2016-039 - Development Authority in an Aggregate Principal Amount

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WHEREAS, the City Council of the City (the "Council') is the elected legislative body of the City and is the applicable elected representative required to approve the issue within the meaning of Section 147(f) of the Code; and WHEREAS, the Authority has requested the Council to approve the issuance of the Obligations in order to satisfy the public approval requirements of Section 147(f) of the Code; and WHEREAS, on May 24, 2016, the City caused a notice to appear in The Orange County Register, which is a newspaper of general circulation in the City, stating that a public hearing with respect to the issuance of the Obligations would be held by the Council on June 7, 2016; and WHEREAS, the Council held the public hearing described above on June 7, 2016, and an opportunity was provided for persons to comment on the issuance of the Obligations and the financing and refinancing of the Facilities; and WHEREAS, it is intended that this Resolution shall comply with the public approval requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither intended to nor shall it constitute an approval by the Council of the Facilities for any other purpose, including, but not limited to, compliance with the California Environmental Quality Act (California Public Resources Code, Section 21100, et seq.) ( "CEQA "); NOW, THEREFORE, BE IT RESOLVED, that the Council hereby finds and declares the above recitals are true and correct; and, be it Section 1. The Council hereby finds and determines that all of the recitals are true and correct. The Council hereby approves the issuance of the Obligations by the Authority which Obligations may be tax - exempt and /or taxable as approved by the Authority in its resolution, in an amount not to exceed $12,750,000 to finance and refinance the cost of the Facilities. This resolution shall constitute "host" approval of the issuance of the Obligations within the meaning of Section 147(f) of the Code and shall constitute the approval of the issuance of the Obligations within the meaning of the Act; provided, however, that this Resolution shall not constitute an approval by the Council of the Facilities for any other purposes, including compliance thereof with CEQA, nor does it constitute an approval of the underlying credit or financial structure of the Obligations. The City shall not bear any responsibility for the issuance of the Obligations, the tax - exempt status of the Obligations, the repayment of the Obligations or any other matter related to the Obligations. Section 2. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the issuance of the Obligations are hereby approved, confirmed and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all certificates and documents which they or bond counsel may deem necessary or advisable in order to consummate Resolution No. 2016 -039 Page 2 of 4