HomeMy WebLinkAbout72-098RESOLUTION 72-98
A I~ESOLUTION OF THE CITY COUNCIL OF SANTA ANA
REQUESTING THE CIVIC CENTER AUTHORITY TO
AUTHORIZE A PROGRAM OF REFINANCING BONDS SOLD
FOR THE CONSTRUCTION OF THE CITY HALL PROJECT
WHEREAS, the Orange County Civic Center Authority was created
as a public agency under the laws of the State of California on
January 17, 1966; and through a Joint Exercise of Powers Agreement
between the County of Orange and the City of Santa Ana;
WHEREAS, the Civic Center Authority was formed to help finance
construction of a County and City Civic Center located in Santa Ana;
and
WHEREAS: the Civic Center Authority authorized the sale of
$5,470,000 of revenue bonds in 1970 for the construction of a City
Hall, City Council Chambers, and addition to the Police facility; and
WHEREAS: the City, as agent for the Civic Center Authority,
will construct the City Hall project and the Joint Powers Agreement
provides that, a) the cost will be paid from revenue bonds issued
by the Authority, b) the City will upon its completion, lease the
facility from the Authority under terms provided in the City Hall
lease, and c) upon termination of the agreement or the retirement of
all revenue bonds of the Authority, the City Hall facility and land
provided by the City will automatically vest in the City; and
WHEREAS: a number of factors have converged to put downward
pressure on interest rates over the past two months, which factors
are not likely to be repeated and in fact may reverse; and
W~EREAS: Stone & Youngberg, Financing Consultants for the
bonds, pursuant to a request from a member of the Orange County
Board of Supervisors, indicates that through a method of arbitrage
there can be a substantial net interest savings after refinancing
fees, bond council fees, financial consultants fees and fees to the
trustee for the refinanced bonds;
NOW THEREFORE, BE IT RESOLVED: that the City Council of the City
of Santa Ana requests that the Orange County Civic Center Authority
authorize Stone & Youngberg to proceed with a program of refinancing
the bond issue in an amount equivalent to $3,410,000 plus premium.
PASS AND ADOPTED by the City Council of the City of Santa Ana
at its regular meeting held on the 5th day of September, 1972.
ATTEST:
MAYOR
CLERK OF THE COUNCIL
STATE OF CALIFOP~NIA)
COUNTY OF ORANGE )
CITY OF SANTA ANA )
ss
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I, Florence I. Malone, do hereby certify that I am the
Clerk of the Council of the City of Santa Ana; that the fore-
going Resolution was introduced to said Council at its regular
meeting held on the 5th day of September , 1972,
and was at said meeting passed and adopted by the following vote,
to wit:
AYES,
COUNCILMEN: Patterson, Herrin, Evans, Griset~ Yamamoto,
Markel
NOE, COUNCILMEN: None
ABSENT, COUNCILMEN: Villa
CLERK OF THE COUNCIL
APPROVED AS TO FORM:
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