Laserfiche WebLink
jmf 3/26/18 <br />RESOLUTION NO. 2018-022 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA <br />ANA AUTHORIZING THE CITY MANAGER OR EXECUTIVE <br />DIRECTOR OF FINANCE TO ENTER INTO AN ELEVEN YEAR <br />FINANCING AGREEMENT WITH HOLMAN CAPITAL <br />CORPORATION FOR FUNDING OF THE CITY'S ACQUISITION <br />AND UPGRADES OF THE STREETLIGHTS SYSTEM FROM <br />SOUTHERN CALIFORNIA EDISON PURSUANT TO THE <br />PURCHASE AND SALE AGREEMENT BETWEEN THE CITY AND <br />SCE AS APPROVED BY THE CITY COUNCIL ON APRIL 4, 2017 <br />AND SUBSEQUENTLY APPROVED BY THE CALIFORNIA PUBLIC <br />UTILITIES COMMISSION <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. Southern California Edison ("SCE") recently altered its longstanding corporate <br />policy with respect to the streetlight system by making SCE -owned streetlights <br />available for purchase by local governments. <br />B. SCE currently owns approximately 11,373 high pressure sodium streetlights <br />throughout the City of Santa Ana, of which approximately 7,800 have been made <br />available for purchase by the City ("Streetlights System"). <br />C. The energy and maintenance costs will be substantially reduced by <br />approximately $900,000 per year, the savings of which will be leveraged to finance <br />the acquisition and system upgrade. <br />D. Operation and ownership of the streetlights by the City will result in many <br />benefits including: <br />o Conversion to energy efficient Light -Emitting Diode (LED) fixtures <br />o Improving the environment <br />o Providing faster street lighting service calls <br />o Improving lighting levels and safety <br />o Red:,'c,ng energy cost to the rity <br />o Providing greater street lighting system reliability <br />o Reducing maintenance costs <br />E. On April 4, 2017, the City Council approved the Purchase and Sale Agreement <br />to purchase the SCE -owned streetlights, subject to approval by the California <br />Public Utilities Commission (CPUC) and subject to financing approved by the City <br />Council. <br />Resolution No. 2018-022 <br />Page 1 of 3 <br />