HomeMy WebLinkAbout2014-002 SAFARESOLUTION NO. 2014 -002
A RESOLUTION OF THE SANTA ANA FINANCING
AUTHORITY APPROVING AN AMENDMENT TO THE
LEASE AGREEMENT RELATING TO THE FINANCING
AND REFINANCING OF THE PARKING STRUCTURE
ADJACENT TO THE STATE APPELLATE COURT
BUILDING IN SANTA ANA, CALIFORNIA, APPROVING
FORM AND AUTHORIZING EXECUTION OF RELATED
DOCUMENTS AND APPROVING OFFICIAL ACTIONS
BE IT RESOLVED BY THE BOARD OF DIRECTORS (THE 'BOARD ") OF THE
SANTA ANA FINANCING AUTHORITY (THE "AUTHORITY "), AS FOLLOWS:
WHEREAS, the City of Santa Ana (the "City ") entered into transactions with the
Authority in 2007 to finance and refinance the construction of a parking structure
adjacent to the State Appellate Court Building in Santa Ana, California (the "Project');
WHEREAS, in connection with the financing of the Project, the City entered into
the Lease Agreement, with the original principal amount of $8,470,000;
WHEREAS, lease payments made by the City under the Lease Agreement were
assigned by the Authority to All Points Public Funding, LLC, now known as Capital One
Public Funding, LLC (the "Assignee "), as investor; and
WHEREAS, the Assignee has agreed to reduce the interest component of lease
payments made under the Lease Agreement to 3.60% from 4.78191203% and to
remove the prepayment premium in the event of a prepayment of the principal
component of lease payments by the City;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. Findings and Determinations. The Authority hereby finds and
determines that the foregoing recitals are true and correct.
Section 2. Approval of First Amendment to Lease Agreement. The Authority
hereby approves a first amendment to the Lease Agreement, amending and
supplementing the Lease Agreement, in the form on file with the Secretary (the "First
Amendment'), together with such additions thereto and changes therein as the Chair,
the Executive Director or the Treasurer, or any designee thereof (the "Designated
Officers ") shall deem necessary, desirable or appropriate, the execution of which shall
be conclusive evidence of the approval of any such additions and changes. The
Designated Officers, each acting alone, are hereby authorized and directed to execute,
and the Authority is hereby authorized and directed to attest to, the final form of the First
SAFA Resolution No. 2014 -002
Page 1 of 3
Amendment for and in the name and on behalf of the Authority. The Board hereby
authorizes the delivery and performance of the First Amendment.
Section 3. Official Actions. The Chair, Executive Director, Treasurer, and all other
appropriate officials of the Authority, are hereby authorized and directed to execute
such other agreements, documents and certificates and to take such other actions as
may be necessary to effect the purposes of this resolution and the financing herein
authorized.
Section 4. Effective Date. This Resolution shall take effect upon its adoption by
the Board.
PASSED AND ADOPTED by the Board of Directors of the Santa Ana Financing
Authority this 3rd day of June, 2014, by the following vote:
SP
0
APPROVED AS TO FORM:
Sonia R. Carvalho, General Counsel
By:
J Sandoval,
sistant General Counsel
SAFA Resolution No. 2014 -002
Page 2 of 3
AYES Authority members: Amezcua, Benavides, Reyna, Pulido. Tinaiero (5)
NOES: Authority members: None (0)
ABSTAIN: Authority members: None (0)
NOT PRESENT: Authority members: Martinez, Sarmiento (2)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Secretary to the Board, do hereby attest to and certify that the
attached Resolution No. 2014 -002 to be the original resolution adopted by the Santa
Ana Financing Authority on June 3, 2014.
Date: 4-1 A (",;zo/ c/
lL 7GL %W-( rfi -i t
Maria D. Huizar,
Secretary to the Board
SAFA Resolution No. 2014 -002
Page 3 of 3