HomeMy WebLinkAbout2003-002 SAFASAFA RESOLUTION NO. 2003-002
A RESOLUTION OF THE SANTA ANA FINANCING
AUTHORITY AUTHORIZING THE PURCHASE AND SALE
OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA SANTA ANA SOUTH MAIN
STREET REDEVELOPMENT PROJECT TAX
ALLOCATION BONDS, SERIES 2003A, AND SANTA ANA
SOUTH MAIN STREET REDEVELOPMENT PROJECT TAX
ALLOCATION REFUNDING BONDS, SERIES 2003B,
UPON CERTAIN TERMS AND CONDITIONS, APPROVING
DISTRIBUTION OF OFFICIAL STATEMENT RELATING
THERETO AND PROVIDING OTHER MATTERS
PROPERLY RELATING THERETO
bk:4/29/03
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SANTA ANA
FINANCING AUTHORITY AS FOLLOWS:
Section 1. The Board of Directors of tt~e Santa Ana Financing Authority
hereby finds, determines and declares as follows:
The City of Santa Ana (the "City") and the Community Redevelopment
Agency of the City of Santa Ana ("the Agency") entered into a Joint
Exercise of Powers Agreement (the "Agreement"), creating the Santa Ana
Financing Authority (the "Authority").
Pursuant to Article 4 of Chapter 5 of Division 7 of Title I of the
Government Code of the State of California' (the "Act') and the Agreement,
the Authority is authorized to purchase bonds issued by the Agency for
financing and refinancing public capital improvements°
Pursuant to the Act and the Agreement the Authority is further authorized
to sell bonds so purchased to public or private purchasers at public or
negotiated sale.
The Authority desires to purchase from the Agency its not to exceed
$25,000,000 aggregate principal amount of Community Redevelopment
Agency of the City of Santa Ana Santa Ana South Main Street Tax
Allocation Bonds, Series 2003A (the "Series A Bonds"), and its not to
exceed $39,000,000 aggregate principal amount of Community
Redevelopment Agency of the City of Santa Ana Santa Ana South Main
Street Tax Allocation Refunding Bonds, Series 2003B (which, together
with the Series 2003A Bonds, collectively referred to hereinafter as the
"Bonds"), solely from the proceeds received from the Authority's
concurrent sale of the Bonds to Salomon Smith Barney, Inc. (the
SAFA Resolution No. 2003-002
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"Underwriter") pursuant to a bond purchase agreement (the Purchase
Contract") by and among the Agency, the Authority and the Underwriter.
The Agency and the Underwriter have caused an Official Statement, in
preliminary form, relating to the Bonds (the "Official Statement") to be
submitted to the Authority for approval for distribution to purchasers of the
Bonds.
The Board of Directors, with the aid of its staff, has reviewed the Purchase
Contract and the preliminary Official Statement and wishes to approve
and confirm the foregoing, as well as the other matters set forth below, in
the public interests of, and for significant public benefits to, the Agency
and the City of Santa Ana.
Section 2. The proposed form of Purchase Contract on file with the Secretary of
the Authority is hereby approved. The Executive Director of the Authority (who is the
City Manager of the City), or his written designee, is authorized and directed, for and in
the name and on behalf of the Authority, to purchase the Bonds from the Agency and to
accept the offer of the Underwriter to purchase the Bonds from the Authority, subject to
the terms and conditions of the Purchase Contract, and to execute and deliver the
Purchase Contract to the Agency and the Underwriter; provided, however, that the
purchase of Bonds shall be not less than ninety-nine percent (99%) of the par amount
thereof, excluding any original issue discount on the Bonds.
Section 3. The Official Statement relating to the Bonds, together with such
amendments and supplements as shall be necessary or convenient to accurately
describe the Bonds in accordance with the Purchase Contract, this Resolution and the
other related proceedings and documents, is hereby approved for distribution to the
purchasers of the Bonds.
Section 4. The Chairperson, the Executive Director, the Secretary and the
General Counsel of the Authority and any and all other officers of the Authority are
hereby authorized and directed, for and in the name and on behalf of the Authority, to
do any and all things and take any and all actions, including execution and delivery of
any and all assignments, certificates, requisitions, agreements notices, consents, and
other documents, which they, or any of them, may deem necessary or advisable in
order to consummate the sale, issuance and delivery of the Bonds to the Underwriter
pursuant to the Purchase Contract.
Section 5. Effective Date. This Resolution shalrtake effect from and after the
date of its passage and adoption.
ADOPTED this 5th day of May, 2003.
SAFA Resolution No. 2003-002
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~1 A. PuJido '
/~nalr
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
BY~e
Ae~'ls~nt Gene~l Counsel
AYES:
NOES:
ABSENT:
ABSTAIN:
Authority members: Alvarez, Franklin, Garcia, Pulido, Solorio
Authority members: None (0)
Authority members: Bist, Christy (2)
Authority members: None (0)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Secretary of the Authority, do hereby attest to and certify the
attached Resolution No. 2003-002 to be the original resolution adopted by the Santa
Ana Financing Authority on May 5, 2003.
Date: ~:)---/~- ~-~ ...~.~/~-~T~,~~
Pat Healy, Secretary
Santa Ana Financing Authority
SAFA Resolution No. 2003-002
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