Laserfiche WebLink
(jxs 7/20/16) <br />RESOLUTION NO. 2016 -XX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING CITY PARTICIPATION IN THE <br />CALIFORNIA CLEAN WATER STATE REVOLVING FUND <br />FINANCING PROGRAM FOR SEWER COLLECTION <br />SYSTEM IMPROVEMENTS <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines and <br />declares as follows; <br />A. WHEREAS, the City of Santa Ana (the "Agency ") desires to finance the <br />costs of constructing and /or reconstructing certain public facilities and <br />improvements relating to its water and wastewater system, including certain <br />treatment facilities, pipelines, and other infrastructure (the "Project "); and <br />B. WHEREAS, the Agency intends to finance the construction and /or <br />reconstruction of the Project or portions of the Project with moneys ( "Project <br />Funds ") provided by the State of California, acting by and through the State <br />Water Resources Control Board ( "State Water Board "); and <br />C. WHEREAS, the State Water Board may fund the Project Funds with <br />proceeds from the sale of obligations the interest upon which is excluded <br />from gross income for federal income tax purposes (the "Obligations "); and <br />D. WHEREAS, prior to either the issuance of the Obligations or the approval <br />by the State Water Board of the Project Funds, the Agency desires to incur <br />certain capital expenditures (the "Expenditures") with respect to the Project <br />form available moneys of the Agency; and <br />E. WHEREAS, the Agency has determined that those moneys to be advanced <br />on and after the date hereof to pay the Expenditures are available only for <br />a temporary period and it is necessary to reimburse the Agency for the <br />Expenditures from the proceeds of the Obligations. <br />Section 2. The Agency hereby states its intention and reasonably expects to <br />reimburse Expenditures paid prior to the issuance of the obligations or the approval by <br />the State Water Board of the Project Funds. <br />Section 3. The reasonably expected maximum principal amount of the Project <br />Funds is $9.5 Million. <br />Exhibit 2 <br />Resolution No. 2016 -XXX <br />Page 1 of 4 <br />55B -9 <br />