2016-017 - Issuance of the Cailfornia Municipal Finance Authority

Home Browse Search

RESOLUTION NO. 2016 -017 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS (MATER DEI HIGH SCHOOL) SERIES 2016, IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $9,200,000, FOR THE PURPOSE OF FINANCING AND REFINANCING THE CONSENSUAL ACQUISITION OF PROPERTY, AS WELL AS THE CONSTRUCTION AND IMPROVEMENT OF PARKING FACILITIES AND CERTAIN OTHER MATTERS PERTAINING THERETO WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act "), certain public agencies (the "Members ") have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement ") in order to form the California Municipal Finance Authority (the "Authority "), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of Santa Ana, California (the "City "), by City Council Resolution No. 2008 -053 adopted on July 7, 2008, is a Member of the Authority; and WHEREAS, the Roman Catholic Bishop of Orange, a corporation sole organized and existing under the laws of the State of California and described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Corporation "), has requested that the Authority participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $9,200,000 (the "Bonds ") for the benefit of Mater Dei High School (the "School "), for (a) financing or refinancing the acquisition of all or a portion of certain parcels of land adjacent to the School's campus, located at 1202 W. Edinger Avenue, Santa Ana, California 92707 (the "Campus ") and the demolition of structures thereon or on the land identified as the Prior Project and grading, construction and site preparation of such land for temporary surface parking for the School (collectively, the "Project "), in the approximate amount of $6,640,660; (b) refinancing all or a portion of the Authority's outstanding Tax Exempt Revenue Bond (Mater Dei High School Project) Series 20128, issued to refinance the acquisition of certain parcels of land adjacent to the Campus (the "Prior Project "), in the approximate amount of $2,559,340, the Prior Project having been approved by the City through City Council Resolution No. 2010 -055, adopted on November 15, 2010; and (c) the payment of certain expenses incurred in connection with the issuance of the Bonds; and WHEREAS, the Project is to be owned and operated by the Corporation for the benefit of the School and located within the City; and Resolution No. 2016 -017 Page 1 of 4