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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 $12,750,000 TO <br />FINANCE AND REFINANCE VARIOUS SCHOOL FACILITIES OWNED <br />BY ORANGEWOOD REAL PROPERTY, LLC <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />WHEREAS, Orangewood Real Property, LLC, a California limited liability <br />company (the "Borrower'), the sole member of which is the Orangewood Foundation, a <br />California nonprofit public benefit corporation and an organization described in Section <br />501(c)(3) of the Internal Revenue Code of 1986 (the "Code "), has requested that the <br />California Enterprise Development Authority, a joint exercise of powers agency <br />established pursuant to the laws of the State of California (the "Authority ") Issue its tax - <br />exempt obligations, from time to time pursuant to a plan of finance (the "Obligations "), in <br />an aggregate principal amount not expected to exceed $12,750,000,' for the benefit of <br />the Borrower, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of <br />the State (commencing with Section 6500) (the "Act "), for the purpose of making one or <br />more loans to the Borrower to finance and refinance the cost of constructing, installing, <br />improving and equipping a high school campus located at 1901 and 1919 North <br />Fairview Street, Santa Ana, California (the "Facilities "); 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 refinancing and other related costs; and <br />WHEREAS, the Borrower owns the Facilities and leases the Facilities to Samueli <br />Academy, a California nonprofit public benefit corporation and 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), which will operate the Facilities for <br />the purpose of furthering its mission of providing a quality education for students in <br />grades 9 -12; and <br />WHEREAS, the City of Santa Ana (the "City ") is an associate member of the <br />Authority; and <br />WHEREAS, the issuance of the Obligations shall be subject to the approval of <br />and execution by the Authority of all financing documents relating thereto to which the <br />Authority is a party; and <br />WHEREAS, the Facilities are located wholly within the City; and <br />[h1R� <br />