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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 15, 2010 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE BENEFIT OF <br />MATER DEI HIGH SCHOOL AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />1 <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 15' Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing considering the <br />issuance of tax exempt bond financing by the California Municipal Finance Authority on <br />behalf of The Roman Catholic Bishop of Orange, a corporation existing under the laws of the <br />State of California, and described in Section 501(c)(3) of the Internal Revenue Code of 1986, <br />for the benefit of Mater Dei High School to finance and refinance the acquisition, construction <br />and improvement of educational facilities located at their site in Santa Ana, California. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount <br />not to exceed $25,500,000 to finance and refinance the acquisition, construction and <br />improvement of educational facilities located at their sites in Santa Ana, California. <br />DISCUSSION <br />Mater Dei High School has been a prominent Catholic institution in Santa Ana since 1950. It is <br />recognized nationally as a premier high school with a current enrollment of 2,100 students. To <br />accommodate future growth and to upgrade and expand the existing infrastructure, Mater Dei <br />embarked on a capital campaign. <br />Mater Dei is seeking to refinance their existing debt and to purchase 19 parcels to expand their <br />current campus. Acquisition is to include all or a portion of the land located at the following <br />addresses: 1126, 1127, 1130, 1131, 1134 and 1138 W. Berkeley Street; 1126, 1127, <br />1130,1131,1134,1135, 1138, 1139 W. Occidental Street; and 1125, 1129, 1133 and 1137 W. <br />Saint Andrew Place; and 1201 W. Edinger Avenue. <br />Mater Dei High School has requested the assistance of the California Municipal Finance <br />Authority (Authority). The Authority, which was established in 2004, was formed to assist local <br />governments and non - profit organizations and businesses with the issuance of taxable and tax <br />75C -1 <br />