98-225RESOLUTION NO. 98R- 225
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AMENDING
AND SUPPLEMENTING RESOLUTION NO. 89R-295, RELATING TO THE
ISSUANCE OF THE ELECTRIC REVENUE ANTICIPATION NOTES OF THE CITY,
AND APPROVING CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City Council of the City of Anaheim (the
'~Council") adopted Ordinance No. 5032 of the City on June 21, 1989
to set forth certain procedures for the issuance of Electric
Revenue Anticipation Notes of the City (the "Notes"); and
WHEREAS, the Council adopted Resolution No. 89R-295 on July
18, 1989, pursuant to Ordinance No. 5032, to provide for the
issuance of the Notes; and
WHEREAS, Ordinance No. 5032 was subsequently amended by
Ordinance No. 5375 adopted on June 15, 1993 and Resolution No. 89R-
295 was subsequently amended by Resolution No. 93R-102 adopted on
June 15, 1993; and
WHEREAS, the Council approved, by adoption of Resolution No.
93-112 on June 22, 1993, a Revolving Credit Agreement dated June
29, 1993 relating to the Notes (the "Credit Agreement"), among the
City, Bank of America National Trust and Savings Association, as a
Bank thereunder, and Morgan Guaranty Trust Company of New York~ as
a Bank thereunder, and Bank of America National Trust and Savings
Association, as Agent thereunder, which Credit A9reement has
subsequently been extended and amended; and
WHEREAS, to provide for the offering and sale of the Notes,
the Council approved, by motion at its meeting held on March 28,
1995, the execution of a Dealer Services Agreement with Morgan
Stanley & Co. Inc., as the dealer for the Notes (the "Dealer"); and
WHEREAS, many short-term debt instruments such as the Notes
are sold to tax-exempt money market funds regulated by the
Securities and Exchange Commission (the "SEC"); and
WHEREAS, Rule 2a-7 promulgated by the SEC under the Investment
Company Act of 1940 ("Rule 2a-7") regulates the composition of
money market fund portfolios; and
WHEREAS, Rule 2a-7 has recently been amended so as to require,
in order for the Notes to qualify for purchase by money market
funds regulated by Rule 2a-7, that notice be given to holders of
the Notes in the event of any substitution of an existing
"guarantee" (such as a letter of credit or liquidity facility)
relating to the Notes or in the event of any change in the identity
of the issuer of such guarantee; and
WHEREAS, the Credit Agreement constitutes a guarantee of the
Notes for the purposes of Rule 2a-7 because, under the terms of the