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jmf 3/26/18 RESOLUTION NO. 2018 -XXX A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE CITY MANAGER OR EXECUTIVE DIRECTOR OF FINANCE TO ENTER INTO AN ELEVEN YEAR FINANCING AGREEMENT WITH HOLMAN CAPITAL CORPORATION FOR FUNDING OF THE CITY'S ACQUISITION AND UPGRADES OF THE STREETLIGHTS SYSTEM FROM SOUTHERN CALIFORNIA EDISON PURSUANT TO THE PURCHASE AND SALE AGREEMENT BETWEEN THE CITY AND SCE AS APPROVED BY THE CITY COUNCIL ON APRIL 4, 2017 AND SUBSEQUENTLY APPROVED BYTHE CALIFORNIA PUBLIC UTILITIES COMMISSION 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. Southern California Edison ("SCE") recently altered its longstanding corporate policy with respect to the streetlight system by making SCE -owned streetlights available for purchase by local governments. B. SCE currently owns approximately 11,373 high pressure sodium streetlights throughout the City of Santa Ana, of which approximately 7,800 have been made available for purchase by the City ("Streetlights System"). C. The energy and maintenance costs will be substantially reduced by approximately $900,000 per year, the savings of which will be leveraged to finance the acquisition and system upgrade. D. Operation and ownership of the streetlights by the City will result in many benefits including: o Conversion to energy efficient Light -Emitting Diode (LED) fixtures o Improving the environment o Providing faster street lighting service calls o Improving lighting levels and safety o Reducing energy cost to the City o Providing greater street lighting system reliability o Reducing maintenance costs E. On April 4, 2017, the City Council approved the Purchase and Sale Agreement to purchase the SCE -owned streetlights, subject to approval by the California Resolution No. 2018 -XXX 55A-165 Page 1 of 3