|
NOTICE OF PUBLIC HEARING PURSUANT TO SECTION 147(f)
<br />OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
<br />FOR THE FINANCING AND REFINANCING OF CERTAIN FACILITIES
<br />FROM THE SALE OF TAX - EXEMPT OBLIGATIONS
<br />NOTICE IS HEREBY GIVEN that at 5:45 p.m., or as soon thereafter as the matter may be heard, on
<br />June 7, 2016, in the City Hall Council Chamber, 22 Civic Center Plaza, Santa Ana, California 92701, the City
<br />of Santa Ana City Council (the "City Council') will conduct a public hearing (the "Public Hearing ") at which
<br />the City Council will hear and consider information concerning the issuance, from time to time, pursuant to a
<br />plan of finance, of one or more series of tax- exempt obligations by the California Enterprise Development
<br />Authority (the "Issuer ") in an aggregate principal amount not to exceed Twelve Million Seven Hundred Fifty
<br />Thousand Dollars ($12,750,000) (the "Obligations "). Proceeds of the Obligations will be loaned to
<br />Orangewood Real Property, LLC, a California limited liability company (or any affiliate thereof or
<br />successor thereto) (the "Borrower "), the sole member of which is the Orangewood Foundation, a California
<br />nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal
<br />Revenue Code of 1986, as amended (the "Code "), pursuant to one or more loan agreements (the "Loan
<br />Agreement "). The Borrower plans to use the proceeds of the Obligations to finance and refinance the cost of
<br />developing, constructing, installing, improving, equipping and furnishing a high school campus on a 7.1 acre
<br />parcel of land located at 1901 and 1919 North Fairview Street, Santa Ana, California (the "Facilities "). The
<br />Borrower will also use a portion of the proceeds of the Obligations to pay certain costs of issuance in
<br />connection with the Obligations. The Facilities are owned by the Borrower and are leased by the Borrower to
<br />Samu h Academy, a California nonprofit public benefit corporation and a charter school, in connection with
<br />its tax- exempt mission of providing a quality education for students in grades 9 through 12. The Borrower also
<br />leases a portion of the Facilities located at 1901 North Fairview Street, Santa Ana, California to Share Our
<br />Selves Corporation, a California nonprofit public benefit corporation and federally qualified health center,
<br />which operates an intermittent healthcare clinic for the students of Samueli Academy and their families.
<br />The Obligations will be paid entirely from repayments by the Borrower under the Loan Agreement. Neither the
<br />faith and credit nor the taxing power of the City of Santa Ana (the "City "), the Issuer and its members, the State
<br />of California (the "State "), or any other political corporation, subdivision or agency of the State is pledged to
<br />the payment of the principal of, premium, if any, or interest on, the Obligations, nor shall the City, the Issuer
<br />and its members, the State or any other political corporation, subdivision or agency of the State be liable or
<br />obligated to pay the principal of, premium, if any, or interest on, the Obligations.
<br />The Public Hearing is intended to comply with the public approval requirements of Section 147(f) of the Code.
<br />Those wishing to comment on the issuance of the Obligations, proposed nature and location of the Facilities or
<br />the plan of finance may either appear in person at the time and place indicated above or submit written
<br />comments, which must be received prior to the Public Hearing by the Clerk of the City Council, at City of
<br />Santa Ana, 20 Civic Center Plaza, 8th Floor, Santa Ana, California 92701.
<br />Date: May 24, 2016
<br />Exhibit 1
<br />75C -5
<br />
|