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

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SECTION 6. Approval of Preliminary Official Statement; Preparation of Final Official Statement. The Preliminary Official Statement is approved, and the Executive Director, Finance & Management Services Agency is authorized to consent to and assist in the preparation of such modifications thereto as may be approved by Best Best & Krieger LLP, bond counsel to the City ('Bond Counsel'). The Executive Director, Finance & Management Services Agency is authorized to determine, with the assistance of Bond Counsel, when the Preliminary Official Statement is to be deemed final within the meaning of the Rule and to deliver a certificate to that effect to the Underwriter. When the Executive Director, Finance & Management Services Agency is satisfied that the conditions specified in Section 7 hereof will be satisfied, the Executive Director, Finance & Management Services Agency may authorize the Underwriter to distribute the Preliminary Official Statement as approved hereby, or as modified with the consent of the Executive Director, Finance & Management Services Agency, to prospective purchasers of the Bonds. The Executive Director, Finance & Management Services Agency is authorized to participate in the preparation of the Final Official Statement, based on the Preliminary Official Statement, and such modification thereto as may be agreed to by Bond Counsel and the Underwriter. The Mayor, the City Manager or the Executive Director, Finance & Management Services Agency is authorized to sign the Final Official Statement on behalf of the City. SECTION 7. Sale of Bonds. The City Council approves and authorizes the issuance and sale of the Bonds by negotiation with the Underwriter pursuant to the Bond Purchase Agreement between the City and the Underwriter in the form presented to the City Council at the meeting at which this resolution is adopted, together with any changes therein or additions thereto which are deemed advisable by the Executive Director, Finance & Management Services Agency and Bond Counsel. The Mayor, the City Manager or the Executive Director, Finance & Management Services Agency is authorized and directed to execute and deliver the final form of the Bond Purchase Agreement on behalf of the City upon the submission of an offer by the Underwriter to purchase the Bonds, which offer is acceptable to the Executive Director, Finance & Management Services Agency and is consistent with the requirements of this resolution; provided that the interest rate on any maturity of the Bonds shall not exceed six and a half percent (6.50%) per annum; the purchase price to be paid by the Underwriter for the purchase of the Bonds shall not be less than an amount equal to ninety-eight percent (98%) (exclusive of original issue discount) of the aggregate principal amount of the Bonds; the last maturity of the Bonds shall be paid and redeemed no later than September 2, 2036. The Executive Director, Finance & Management Services Agency is authorized to allow original issue discount in determining the purchase price to be paid by investors who purchase the Bonds from the Underwriter if the Executive Director, Finance & Management Services Agency determines that allowing such discount will result in a lower total interest cost for the Bonds. When the Executive Director, Finance & Management Services Agency has negotiated the Bond Purchase Agreement with the Underwriter within the parameters specified above and when the other terms and conditions of the Bond Purchase Agreement are satisfactory to the Executive Director, Finance & Management Services Agency and Bond Counsel, the Mayor, the City Manager or the Executive Director, Finance & Management Services Resolution No. 2016-049 Page 3 of 6