55A - RESO SCE STREET LIGHTS - Laserfiche WebLink

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Public Utilities Commission (CPUC) and subject to financing approved by the City Council. F. The CPUC approved the Purchase and Sale Agreement in November 2017. G. To provide funding for the purchase of the Streetlights System, it is proposed that the City enter into an eleven -year financing agreement with Holman Capital Corporation in an amount not to exceed $8,608,053, which sum includes principal and Interest costs. H. In addition to providing funding for the Streetlights System, the proposed financing agreement with Holman Capital Corporation will provide funding for: the purchase and installation of energy efficient LED lighting for the streetlights by Siemens, Inc.; the installation of lighting in under -lit areas; a reserve contingency; a master plan for fiber optics; the installation of metering and controls; and the documentation fee for the financing agreement. Agreements for these additional components will be approved and entered into separately. I. City staff issued a Request for Qualifications on March 1, 2018 from several financial firms to provide the necessary funding for the Streetlights System. Holman Capital Corporation was selected on the basis of the lowest Interest rate. Holman Capital specializes in financing the equipment, infrastructure, and facilities of state and local governments, educational institutions, and healthcare providers nationwide. Section 2. The City Council of the City of Santa Ana hereby authorizes the City Manager or Executive Director of Finance to enter into an eleven year financing agreement with Holman Capital Corporation, in an amount not to exceed $8,608,053 (including principal and interest), to provide funding for the City's purchase of the Streetlights System from Southern California Edison pursuant to the Purchase and Sale Agreement previously approved by the City Council on April 4, 2017, which funding shall include the purchase and installation of LED lighting and the related projects described above. The City Manager or Executive Director of Finance is also authorized to execute any documents or make any assurances that are necessary as part of the financing agreement. Section 3. This Resolution shall take effect immediately upon its adoption by the City Council, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. ADOPTED this day of April, 2018. Resolution No. 2018 -XXX Page 2 of 3 Miguel A. Pulido Mayor 55A-166