HomeMy WebLinkAbout2014-030 - Approving An Amendment to the Lease AgreementRESOLUTION NO. 2014 -030
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA 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 CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
WHEREAS, the City entered into transactions with the Santa Ana Financing
Authority (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 City Council hereby finds and
determines that the foregoing recitals are true and correct.
Section 2. Approval of First Amendment to Lease Agreement. The City Council
hereby approves a first amendment to the Lease Agreement, amending and
supplementing the Lease Agreement, in the form on file with the Clerk of the Council
(the "First Amendment'), together with such additions thereto and changes therein as
the Mayor, the City Manager, the Executive Director of Finance, 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 City is hereby authorized and directed to attest to, the final
Resolution No. 2014 -030
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form of the First Amendment for and in the name and on behalf of the City. The City
Council hereby authorizes the delivery and performance of the First Amendment.
Section 3. Official Actions. The Mayor, the City Manager, the Executive Director
of Finance, the Clerk of the Council, and all other appropriate officials of the City, 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 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 3rd day of June, 2014.
APPROVED AS TO FORM:
Sonia R. Carvalho, City Attorney
By:
J,d§i Sandoval,
ief Assistant City Attorney
AYES: Councilmembers: Amezcua, Benavides, Reyna, Pulido, Tinajero (5)
NOES: Councilmembers: None (0)
ABSTAIN: Councilmembers:
NOT PRESENT: Councilmembers: Martinez, Sarmiento (2)
Resolution No. 2014 -030
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CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify that the
attached Resolution No. 2014 -030 to be the original resolution adopted by the City
Council of the City of Santa Ana on June 3, 2014.
Date:
Maria D. Huizar, ell
Clerk of the Council
Resolution No. 2014 -030
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