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HomeMy WebLinkAbout87-088RESOLUTION NO. 87-88 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING A SITE LEASE BY AND BETWEEN THE CITY OF SANTA ANA AND THE ORANGE COUNTY PUBLIC FACILITIES CORPORATION AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the Orange County Public Facilities Corporation (the "Corporation") is a nonprofit public benefit corporation orga- nized and existing under the laws of the State of California with the authority to assist the County of Orange (the "County") in the financing of public facilities; and WHEREAS, the County has proposed that the Corporation assist the County in the financing of the acquisition, construction and installation of facilities for the off-street parking of motor vehicles (the "Projects") to be located at or near the location of the real property designated as "Site 1" and "Site 2" on Exhibit A attached hereto (the "Exhibit A Property"); and WHEREAS, pursuant to the Civic Center Lease by and between the city of Santa Aha (the "City") and the Orange County civic Center Authority (the "CCA"), dated as of May 10, 1966, the CCA presently leases a portion of the Exhibit A Property to the City; and WHEREAS, it has been proposed that. the City lease said por- tion of the Exhibit A Property (the "City Property") to the Corporation pursuant to a Site Lease, dated as of December 1, 1987, by and between the City and the Corporation (the "City Site Lease"), which will grant to the Corporation the right to the use and occu- pancy of the City Property for a term not to exceed 55 years, the form of which City Site Lease has been provided to this city Council; and WHEREAS, pursuant to the City Site Lease, the Corporation shall use the City Property solely for the purpose of acquiring, con- structing and installing thereon the Projects; and WHEREAS, it has been proposed that the County lease the Projects from the Corporation pursuant to a Parking Facilities Lease Agreement, dated as of December 1, 1987, by and between the County and the Corporation (the "Facilities Lease"), pursuant to which the County will agree to lease the Projects, for a term not to exceed 55 years, from the Corporation and to pay certain lease payments (the "Lease Payments") in connection therewith; and the Interest Components of Lease Payments to be established by the Facilities Lease will be based on interest rates not to exceed 12% per annum; and s0 .u oH Ho. 8?-88 4!$PA E WHEREAS, the Corporation and the County have determined that it would be in the best interests of the Corporation, the County and the citizens of the community to authorize, pursuant to the Trust Agreement, dated as of December 1, 1987, by and among the Corporation, Bank of America National Trust and Savings Association (the "Trustee") and the County (the "Trust Agreement"), the prepara- tion, execution, sale and delivery of Certificates of Participation in an aggregate amount not to exceed $35,000,000 (the "Series 1987 Certificates"), which Series 1987 Certificates represent direct and proportionate interests in the Principal Components and Interest Components of the Lease Payments; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The City Site Lease presented at this meeting is approved. The Mayor or his designee is authorized and directed for and in the name of the City to execute said agreement. The Mayor or his designee is hereby authorized and directed to execute, acknowl- edge and deliver any and all documents and do any and all things which they may deem necessary or advisable to consummate the transac- tions contemplated by the City Site Lease and this Resolution. The agreement shall be executed in substantially the form hereby approved, with such additions thereto and changes therein as are con- sistent with this Resolution and thelimits prescribed herein and are recommended or approved by Special Counsel for the Series 1987 Certificates financing and approved by such officers, such approval to be conclusively evidenced by the execution and delivery thereof. 2. The City Council hereby authorizes the appropriate officers of the City, for and on behalf of the City, to execute and deliver any and all documents which they may deem necessary and advisable in order to consummate the sale and delivery of the Series 1987 Certificates and otherwise effectuate the purposes of this Resolution, and such actions previously taken by such officers are hereby ratified and confirmed. PAGE THREE 3. This Resolution date of adoption. ADOPTED this 16th shall take effect from and after its day of November , 1987. ATTEST'. ~e C. Guy Clerk of the Council COUNCILMEMBERS: Young Aye McGuigan Ay~ Acosta Griset Hart May Aye Pul ido Aye APPROVED AS TO FORM: er