RES-2007-206RESOLUTION NO. 2007- 2 0 6
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
APPROVING, AUTHORIZING, AND DIRECTING EXECUTION OF A
JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY, AND APPROVING
THE ISSUANCE OF REVENUE BONDS BY THE AUTHORITY FOR
THE PURPOSE OF FINANCING OR REFINANCING THE
ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF CERTAIN
FACILITIES FOR THE BENEFIT OF REPUBLIC SERVICES, INC.
WHEREAS, pursuant Chapter 5 of Division 7 of Title 1 of the Government Code of the
State of California (the "Act certain public agencies (the "Members have entered into a Joint
Exercise of Powers Agreement, effective on January 1, 2004 (the "Agreement in order to form
the California Municipal Finance Authority (the "Authority for the purpose of promoting
economic, cultural and community development, and in order to exercise any powers common to
the Members, including the issuance of bonds, notes or other evidences of indebtedness; and
WHEREAS, the City of Anaheim, California (the "City"), has determined that it is in the
public interest and for the public benefit that the City become a Member of the Authority in
order to facilitate the promotion of economic, cultural and community development activities in
the City, including the financing of projects therefor by the Authority; and
WHEREAS, there is now before this City Council the form of the Agreement; and
WHEREAS, the Agreement has been filed with the City, and the members of the City
Council, with the assistance of its staff, have reviewed said document; and
WHEREAS, the California Municipal Finance Authority (the "Authority") is authorized
to issue and sell revenue bonds for the purpose, among others, of financing or refinancing the
construction of capital projects; and
WHEREAS, Republic Services, Inc., a Delaware corporation, validly existing under the
laws of the State of California (the "Borrower has requested that the Authority issue and sell
revenue bonds in the maximum aggregate principal amount of $53,000,000 (the "Bonds for the
purpose of making a loan to the Borrower, to enable the Borrower to (1) finance or refinance, in
an amount not expected to exceed $13,000,000, the costs of improvements to the existing
collection, transfer and recycling facilities including (i) acquisition of solid waste disposal trucks,
(ii) acquisition of solid waste disposal containers and related equipment, (iii) site improvements,
and (iv) acquisition of other equipment and assets necessary to support the foregoing
improvements and place them into service, all to be located at Taormina Industries, Inc., 1131
North Blue Gum Street, Anaheim, California (the "Project and (2) pay certain expenses
incurred in connection with the issuance of the Bonds; and
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WHEREAS, in order for the interest on the Bonds to be tax- exempt, Section 147(0 of the
Internal Revenue Code of 1986, as amended (the "Code requires that an "applicable elected
representative" with respect to the Authority hold a public hearing on the issuance of the Bonds
and approve the issuance of the Bonds following such hearing; and
WHEREAS, Section 4 of the Agreement requires the approval of the Project by the
governing body of the Member within whose jurisdiction the Project is located in order for the
Authority to issue the Bonds; and
WHEREAS, the Authority has determined that the City Council (the "City Council is
an "applicable elected representative" for purposes of holding such hearing; and
WHEREAS, notice of such public hearing has been duly given as required by the Code,
and this City Council has heretofore held such public hearing at which all interested persons
were given an opportunity to be heard on all matters relative to the financing or refinancing of
the Project and the Authority's issuance of the Bonds therefor; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the Bonds by the Authority for the aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED, by the City Council as the City of Anaheim
as follows:
Section 1. The Agreement is hereby approved and the City Manager or designee
thereof is hereby authorized and directed to execute said document, and the City Clerk or such
Clerk's designee is hereby authorized and directed to attest thereto.
Section 2. The City Council hereby approves the Project and the plan of finance for
the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that
this Resolution constitute approval of the Project and the plan of finance for the issuance of the
Bonds for the purposes of (a) Section 147(0 of the Code by the applicable elected representative
of the government unit having jurisdiction over the area in which the Project is to be located, in
accordance with said Section 147(0, and (b) Section 4 of the Agreement.
Section 3. Pursuant to Government Code Section 6586.5, the City finds that the
actions authorized hereby regarding the financing of the Project will result in demonstrable
savings in effective interest rate, bond preparation, bond underwriting, or bond issuance costs to
produce significant public benefits.
Section 4. The issuance of the Bonds shall be subject to the approval of the Authority
of all financing documents relating thereto to which the Authority is a party. The City shall have
no responsibility or liability whatsoever with respect to the Bonds.
Section 5. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
refinancing of the Project; (ii) approve any application or request for or take any other action in
connection with any planning approval, permit or other action necessary for the acquisition,
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rehabilitation or operation of the Project; (iii) make any contribution or advance any funds
whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its
membership therein.
Section 6. The City Manager, the Clerk and all other proper officers and officials of
the City are hereby authorized and directed to execute such other agreements, documents and
certificates, and to perform such other acts and deeds, as may be necessary or convenient to
effect the purposes of this Resolution and the transactions herein authorized.
Section 7. The Clerk shall forward a certified copy of this Resolution and an
originally executed Agreement to the Authority in care of its counsel:
City of Anaheim, California at a regular meeting of said
October, 2007, by the following vote:
ATTEST:
Section 8.
THE FOREGOING RESOLUTION is approved and adopted by the City Council of the
AYES:
NOES:
ABSTAIN:
ABSENT:
City Clerk for the Ci
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Harriet M. Welch, Esq.
Squire, Sanders Dempsey LLP.
555 South Flower St., Suite 3100
Los Angeles, CA 90071 -2300
This resolution shall take effect immediately upon its passage.
Mayor Pringle, Council Members Hernandez,
NONE
NONE
NONE
Anaheim
Mayor for the City
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Council held on the 23rd day of
Sidhu, Galloway, Kring
eim