2017-072 - Approving the Issuance of the California Municipal Finance Authority Revenue Bonds

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RESOLUTION NO. 2017-072 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS (MATER DEI HIGH SCHOOL PROJECT) SERIES 2017A, IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $17,000,000, FOR THE PURPOSE OF FINANCING THE DESIGN, CONSTRUCTION AND IMPROVEMENT OF PARKING FACILITIES AND CERTAIN OTHER MATTERS PERTAINING THERETO WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, as amended (the "Act"), certain public agencies (the "Members") have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (as amended to date, the "Agreement") in order to form the California Municipal Finance Authority (the "Authority"), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; WHEREAS, the City of Santa Ana, California (the "City"), by City Council Resolution No. 2008-053 adopted on July 7, 2008, is a Member of the Authority; WHEREAS, The Roman Catholic Bishop of Orange, a corporation solely organized and existing under the laws of the State of California and described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Corporation"), has requested that the Authority participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $17,000,000 (the "Bonds") for the benefit of Mater Dei High School (the "School"), for (a) financing all or any portion of the costs of design, construction, installation, improvement, furnishing, and/or equipping of a new approximately 990 space parking structure (the "Parking Facility") on property owned or to be owned by the Borrower, on or adjacent to the School's campus at 1202 W. Edinger Avenue, Santa Ana, California 92707, for the use and benefit of the School, and (b) the payment of costs of issuance and certain interest with respect to the Bonds; WHEREAS, the Parking Facility is to be owned by the Corporation for the benefit of the School, will be operated by or on behalf of the School and will be located within the City; WHEREAS, the Corporation has requested the issuance of the Bonds in order to finance the Project to effect significant public benefits pursuant to the Act; and Resolution No. 2017-072 Page 1 of 3