GREAT WESTERN RECLAMATION, INC.- A-96-036

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RESOLUTION NO . 96-03, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA PROVIDING FOR THE FINANCING OF THE CITY OF SANTA ANA RECYCLING PROJECT AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH WHEREAS , this City Council (the "City Council" ) of the City of Santa Ana (the "City" ) proposes that the City finance various recycling components of its solid waste disposal facilities (the "Project") described in Exhibit A to the within mentioned Installment Purchase Contract; and WHEREAS , in connection with the financing of such Project, the City Council has determined that is in the best interest of the City to cause to be delivered certificates of participation (the "Certificates" ) by the California Environmental Finance Corporation (the "Corporation" ) ; WHEREAS , the City has determined that dedication of its revenues , and in particular its solid waste collection revenues , toward the payment of long-term financing, will benefit the taxpayers and ratepayers of the City and that such dedication of reliable revenue sources and the related higher credit ratings are of considerable importance to investors purchasing long-term financing obligations of the City; NOW , THEREFORE, the City Council of the City hereby finds , determines , declares and resolves as follows : SECTION 1 . The City Council of the City hereby confirms and • ratifies that =x-pandltures for components Of the Projects made prior to the date hereof or the issuance of Certificates have and will be made, as the case may be , with the intention that the City be reimbursed for such expenditures with proceeds of a tax-exempt financing . SECTION 2 . The Installment Purchase Contract for the Project to be prepared with the assistance of City staff and the City Attorney, is hereby approved. The Mayor (or the authorized representative of the Mayor) , the City Manager and the Clerk of the Council are hereby authorized and directed to execute and -deliver the Installment Purchase Contract with such changes, insertions and omissions as may be approved by the officer executing the same and the City Attorney, said execution being conclusive evidence of such approval .