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Santa Ana Arts Collective — TEFRA Hearing <br />April 4, 2017 <br />Page 2 <br />representative" of the governmental unit hosting the Project, in this case the City, must provide its <br />approval of the issuance of the Bonds by the Authority for the refinancing of the Project. <br />The bonds to be issued by the Authority are the sole responsibility of the borrower. The City has <br />no financial or legal liability for the project or repayment of the bonds and does not constitute any <br />type of indebtedness for the City. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 - Community Health, Livability, <br />Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />The California Municipal Finance Authority shares 25 percent of all issuance fees directly with its <br />member communities. With respect to the City of Santa Ana, it is expected that 25% of the <br />issuance fee will be granted by the Authority to the general fund of the City. Such grant may be <br />used for any lawful purpose of the City. The Borrower will be the beneficiary of the Authority's <br />charitable donation through a 25% reduction in issuance fees. Staff esitmates the City's share <br />may be $2,000, however the final amount depends on the final fees.Upon receipt, the funds will <br />be deposited to the Miscellaneous Revenues, Miscellaneous Recoveries Revenue Account (no. <br />01102002- 57010). <br />Robert C. Cortez -- <br />Deputy City Manager <br />Community Development Agency <br />Exhibits: 1. Resolution <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />75A -2 <br />