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Community Development Agency <br /> www.santa-ana.org/cd <br /> Item # 22 <br /> City of Santa Ana <br /> 20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br /> June 2, 2026 <br /> TOPIC: Tax Equity Fiscal Responsibility Act Hearing for Orange County School of the <br /> Arts and The Legacy Fund <br /> AGENDA TITLE <br /> Public Hearing -Tax Equity Fiscal Responsibility Act Hearing for Orange County School <br /> of the Arts and The Legacy Fund <br /> Legal Notice published in the OC Register on May 22, 2026. <br /> RECOMMENDED ACTION <br /> 1. Conduct a Tax Equity and Financial Responsibility Act Resolution Hearing in <br /> consideration of the issuance of tax-exempt bond financing ("Bonds") by the <br /> California Enterprise Development Authority ("CEDA") for Orange County School <br /> of the Arts ("OCSA") and The Legacy Fund (together the "Borrower"), both <br /> California nonprofit public benefit corporation and organizations described in <br /> Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, to loan the <br /> proceeds of the Bonds to Legacy and OCSA pursuant to one or more loan <br /> agreements to: (a) refinance the outstanding amount of the CEDA 2016 Tax- <br /> Exempt Loan in an amount not expected to exceed $31,000,000 (as defined <br /> below); (b) refinance a taxable loan in an amount not expected to exceed <br /> $9,000,000, the proceeds of which were utilized to finance a working capital <br /> deficit of OCSA (occurring at the OCSA Locations as detailed below); and (c) <br /> finance capital educational facilities including equipment to be located at the <br /> OCSA Locations in an amount not expected to exceed $6,000,000. <br /> 2. Adopt a resolution approving the issuance of revenue bonds by the CEDA in an <br /> amount not to exceed $46,000,000. <br /> RESOLUTION NO. 2026-XXX entitled RESOLUTION OF THE CITY COUNCIL <br /> OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE <br /> CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY OF TAX EXEMPT <br /> OBLIGATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br /> $46,000,000 FOR THE PURPOSE OF FINANCING AND REFINANCING THE <br /> ACQUISITION OF LAND AND IMPROVEMENTS, CONSTRUCTION, AND <br /> ACQUISITION OF EQUIPMENT FOR ORANGE COUNTY SCHOOL OF ARTS <br /> AND THE LEGACY FUND <br /> GOVERNMENT CODE 484308 APPLIES: Yes <br />