2016-049 - Issuance of City of Santa Ana Assessment District No. 2015-01

Home Browse Search

RESOLUTION NO. 2016-049 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA, CALIFORNIA, AUTHORIZING THE ISSUANCE OF CITY OF SANTA ANA ASSESSMENT DISTRICT NO. 2015-01 (WARNER INDUSTRIAL COMMUNITY) LIMITED OBLIGATION IMPROVEMENT BONDS, APPROVING FISCAL AGENT AGREEMENT, OFFICIAL STATEMENT, BOND PURCHASE AGREEMENT AND CONTINUING DISCLOSURE AGREEMENT AND AUTHORIZING THE EXECUTIVE DIRECTOR, FINANCE & MANAGEMENT SERVICES AGENCY TO NEGOTIATE THE TERMS OF THE PURCHASE OF THE BONDS WHEREAS, the City Council of the City of Santa Ana, California, has previously adopted its Resolution No. 2015-30 (the 'Resolution of Intention"), pursuant to the provisions of Division 12 of the Streets and Highways Code of the State of California (the "Municipal Improvement Act of 1913") with respect to the reconstruction of street pavement, construction of curb ramps, repair of driveway approaches, sidewalks, curbs and gutters, adjustment of surface utility frames and covers, and installation of pavement markings, together with appurtenances and appurtenant work (collectively, the "Improvements") within, and for the benefit of property within, an assessment district, identified as Assessment District No. 2015-01 (Warner Industrial Community), City of Santa Ana, Orange County, State of California (the "Assessment District'), and the levy of assessments on the lots and parcels of property within the Assessment District to finance the costs of the construction of the Improvements; WHEREAS, the Resolution of Intention provides for the issuance of bonds pursuant to Division 10 of the Streets and Highways Code of the State of California (the "Improvement Bonds Act of 1915") to represent and be secured by unpaid assessments levied on lots and parcels of property within the Assessment District; WHEREAS, proceedings for the formation of the Assessment District and the levy of assessments on the assessable lots and parcels of property therein have been completed, the Assessment District has been formed and assessments have been levied on the lots and parcels of property therein; WHEREAS, the City Council proposes to issue bonds for the Assessment District to be designated "City of Santa Ana Assessment District No. 2015-01 (Warner Industrial Community) Limited Obligation Improvement Bonds (the 'Bonds") in an aggregate principal amount which shall not exceed the amount of the unpaid assessments on lots and parcels of property within the Assessment District, the proceeds of which will be used to finance the costs of the construction of the Improvements; WHEREAS, there has been made available to the City Council a form of Fiscal Agent Agreement providing for the issuance, administration and payment of the Bonds; Resolution No. 2016-049 Page 1 of 6