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HomeMy WebLinkAbout2007-001 SAFA RESOLUTION NO. SA FA 2007-001 RESOLUTION APPROVING, AUTHORIZING AND DIRECTING PREPARATION AND EXECUTION OF CERTAIN lEASE FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO BE IT RESOLVED BY THE SANTA ANA FINANCING AUTHORITY AS FOllOWS: Section 1. The Board of Directors (the "Board") of the Santa Ana Financing Authority (the "Authority") finds, determines and declares as follows; A. The City of Santa Ana (the "City") proposes to finance the costs of the construction of a parking structure on City-owned property located adjacent to the proposed State Appellate Court Building in Santa Ana, California (the "Improvements"); B. In 2005, the City entered into a lease/leaseback transaction with the Authority to finance the Improvements and the City agreed to make lease payments to the Authority with a principal component of $5,970,000 and an interest component calculated at the rate of 4.71 % per annum; C. The Authority assigned its right to receive the lease payments to All Points Public Funding, llC ("All Points") which advanced the principal component of the lease payments to the City to finance the Improvements; D. The City experienced construction cost increases, utility undergrounding complications and other problems in connection with the Improvements and requires additional funds to complete the Improvements; E. The City approached All Points to finance the remaining amounts required for the Improvements and All Points agreed to do so on substantially the same terms as the original 2005 transaction; F. The City and All Points agreed that the City would prepay the 2005 lease agreement, with no prepayment penalty, and would enter into a new lease/leaseback transaction that would provide for the total amount required to finance the Improvements; G. The City has determined to enter into a new site lease (the "Site lease") and a new lease agreement (the "lease Agreement") with the Authority with a total principal component of not to exceed $8,470,000 and an interest component calculated at the rate of 4.78191 % per annum; Resolution No. SAFA 2007-001 Page 1 of 3 H. The Authority will assign its rights under the Site Lease and the Lease Agreement to All Points; I. It is in the public interest and for the public benefit that the Authority authorize and direct execution of the Site Lease and the Lease Agreement with the City and certain other financing documents in connection therewith; and J. The documents below specified shall be filed with the Authority and the members of the Board, with the aid of its staff, shall review said documents; Section 2. The below-enumerated documents, substantially in the forms on file with the Secretary, be and are hereby approved, and the Executive Director is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, and the Secretary is hereby authorized and directed to attest to such official's signature: A. A termination agreement, by and among the City, the Authority and All Points, terminating all documents relating to the 2005 lease/leaseback transaction; B. The Site Lease, by and between the City, as lessor, and the Authority, as lessee, pursuant to which the City will lease certain real property (the "Site") to the Authority; C. The Lease Agreement, by and between the Authority, as lessor, and the City, as lessee, pursuant to which the Authority will lease the Site and the Improvements back to the City; and D. ' An assignment agreement, by and between the Authority and the Assignee, pursuant to which the Authority will assign certain of its rights under the Lease Agreement, including its right to receive lease payments thereunder, to All Points. Section 3. The Executive Director, the Secretary and other officials of the Authority are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to effect the purposes of this resolution and the lease financing herein authorized. Section 4. This Resolution shall take effect upon its adoption by the Authority Board. ADOPTED this 5th day of March, 2007. Resolution No. SAFA 2007 -001 Page 2 of 3 APPRO \, ounsel i C AYES Alvarez, Benavides, Bustamante, Martinez, Pulido, Sarmiento, Tinaiero (7) NOES: Authoritymembers None (0) ABSTAIN: Authoritymembers None (0) NOT PRESENT: Authoritymembers 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. 2007-001 to be the original a resolution duly adopted by the Santa Ana Financing Authority on March 5, 2007. Date: 3;;';-/0 '7 . / (/-- ,~- Resolution No. SAFA 2007-001 Page 3 of 3