HomeMy WebLinkAbout2007-086 - Delivery of a Certificate Purchase Agreement
JWF 11/19/2007
RESOLUTION NO. 2007-086
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE EXECUTION AND
DELIVERY OF A CERTIFICATE PURCHASE AGREEMENT
AND AUTHORIZING THE DISTRIBUTION ON AN OFFICIAL
STATEMENT IN CONNECTION WITH THE OFFERING AND
SALE OF SUCH CERTIFICATES, AND OTHER MATTERS
RELATING THERETO, AND RATIFYING ACTION
PREVIOUSLY TAKEN OR APPROVED TO BE TAKEN,
INCLUDING THE EXECUTION AND DELIVERY OF AN
INSTALLMENT SALE AGREEMENT AND THE EXECUTION
AND DELIVERY OF CITY OF SANTA ANA, CALIFORNIA, GAS
TAX REVENUE CERTIFICATES OF PARTICIPATION (2007
LOCAL STREET IMPROVEMENT PROJECT) PURSUANT TO
A TRUST AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. The Santa Ana Financing Authority (the "Authority") is empowered to
assist the City of Santa Ana (the "City") in financing certain public capital
improvements pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of
the Government Code of the State of California and pursuant to that
certain Joint Exercise of Powers Agreement by and between the City of
Santa Ana and the Community Redevelopment Agency of the City of
Santa Ana, dated August 1, 1993;
B. The City has previously determined, pursuant to Resolution No. 2007-062,
adopted by the City Council of the City on August 20, 2007 (the "Initial City
Resolution"), to enter into a 2007 Installment Sale Agreement with the
Authority, (the "Installment Sale Agreement") in order to apply certain
motor vehicle fuel tax revenues received by the City to acquire certain
public capital improvements consisting of street resurfacing and related
improvements (as more fully described in the Installment Sale Agreement)
for the benefit of the City in accordance with Article XIX, Section 1 of the
California Constitution (collectively, the "Street Improvement Project");
C. In order to provide for the delivery of the City of Santa Ana, California, Gas
Tax Revenue Certificates of Participation (2007 Local Street Improvement
Project) (the "Certificates") and to establish and declare the terms and
conditions upon which the Certificates are to be executed and delivered
and secured, the Authority, pursuant to Resolution No. SAFA-2007-002,
Resolution No. 2007-086
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has previously determined to enter into a Trust Agreement with The Bank
of New York Trust Company, NA (the "Trust Agreement");
D. E.J. De La Rosa & Co., Inc., as underwriter (the "Underwriter"), has
submitted to the City and the Authority a proposed form of an agreement
to purchase the Certificates in the form of a Certificate Purchase
Agreement (the "Certificate Purchase Agreement");
E. A form of the Preliminary Official Statement (the "Preliminary Official
Statement") to be distributed in connection with the public offering of the
Certificates has been prepared; and
F. All acts, conditions and things required by the laws of the State of
California and the City Charter of the City to exist, to have happened and
to have been performed precedent to and in connection with the
consummation of such financing authorized hereby do exist, have
happened and have been performed in regular and due time, form and
manner as required by law, and the City is now duly authorized and
empowered, pursuant to each and every requirement of law, to
consummate such financing for the purpose, in the manner and upon the
terms herein provided;
Section 2. The form of Certificate Purchase Agreement, on file with the Clerk
of the Council, is hereby approved, and the City Manager, the City Attorney, the Clerk of
the Council, the City Treasurer and the Executive Director of Finance and Management
Services of the City (the "Authorized Officers") are each hereby authorized and directed,
for and in the name and on behalf of the City, to execute and deliver the Certificate
Purchase Agreement in substantially said form, with such changes therein as the
Authorized Officer executing the same may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof; provided, however, that
the aggregate amount of the Certificates shall not exceed $70,000,000, the final
maturity date of the Certificates shall be no later than January 1, 2040, the true interest
cost applicable to the Certificates shall not exceed 6.00% per annum and the
underwriter's discount for the sale of the Certificates shall not exceed 1.0% of the
aggregate principal amount of such Certificates.
Section 3. The execution and delivery of the Certificates, on the terms and
conditions set forth in, and subject to the limitations specified in, the Trust Agreement, is
hereby authorized and approved. The Certificates shall be dated, shall bear interest at
the rates, shall mature on the dates, shall be subject to call and redemption, shall be
issued in the form and shall be as otherwise provided in the Trust Agreement, as the
same shall be completed as provided in this Resolution.
Section 4. The form of Preliminary Official Statement, on file with the Clerk of
the Council, with such changes, insertions and omissions therein as may be approved
by an Authorized Officer, is hereby approved, and the use of the Preliminary Official
Statement in connection with the offering and sale of the Certificates is hereby
authorized and approved. The Authorized Officers are each hereby authorized to certify
on behalf of the City that the Preliminary Official Statement is deemed final as of its
Resolution No. 2007-086
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date, within the meaning of Rule 15c2-12 promulgated under the Securities Exchange
Act of 1934 (except for the omission of certain final pricing, rating and related
information as permitted by such Rule).
Section 5. The preparation and delivery of an Official Statement, and its use in
connection with the offering and sale of the Certificates, is hereby authorized and
approved. The Official Statement shall be in substantially the form of the Preliminary
Official Statement with such changes, insertions and omissions as may be approved by
an Authorized Officer, such approval to be conclusively evidenced by the execution and
delivery thereof. The Authorized Officers are each hereby authorized and directed, for
and in the name of and on behalf of the City, to execute the final Official Statement and
any amendment or supplement thereto for and in the name and on behalf of the City.
Section 6. The Authorized Officers and other officers, employees and agents
of the City are hereby authorized and directed, jointly and severally, to do any and all
things which they may deem necessary or advisable in order to consummate the
transactions herein authorized and otherwise to carry out, give effect to and comply with
the terms and intent of this Resolution.
Section 7. All of the findings, terms and provisions of the Initial City Resolution
are hereby ratified, confirmed and approved.
Section 8. All actions heretofore taken by the various officers, employees and
agents of the City with respect to the transactions set forth above are hereby approved,
confirmed and ratified.
Section 9. 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.
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(
ADOPTED this 3rd day of December, 2007
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Resolution No. 2007-086
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AYES: Councilmembers: Alvarez. Benavides. Bustamante. Martinez.
Pulido. Sarmiento, Tinaiero. (7)
NOES: Councilmembers: None, (0)
ABSTAIN: 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. 2007-086 to be the original resolution adopted by the City
Council of the City of Santa Ana on December 3 , 2007.
Date:
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Patricia E. Healy
Clerk of the Council
City of Santa Ana
Resolution No. 2007-086
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