HomeMy WebLinkAboutACQUISITION TRANSPORT CORRIDORS
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RESOLUTION NO. 2004-034
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA SUPPORTING THE PROPOSED ACQUISITION OF
THE ASSETS OF THE SAN JOAQUIN HILLS TRANSPORTATION
CORRIDOR AGENCY AND THE FOOTHILL/EASTERN
TRANSPORTATION CORRIDOR AGENCY BY THE
TRANSPORTATION CORRIDOR SYSTEM
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. The San Joaquin Hills Transportation Corridor Agency ("SJHTCA") and
the Foothill/Eastern Transportation Corridor Agency ("F/ETCA") are joint powers
authorities form in 1985 by public entities in California pursuant to the provisions of
Article 1, Chapter 5, Division 7, Title 1 of the California Government Code, to plan,
finance, construct and operate Orange County's 57-mile public toll-road system.
B. As separate legal entities, elected officials appointed from the respective
member public entities served on the Board of Directors of each agency as the policy-
making bodies, setting direction on toll rate and fee structure, budgetary decisions, and
major operational, administrative and construction issues for each agency.
C. The City of Santa Ana is a party to the joint powers agreements for both
the SJHTCA and the F/ETCA and is a member public entity with a representative on the
Board of Directors of both of said agencies.
D. In early 2002, the SJHTCA and the F/ETCA (collectively referred to
hereinafter as "the agencies") began analyzing the feasibility of creating a single agency
to manage and operate the County's toll-road system.
E. In April 2003, the agencies created the Transportation Corridor System
("TCS"), a joint powers authority composed of the members of the two agencies to study
potential acquisition of the assets of the agencies.
F. The City of Santa Ana is a member of the TCS with a representative on
the Board of Directors.
G. Following nearly two years of comprehensive analysis, a proposed plan
has been prepared and presented to the agencies (the "recommended finance plan")
which identifies ways to establish long-term financial stability for the toll-road system.
Resolution No. 2004-034
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H. Key elements of the recommended finance plan include the proposed
issuance of approximately $3.9 billion in non-recourse toll-revenue bonds, including an
estimated $3.4 billion in Senior Lien Fixed-Rate Bonds and $475 million in Junior Lien
Fixed Rate Bonds which would be paid out of future toll revenues and development
impact fees.
I. In February 2004, the Boards of Directors of SJHTCA and F/ETCA
approved the sale of the assets of each of said agencies to the TCS pursuant to the
recommended finance plan.
J. On May 13, 2004, the Board of Directors of the TCS is scheduled to make
a decision regarding the proposed acquisition of the assets of the agencies.
Section 2: The City Council does hereby support the acquisition of the assets
of the San Joaquin Hills Transportation Corridor Agency and the Foothill/Eastern
Transportation Corridor Agency by the Transportation Corridor System pursuant to the
recommended finance plan
Section 3: This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this
day of
,2004.
Miguel A. Pulido
Mayor
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:
Benjarnin Kaufman
Chief Assistant City Attorney
Resolution No. 2004-034
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AYES:
Council members:
NOES:
Councilmembers:
ABSTAIN:
Council members:
NOT PRESENT:
Councilmembers:
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CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2004-034 to be the original resolution adopted by the City
Council of the City of Santa Ana on
Date:
Clerk of the Council
City of Santa Ana
Resolution No. 2004.034
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