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• • <br />CITY COUNCIL MEETING DATE. <br />JUNE 7, 2016 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF <br />OBLIGATIONS BY THE CALIFORNIA <br />ENTERPRISE DEVELOPMENT <br />AUTHORITY FOR THE BENEFIT OF <br />ORANGE COUNTY SCHOOL OF THE <br />ARTS <br />{STRATEGIC PLAN NO. 2,4) <br />2, / z.- ?w <br />CITY MANAGE <br />•' r r � s <br />CLERK OF COUNCIL USE ONLY: <br />...e k <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on let Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) hearing in consideration <br />of issuance of tax - exempt obligations by the California Enterprise Development Authority <br />for the purpose of financing and refinancing school facilities located in Santa Ana, <br />California for the benefit of Orange County School of the Arts, The Legacy Fund and /or <br />The Opus Fund, LLC. <br />2. Adopt a resolution approving the issuance of the tax - exempt obligations by the California <br />Enterprise Development Authority in an aggregate principal amount not to exceed Fifty - <br />Five Million Dollars ($55,000,000) for the purpose of financing and refinancing school <br />facilities located in Santa Ana, California for the benefit of Orange County School of the <br />Arts, The Legacy Fund and /or The Opus Fund, LLC. <br />DISCUSSION <br />Orange County School of the Arts, a California nonprofit public benefit company (the "School "), <br />and The Legacy Foundation, a California nonprofit public benefit corporation ( "Legacy Fund "), <br />and The Opus Fund, LLC, a California nonprofit public benefit corporation (collectively, and <br />together with any affiliate thereof or successor thereto, the "Borrowers "), have requested that the <br />California Enterprise Development Authority (the "Authority ") issue revenue obligations in the <br />maximum principal amount of $55,000,000 (the "Obligations ") for the purpose of making one or <br />more loans to the Borrowers, to enable the Borrowers to finance and refinance the cost of <br />acquisition, construction, development, renovation, furnishing and equipping of school facilities <br />located at 800 North Bush Street, 801 North Main Street, 902 North Main Street, 906 North Main <br />Street, 1000 North Main Street, 1010 North Main Street, 1018 North Main Street, 1104 North <br />Main Street, 1107 North Main Street, 1110 North Main Street, 123 East 11th Street, 900 North <br />75B -1 <br />