HomeMy WebLinkAbout2010-039 - Connection With the Proposed Financing of Public Parking FacilitiesJF 720/10
RESOLUTION NO. 2010-039
RESOLUTION AUTHORIZING THE COMMENCEMENT OF
PROCEEDINGS IN CONNECTION WITH THE PROPOSED
FINANCING OF PUBLIC PARKING FACILITIES, WATER
INFRASTRUCTURE AND OTHER PUBLICLY-OWNED
CAPITAL IMPROVEMENTS, EXPRESSING OFFICIAL
INTENT REGARDING CERTAIN CAPITAL
EXPENDITURES TO BE REIMBURSED WITH PROCEEDS
OF OBLIGATIONS AND RETAINING A FINANCIAL
ADVISOR, AN UNDERWRITER, BOND COUNSEL AND
DISCLOSURE COUNSEL
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 City, or another entity of the City, proposes to issue obligations, which
may be in the form of Recovery Zone Economic Development Bonds
authorized by the American Recovery and Reinvestment Act pursuant to
which the City has received an allocation of $5,872,000 (the
"Obligations"), to finance improvements to various public parking facilities,
water infrastructure and other publicly-owned capital improvements (the
"Project");
B. Capital expenditures relating to the Project (the "Expenditures") have been
paid not more than 60 days prior to the adoption of this Resolution or will
be paid on or after the adoption of this Resolution but prior to the issuance
of the Obligations;
C. The City or such other entity of the City reasonably expects to reimburse
itself for the Expenditures with the proceeds of the Obligations; and
D. it is appropriate that the Council formally authorize the commence of
proceedings to finance the Project and to appoint a financial advisor, an
underwriter, bond counsel and disclosure counsel in connection with the
Obligations;
Section 2. The Council authorizes City staff to commence proceeding for the
issuance of the Obligations.
Resolution No. 2010-039
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Section 3. The City or such other entity of the City reasonably expects to reimburse
all or a portion of the Expenditures with the proceeds of the Obligations.
Section 4. The maximum principal amount of the Obligations is $6,000,000.
Section 5. This Resolution is a declaration of official intent to reimburse
expenditures pursuant to Treasury Regulations Section 1.150-2.
Section 5. CSG Advisors, Incorporated, San Francisco, is hereby designated as
financial advisor in connection with the issuance of the Obligations.
Section 6. Stone & Youngberg LLC, San Francisco, Califomia, is hereby
designated as underwriter in connection with issuance of the Obligations.
Section 7. Quint & Thimmig LLP, San Francisco, California, is hereby designated
as bond counsel and disclosure counsel in connection with issuance of the Obligations.
Section 8. All actions of the officers, agents and employees of the City that are in
conformity with the purposes and intent of this Resolution taken before the adoption hereof
are hereby ratified, confirmed and adopted.
Section 9. Adoption of this resolution does not constitute a final approval of the
Obligations. Such approval shall require subsequent action by the Council or by the
governing board of such other City entity issuing the Obligations, including a review and
approval of any financing documents prepared in connection therewith.
Section 10. Appropriate officers and officials of the City are hereby authorized and
directed to take such action and to execute such documents as may be necessary or
desirable to effectuate the intent of this resolution.
Section 11. This Resolution shall be in full force and effect immediately upon its
adoption.
Section 12. 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.
ADOPTED this 2nd day of Au ust, 2010.
Resolution No. 2010-039
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AYES: Councilmembers: Alvarez, Benavides, Bustamante, Martinez,
Sarmiento, Tinaiero, Pulido (7)
NOES: Councilmembers: None (0)
ABSTAIN: Councilmembers: None 0
NOT PRESENT: Councilmembers: None (0
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached
Resolution No. 2010-039 to be the original resolution adopted by the City Council of the
City of Santa Ana on August, 2010.
Date: ~~y ~i~~ ~GLi~-> •~ ~;~
Clerk of the Council
City of Santa Ana
Resolution No. 2010-039
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