RES-2010-027RESOLUTION NO. 2010 -027
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM APPROVING THE ISSUANCE BY CALIFORNIA
ENTERPRISE DEVELOPMENT AUTHORITY OF NOT TO
EXCEED $3,200,000 AGGREGATE PRINCIPAL AMOUNT OF THE
AUTHORITY'S REVENUE OBLIGATIONS FOR THE PURPOSE
OF FINANCING THE COST OF ACQUISITION,
REHABILITATION, REEQUIPPING AND FURNISHING OF
FACILITIES FOR THE BENEFIT OF ORANGE COUNTY ARC,
PROVIDING THE TERMS AND CONDITIONS FOR SUCH
OBLIGATIONS AND OTHER MATTERS RELATING THERETO
HEREIN SPECIFIED.
WHEREAS, Orange County ARC, a nonprofit public benefit corporation duly organized
and existing under the laws of the State of California (the "Corporation "), has submitted and the
California Enterprise Development Authority (the "Authority") has accepted, an application
requesting the Authority to issue, from time to time, pursuant to a plan of finance, its tax- exempt
and/or taxable revenue obligations in an aggregate principal amount not to exceed $3,200,000 (the
"Obligations ") for the benefit of the Corporation pursuant to Chapter 5 of Division 7 of Title 1 of
the Government Code of the State, (commencing with Section 6500) (the "Act") the proceeds of
which will be used in part to (a) refinance the cost of the real property and improvements located
at 225 West Carl Karcher Way, Anaheim, California 92801 (the "Facilities "); (b) fund the cost
of any credit enhancement costs with respect to the refinancing; and (c) pay certain costs of issuance
in connection with the refinancing; and
WHEREAS, the issuance of the Obligations must be approved by the governmental unit on
behalf of which the Obligations are issued and a governmental unit having jurisdiction over the
territorial limits in which the Facilities are located pursuant to the public approval requirement of
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "); and
WHEREAS, the Facilities are located within the territorial limits of City of Anaheim (the
"City") and the City Council of the City of Anaheim (the "City Council ") is the elected legislative
body of the City; and
WHEREAS, the Facilities provide significant benefits to the residents of the City through
the services provided by the Corporation and the Facilities will also create employment
opportunities for residents of the City; and
WHEREAS, the Authority and the Corporation have requested that the City Council
approve the issuance of the Obligations by the Authority and the financing of the Facilities with the
proceeds of the Obligations pursuant to Section 147(f) of the Code; and
WHEREAS, the Authority's issuance of the Obligations will result in a more economical
and efficient issuance process because of the Authority's expertise in the issuance of conduit
revenue bonds; and
WHEREAS, it is intended that this Resolution shall comply with the public approval
requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither
intended to nor shall it constitute an approval by the City Council of the Facilities for any other
purpose; and
WHEREAS, a public hearing was held by the City Council on this 16th day of February,
2010, at the meeting which commenced at the hour of 5:00 p.m., at the City of Anaheim, Council
Chambers, located at 200 South Anaheim Boulevard, Anaheim, California 92805, following
duly published notice thereof in a newspaper of general circulation in the City of Anaheim, on
January 28, 2010 and re- advertised on February 2, 2010, and all persons desiring to be heard have
been heard.
NOW, THEREFORE, the City Council of the City of Anaheim hereby Finds, Determines
and Resolves as follows:
SECTION 1
The City Council hereby finds and determines that all of the recitals are true and correct.
The City Council hereby approves the issuance of the Obligations by the Authority, which
Obligations may be tax- exempt and/or taxable as approved by the Authority in its resolution, in an
amount not to exceed $3,200,000 to refinance the cost of the Facilities. This resolution shall
constitute "host" approval of the issuance of the Obligations within the meaning of Section 147(f)
of the Code and shall constitute the approval of the issuance of the Obligations within the meaning
of the Act; provided, however, that any fees received by the Authority from the issuance of the
Obligations shall not be expended for political activities and that this Resolution shall not
constitute an approval by the City Council of the Facilities for any other purpose. The City shall
not bear any responsibility for the tax- exempt status of the Obligations, the repayment of the
Obligations or any other matter related to the Obligations.
SECTION 2
All actions heretofore taken by the officers, employees and agents of the City with respect
to the approval of the Obligations are hereby approved, confirmed and ratified, and the officers and
employees of the City and their authorized deputies and agents are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all certificates and
documents which they or bond counsel may deem necessary or advisable in order to consummate
the Obligations and otherwise to effectuate the purposes of this Resolution.
F)
SECTION 3
This Resolution shall take effect upon its approval and adoption by the City Council.
THE FOREGOING RESOLUTION is approved and adopted by the City Council of the
City of Anaheim this 16th day of February , 2010, by the following roll -call vote:
AYES Mayor Pringle, Council Members Sidhu, Hernandez, Galloway, Kring
NOES: NONE
ABSTAIN: 1JC NE
ABSENT: NONE
CITY OF A HEIM
By: 2P A
MAYOR OF THE CIT OF ANAHEIM
ATTEST:
P YCLERK �OFTHE CITY OF ANAHEIM
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