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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 17, 2017 <br />TITLE: <br />PUBLIC HEARING FOR THE <br />ISSUANCE OF OBLIGATIONS BY THE <br />CALIFORNIA ENTERPRISE <br />DEVELOPMENT AUTHORITY FOR <br />THE BENEFIT OF ORANGE COUNTY <br />BAR FOUNDATION <br />(STRATEGIC PLAN NO. 2,4) <br />CITY,MAN GER <br />• r r <br />CLERK OF COUNCIL USE ONLY: <br />_O•:• _"k <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 151 Reading <br />❑ Ordinance on 2 "d Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Financial Responsibility Act hearing in consideration of issuance of <br />tax - exempt obligations by the California Enterprise Development Authority for the purpose of <br />financing facilities located in Santa Ana, California for the benefit of Orange County Bar <br />Foundation, Inc; and <br />2. Adopt a resolution approving the issuance of the tax - exempt obligations by the California <br />Enterprise Development Authority in an aggregate principal amount not to exceed $2,000,000 <br />for the purpose of financing facilities located in Santa Ana, California for the benefit of Orange <br />County Bar Foundation, Inc. <br />DISCUSSION <br />Orange County Bar Foundation, Inc., a California nonprofit public benefit company (the <br />"Foundation "), has requested that the California Enterprise Development Authority (the <br />"Authority ") issue revenue obligations in the maximum principal amount of $2,000,000 (the <br />"Obligations ") for the purpose of making one or more loans to the Foundation, to enable the <br />Foundation to finance the cost of acquisition, construction, development, renovation, furnishing <br />and equipping facilities located at 1605 E. 17th Street, Santa Ana, California 92706 (the <br />"Facilities "). A portion of the proceeds of the Obligations will be used to pay costs of issuance in <br />connection with the financing. <br />Since 1969, the Foundation has operated a wide range of youth and family oriented programs <br />and remained committed to its mission of keeping at -risk youth in school, healthy, and drug -free <br />through education, counseling, mentoring, and family strengthening. The programs range from <br />diversion programs, Shortstop /Programa and Stop Short of Addiction, to academic and career <br />75A -1 <br />