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HomeMy WebLinkAbout2008-070 - An Aggregate Princi[al Amount Not to Exceed $8,000,000 for the Purpose of Financing the Aquisition jwf 9/09/2008 RESOLUTION NO. 2008-070 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY VARIABLE RATE DEMAND REVENUE BONDS (GOODWILL INDUSTRIES OF ORANGE COUNTY, CALIFORNIA), SERIES 2008 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO 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. Goodwill Industries of Orange County, California, a nonprofit public benefit corporation and an organization described in Section 501 (c)(3) of the Internal Revenue Code of 1986 (the "Borrower"), has requested that the California Municipal Finance Authority (the "Authority") participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $8,000,000 (the "Bonds") for (a) the acquisition, construction, improvement and equipping of a 28,502 square foot industrial property located at 1601 East SI. Andrew Place, Santa Ana, California to accommodate a fitness center to serve persons with disabilities, facilities to train disabled persons in the use of assistive technology, facilities for document destruction to be operated by Landmark Services, Inc. ("Landmark") and/or for other purposes of Borrower, collectively accounting for no more than $7,250,000 of proceeds of the Bonds, (b) certain leasehold improvements, fixtures, and equipment at the Borrower's retail store facility located at 3021 West Lincoln Avenue, Anaheim, California, accounting for no more than $710,000 of proceeds of the Bonds, and (c) certain building improvements at the Borrower's administrative offices located at 410 North Fairview Street, Santa Ana, California, accounting for no more than $100,000 of proceeds of the Bonds, (collectively, the "Project") to be owned and operated by the Borrower and portions of which will be located within the City of Santa Ana (the "City"); and B. Pursuant to Section 147(1) of the Internal Revenue Code of 1986 (the "Code"), the issuance of the Bonds by the Authority must be approved by Resolution No. 2008-070 Page 1 of 3 the City because a portion of the Project is to be located within the territorial limits of the City; and C. The City Council of the City (the "City Council") is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section 147(f) of the Code; and D. The Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among certain local agencies, including the City; and E. Pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over a portion of the area in which the Project is to be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement. Section 3. The adoption of this Resolution shall not obligate the City or any department thereof to: (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connaction with any planning approval, permit or other action necessary for the acquisition, rehabilitation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. Section 4. The City Manager, the Director of Finance and Management Services, the Clerk of the Council and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of this Resolution and the transactions herein authorized. Section 5. 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. Resolution No. 2008-070 Page 2 of 3 ADOPTED this 6th day of October, 2008. APPROVED AS TO FORM: By: J ," AYES: Council members: 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. 2008-070 to be the original resolution adopted by the City Council of the City of Santa Ana on October, 2008. Date /,y",,~g _ ~;_:.. :I;/-~ ( ~ealY U Clerk of the Council City of Santa Ana Resolution No. 2008-070 Page 3 of 3