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HomeMy WebLinkAbout2007-002 SAFA JWF 8/13/07 RESOLUTION NO. SAFA- 2007-002 A RESOLUTION OF THE GOVERNING BOARD OF THE SANTA ANA FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY BY THE AUTHORITY OF AN INSTALLMENT SALE AGREEMENT AND A TRUST AGREEMENT IN CONNECTION WITH THE EXECUTION AND DELIVERY OF CITY OF SANTA ANA (COUNTY OF ORANGE, CALIFORNIA) CERTIFICATES OF PARTICIPATION (2007 GAS TAX SECURED LOCAL STREET IMPROVEMENT PROJECT), AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH CERTIFICATES IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $70,000,000 AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS AND CERTIFICATES AND RELATED ACTIONS BE IT RESOLVED BY THE GOVERNING BOARD OF THE SANTA ANA FINANCING AUTHORITY AS FOLLOWS: Section 1. The Governing Board of the Santa Ana Financing Authority hereby finds, determines and declares as follows: A. The Santa Ana Financing Authority (the "Authority") is empowered to assist the City of Santa Ana (the "City") in financing certain public capital improvements pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California and pursuant to that certain Joint Exercise of Powers Agreement by and between the City of Santa Ana and the Community Redevelopment Agency of the City of Santa Ana, dated August 1, 1993; B. The City has determined to enter into a 2007 Installment Sale Agreement with the Authority, in the form presented to this meeting (with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Installment Sale Agreement") in order to apply certain motor vehicle fuel tax revenues received by the City to acquire certain public capital improvements consisting of street resurfacing and related improvements (as more fully described in the Installment Sale Agreement, the "Improvements") for the benefit of the City in accordance with Article XIX, Section 1 of the California Constitution (collectively, the "Street Improvement Project"); C. In order to provide for the delivery of the City of Santa Ana (County of Orange, California) Certificates of Participation (2007 Gas Tax Secured Local Street Improvement Project) (the "Certificates") and to establish and declare the terms and conditions upon which the Certificates are to be Resolution No. SAFA 2007-002 Page 1 of 4 executed and delivered and secured, the Authority proposes to enter into a Trust Agreement with The Bank of New York Trust Company, N.A. (such Trust Agreement, in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Trust Agreement"); D. The Authority and the City may determine that securing the timely payment of the principal and interest evidenced by the Certificates by obtaining a Certificate insurance policy with respect thereto could be economically advantageous to the City; E. The City is a member of the Authority and the Project is to be located within the boundaries of the City; F. The Governing Board has been presented with the form of each document referred to herein relating to the financing contemplated hereby, and the Board has examined and approved each document and desires to authorize and direct the execution of such documents and the consummation of such financing; and G. All acts, conditions and things required by the laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of such refinancing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the Authority is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such refinancing for the purpose, in the manner and upon the terms herein provided. Section 2. All of the recitals herein contained are true and correct and the Governing Board so finds. Section 3. The form of the Installment Sale Agreement, on file with the Secretary of the Authority, is hereby approved, and the Executive Director, the Treasurer, the Authority Counsel, the Secretary and the Controller of the Authority (the "Authorized Officers"), are each hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Installment Sale Agreement in substantially said form, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 4. The form of Trust Agreement, on file with the Secretary of the Authority, is hereby approved, and the Authorized Officers are each hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Trust Agreement in substantially said form, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the aggregate amount of the Certificates shall not exceed $70,000,000, the final maturity date of the Certificates shall be no later than January 1, Resolution No. SAFA 2007-002 Page 2 of4 2040 and the true interest cost applicable to the Certificates shall not exceed 6.00% per annum and, provided, further, that such changes, insertions and omissions shall be consistent with the terms of the Certificates as finally executed. Section 5. The execution and delivery of not to exceed $70,000,000 aggregate principal amount of the Certificates, in the principal amounts, bearing interest at the rates and maturing on the dates as specified in the Trust Agreement as finally executed, is hereby authorized and approved. Section 6. The officers and agents of the Authority are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable in order to consummate the transactions herein authorized and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution, including, without limitation, negotiating the terms of an insurance policy and/or a reserve surety bond to the extent such insurance and surety bond is determined to be economically advantageous. Section 7. All actions heretofore taken by the officers and agents of the Authority with respect to the transactions set forth above are hereby approved, confirmed and ratified. Section 8. This Resolution shall take effect immediately upon its adoption by the Governing Board, and the Secretary shall attest to and certify the vote adopting this Resolution. ADOPTED this 20th day of AUQust, 2007. fPPROVE!~ A~~~;~ \", , ,.J." /1, '7 if. .,t. ' ", B '-,- - ~ ~~(-7!-/ .--/ y: /r'/./ JosEWh: fTetcner;-AfftlIOf~t.y Counsel cl~c,JC, . Miguel A. Pulido ~ Chairman U AtyES: Councilmembers Alvarez, Benavides. Bustamante. Martinez. Sarmiento. Tinaiero (6) NOES: Councilmembers None (0) ABSTAIN: Councilmembers None (0) NOT PRESENT: Councilmembers Pulido (1) Resolution No. SAFA 2007-002 Page 3 of 4 CERTIFICATE OF ATTESTATION AND ORIGINALITY I, PATRICIA E. HEAL Y, Secretary of the Authority, do hereby attest to and certify the attached Resolution No. SAFA 2007-002 be the original resolution adopt . by the Governing Board of the Santa Ana Financing Authority on August 20,2007. ~ Date: 9P y: r; Secretary Santa Ana Financing Authority Resolution No. SAFA 2007-002 Page 4 of 4