds. <br />The 2004 Water Revenue Bonds were issued to refinance the original 1994 Bonds which were <br />used to finance capital projects relating to the City's water system. More specifically, the funds <br />were used for the Garthe Reservoir Project, the South Reservoir Booster Station, as well as <br />3 -1 <br />