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RESOLUTION NO. SAEC 2009-01 <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />SANTA ANA EMPOWERMENT CORPORATION TO <br />APPROVE ALL ACTIONS REQUIRED OR NECESSARY TO <br />DISSOLVE THE CORPORATION <br />THE BOARD OF DIRECTORS OF THE SANTA ANA EMPOWERMENT <br />CORPORATION HEREBY RESOLVES, DETERMINES, AND DECLARES AS <br />FOLLOWS: <br />WHEREAS, the Santa Ana Empowerment Corporation was incorporated ten (10) <br />years ago at the direction of the City Council of the City of Santa Ana to expend federal <br />monies received pursuant to the City's designation as a Round II Urban Empowerment <br />Zone; and <br />WHEREAS, the federal government has concluded that no additional monies will <br />be appropriated for Round II Urban Empowerment Zones; and <br />WHEREAS, the Board of Directors has expended virtually all monies <br />• appropriated by the federal government under the Round II Urban Empowerment Zone <br />program; and <br />WHEREAS, the Board of Directors has previously voted to dissolve the Santa <br />Ana Empowerment Corporation; and <br />WHEREAS, the Article of Incorporation of the Santa Ana Empowerment <br />Corporation states: "On the winding up and dissolution of this corporation, after paying <br />or adequately providing for the debts, obligations, and liabilities of the corporation, the <br />remaining assets of this corporation shall be distributed to such organization (or <br />organizations) organized and operated exclusively for charitable purposes which has <br />established its tax-exempt status under Internal Revenue Code section 501(c)(3) or the <br />corresponding provision of any future United States internal revenue law, and which has <br />established its tax-exempt status under Revenue and Taxation Code section 23701d or the <br />corresponding section of any future California revenue and tax law, including but not <br />limited to a local government. This organization shall be the City of Santa Ana, a charter <br />city, if it qualifies as a distributee under the terms and conditions of this Article"; and <br />WHEREAS, at a prior meeting, the Board of Directors has determined to wind up <br />and dissolve the Santa Ana Empowerment Corporation and to name the City of Santa <br />Ana as the distribute referenced above; and <br />Resolution No. SAEC 2009-01 <br />Page 1 of 3 <br />