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HomeMy WebLinkAbout2010-054 - Series $25,000,000 for the Purpose of Financing the Acquisition• Iss11/2/10 RESOLUTION NO. 2010-054 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS (REGIONAL CENTER OF ORANGE COUNTY PROJECT), SERIES 2010 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF AN OFFICE BUILDING 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. Jake's LIFE, a California nonprofit public benefit corporation (the "Borrower"), has requested that the California Municipal Finance Authority • (the "Authority") participate in the issuance of revenue bonds, in one or more series and at one or more times, in an aggregate principal amount not to exceed $25,000,000 (the "Bonds"). The proceeds of the Bonds are to be loaned by the Authority to the Borrower (or any successor thereto or assign thereof), and applied by the Borrower for the purpose of financing the acquisition, rehabilitation, improvement and equipping of certain real property and improvements thereon (consisting of a building located within the City of Santa Ana (the "City") at 1525 North Tustin Avenue, Santa Ana, California 92705 and any immediately adjacent parcels thereto) and to pay certain expenses incurred in connection with the issuance of the Bonds (the "Project"). The principal tenant of the Project will be the Regional Center of Orange County, Inc. ("RCOC"), which will use the Project primarily in the furtherance of its charitable mission of coordinating services to individuals with developmental disabilities; and B. Pursuant to section 147(f) of the Internal Revenue Code of 1986 (the "Code"), the issuance of the Bonds by the Authority must be approved by the "applicable elected representatives" of the City because the Project is located within the territorial limits of the City; and C. The City Council of the City of Santa Ana (the "Council") is the elected legislative body of the City and so is the "applicable elected • representatives" qualified to hold a public hearing with respect to the issuance of the bonds; and Resolution No. 2010-054 Page 1 of 3 D. The Authority has requested that the Council approve the issuance of the Bonds by the Authority 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 Council has, following notice duly given, held a public hearing at which all interested persons were given an opportunity to be heard on all matters 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 for the purposes of financing the Project and related costs, and expenses of issuing the Bonds. It is the purpose and intent of the 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 the area in which the Project is located and (b) Section 4 of the Agreement. The Bonds may be issued in one or more series and at one time or at several times pursuant to a plan of financing for the Project. Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds. Section 4. 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 connection 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 5. 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, jointly and severally, to do any and all things and to execute and deliver any and all documents that they deem necessary or advisable in order to carry out, give effect to, and comply with the terms and intent of this resolution and the financing transaction approved hereby. Resolution No. 2010-054 Page 2 of 3 • Section 6. 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 15 day of November, 2010. • • APPROVED AS TO FORM: Joseph W. Fletcher, City Attorney By: ,: r , Lt .t c% ? ?? t9 Laura Sheedy Assistant City Attorney AYES: Councilmembers NOES: ABSTAIN Alvarez, Benavides, Bustamante, Martinez, Sarmiento, Tinaiero, Pulido (7) Councilmembers: None Councilmembers NOT PRESENT: Councilmembers None (0) 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. 2010-054 to be the original resolution adopted by the City Council of the City of Santa Ana on November 15, 2010. Date: l t 8 ?i Gt??? / Clerk of the Council City of Santa Ana Resolution No. 2010-054 Page 3 of 3