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HomeMy WebLinkAbout2005-062 - Directing the Execution of Certain Lease Financing Documents . . . RESOLUTION NO. 2005-062 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING AND DIRECTING THE EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council (the "Council") of the City of Santa Ana (the "City") hereby finds, determines and declares as follows: A. The City proposes to finance the costs of the construction of a parking structure on City-owned property located adjacent to the proposed State Appellate Court Building in Santa Ana, California (the "Improvements"); B. The City has determined to finance the Improvements by entering into a site lease (the "Site Lease") and a lease agreement (the "Lease Agreement") with the Santa Ana Financing Authority (the "Authority"); C. The Authority intends to assign its rights under the Site Lease and the Lease Agreement to one or more purchasers to be determined; D. It is in the public interest and for the public benefit that the City authorize and direct execution of the Site Lease and the Lease Agreement with the Authority and certain other financing documents in connection therewith; and E. The documents below specified have been filed with the City and the members of the Council, with the aid of its staff, shall review said documents; Section 2. Resolution No. 2005-020, previously adopted by the Council on February 7, 2005, relating to the financing of the Improvements is hereby rescinded. Section 3. The below-enumerated documents be and are hereby approved, and the Mayor, the City Manager, the Finance Director, or the designee of any such official, is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, and the City Clerk is hereby authorized and directed to attest to such official's signature: Resolution No. 2005-062 Page 1 of 3 A. The Site Lease, by and between the City, as lessor, and the Authority, as lessee, pursuant to which the City will lease certain real property (the "Site") to the Authority; B. The Lease Agreement, by and between the Authority, as lessor, and the City, as lessee, pursuant to which the Authority will lease the Site and the Improvements back to the City, in such principal amount as shall be required to finance the Improvements, so long as the term of the Lease Agreement does not exceed thirty years, the total cost of the Improvements does not exceed $6,000,000 and the interest rate payable with respect to the Lease Agreement does not exceed 5%; and C. A reimbursement agreement, by and between the City and the Community Redevelopment Agency of the City of Santa Ana (the "Agency"), pursuant to which the Agency will agree to reimburse the City for payments made by the City under the Lease Agreement, to the extent such amounts are available. Section 3. The firm of Northcross Hill & Ach Inc. is hereby retained as financial advisor to the City in connection with the lease financing approve by this resolution. The Mayor, the City Manager, the Finance Director, or the designee of any such official, is authorized to execute a financial advisory agreement with such firm in such form as shall be approved by the City Attorney. Section 4. The firm of Quint & Thimmig LLP is hereby retained as bond counsel to the City in connection with the lease financing approve by this resolution. The Mayor, the City Manager, the Finance Director, or the designee of any such official, is authorized to execute a financial advisory agreement with such firm in such form as shall be approved by the City Attorney. Section 5. The Mayor, the City Manager, the Finance Director, the City Clerk and all other appropriate officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to effect the purposes of this resolution and the financing herein authorized. Section 6. This Resolution shall take effect upon its adoption by this Council. ADOPTED this 20th day of June, 2005. Resolution No. 2005-062 Page 2 of 3 . . . APPROVED AS TO FORM: Joseph W. Fletcher, City Attorney J -' /1 /i/ / .-'// _,........ r rfr'/ I{ " , . {; / Councilmembers: Alvarez. Bist. Bustamante. Christy. Garcia. Pulido. Solorio (7) -.._, '",-/ 1 v AYES: NOES: ABSTAIN: Councilmembers: None (0) Councilmembers: None (0) NOT PRESENT: Councilmembers: None (0) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2005-062 to be the original resolution adopted by the City Co",o' ofth, C"" of S,"" Aoo 00 J"" 20, 20:5. ;.',', / ' ,.7 Date: ? A-Z;/p ~ 1:~~'CL~_/~er / / Clerk of the Council City of Santa Ana Resolution No. 2005-062 Page 3 of 3