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RESOLUTION NO. 2016 -xxx
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
<br />APPROVING THE ISSUANCE OF TAX- EXEMPT OBLIGATIONS BY THE
<br />CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY IN AN
<br />AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $55,000,000 TO
<br />FINANCE AND REFINANCE VARIOUS SCHOOL FACILITIES OWNED
<br />BY ORANGE COUNTY SCHOOL OF THE ARTS, THE LEGACY FUND,
<br />AND /OR THE OPUS FUND, LLC
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
<br />FOLLOWS:
<br />WHEREAS, Orange County School of the Arts, a California nonprofit public
<br />benefit corporation (the "School "), The Legacy Fund, a California nonprofit public benefit
<br />corporation, and The Opus Fund, LLC, a California limited liability company (collectively,
<br />and together with any affiliate thereof or successor thereto, the "Borrowers'), have
<br />requested that the California Enterprise Development Authority; a joint exercise of
<br />powers agency established pursuant to the laws of the State of California (the
<br />"Authority") issue its tax- exempt obligations, from time to time pursuant to a plan of
<br />finance (the "Obligations "), in an aggregate principal amount not expected to exceed
<br />$55,0000,000, for the benefit of the Borrowers, pursuant to Chapter 5 of Division 7 of
<br />Title 1 of the Government Code of the State (commencing with Section 6500) (the "Act'),
<br />for the purpose of making one or more loans to the Borrowers to finance and refinance
<br />the cost of acquiring, constructing, installing, improving, equipping and furnishing school
<br />facilities located at 800 North Bush Street, 801 North Main Street, 902 North Main
<br />Street, 906 North Main Street, 1000 North Main Street, 1010 North Main Street, 1018
<br />North Main Street, 1904 North Main Street, 1107 North Main Street, 1110 North Main
<br />Street, 123 East 11th Street, 900 North Sycamore Street, 912 North Sycamore Street,
<br />921 North Sycamore Street, 839 North Broadway, 843 North Broadway, 845 North
<br />Broadway, 915 North Broadway, 919 North Broadway, 201 West Washington Avenue,
<br />and 207 West Washington Avenue, Santa Ana, California (collectively, the "Facilities ");
<br />and
<br />WHEREAS, a portion of the proceeds of the Obligations will be used to pay the
<br />costs of issuance in connection with such financing and refinancing and other related
<br />costs; and
<br />WHEREAS; the Borrowers own and operate the Facilities as a charter school,
<br />established pursuant to the Charter Schools Act of 1992, as amended (constituting Part
<br />26.8 of Division 4 of Title 2 of the Education Code), for the purpose of furthering the
<br />School's mission of providing a creative, challenging and nurturing environment for
<br />students in grades 7 through 12 that prepares them for higher education and a profession
<br />in the arts; and
<br />4820.3730 -15522
<br />75B -7
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