HomeMy WebLinkAbout2009-046 - American Recovery and Reinvestment Actbk:7/27/09
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RESOLUTION NO. 2009-046
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA DESIGNATING SANTA ANA AS A
RECOVERY ZONE PURSUANT TO THE FEDERAL
AMERICAN RECOVERY AND REINVESTMENT ACT
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 federal American Recovery and Reinvestment Tax Act of 2009
(hereon referred to as the "Recovery Act") provides federal income tax
incentives for obligations issued to finance expenditures for purposes of
promoting economic development or other activity in a "Recovery Zone'
(Recovery Zone Economic Development Bonds) and obligations issued to
finance the construction, renovation, or acquisition of Recovery Zone
v property to be used in a qualified business in the Recovery Zone
(Recovery Zone Facility Bonds).
B. Under the Recovery Act, Santa Ana has been given an allocation of nearly
$5.9 million in Recovery Zone Facility Bonds, and over $8.8 million in
Recovery Zone Economic Development Bonds.
C. The Recovery Act provides that the City may issue Recovery Zone Facility
Bonds and Recovery Zone Economic Development Bonds only until the
end of 2010.
D. To be eligible to use this bonding authority under the Recovery Act, each
jurisdiction must first adopt a "Recovery Zone."
E. The Recovery Zone is defined in the Recovery Act as including any area
designated by this Council as having significant poverty, unemployment,
rate of home foreclosures, or general distress; and any area designated
as an empowerment zone as of February, 2009.
F. Internal Revenue Service Notice 2009-50 states that each city council of a
city designated to issue Recovery Zone Facility Bonds and Recovery Zone
Economic Development Bonds may make a designation of its Recovery
Zone by resolution in any reasonable manner as the City Council shall
determine in good faith in its discretion.
Resolution No. 2009-046
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G. Issuance of any Recovery Zone Facility Bonds or Recovery Zone
Economic Development Bonds shall require further approval of this City
Council.
H. Being fully informed and after consideration of all relevant factors, the city
council further finds, declares and determines that the area within the
geographical limits of the City of Santa Ana reasonably meets the criteria
of the Recovery Act for designation as a Recovery Zone.
Section 2. The City Council hereby designates the area within the corporate
limits of the City of Santa Ana as a Recovery Zone for purposes of the Recovery Act.
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 17th day of August, 2009.
mayor
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
AYES: Councilmembers:
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By:
Benj in Kauf n
Chie ssistant ity Attorney
NOES: Councilmembers:
ABSTAIN: Councilmembers:
ABSENT: Councilmembers:
Alvarez, Bustamante, Martinez, Pulido (4)
None (0)
None (0)
Benavides, Sarmiento Tinalero (3)
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Resolution No. 2009-046
Page 2 of 3
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached
Resolution No. 2009-046 to be the original resolution adopted by the City Council of the
City of Santa Ana on August 17, 2009.
Date: ~~I9 ~~r?~3 ~~ ~~Glivw~-~ ~ ~ ~~~~~v-
Clerk of the Council
City of Santa Ana
Resolution No. 2009-046
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