RES-2006-218RESOLUTION NO. 2006_218
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AUTHORIZING THE EXECUTION AND
DELIVERY OF AN ACQUISITION AND FUNDING
AGREEMENT AND DEVELOPER LETTER OF CREDIT
AGREEMENT
WHEREAS, the City Council (the "City Council") of the City of Anaheim (the "City")
has initiated proceedings under the Mello-Roos Community Facilities Act of 1982 (the "Act") to
establish City of Anaheim Community Facilities District No. 06-2 (Stadium Lofts) (the
"Community Facilities District"), to authorize the levy of special taxes (the "Special Taxes")
upon the land within the Community Facilities District and to issue bonds (the "Bonds") secured
by such Special Taxes;
WHEREAS, the Community Facilities District is authorized under the Act to levy
Special Taxes to pay for the costs of certain public facilities (the "Facilities");
WHEREAS, Section 53313.5 of the Act provides that a community facilities district may
only finance the purchase of facilities whose construction has been completed, as determined by
the legislative body, before the resolution of formation to establish the community facilities
district is adopted pursuant to Section 53325.1 of the Act, except that a community facilities
district may finance the purchase of facilities completed after the adoption of the resolution of
formation if the facility was constructed as if it had been constructed under the direction and
supervision, or under the authority of, the local agency establishing the community facilities
district;
WHEREAS, CREA/Nexus Anaheim Corners, LLC (the "Landowner") has constructed
certain of the Facilities proposed to be financed by the Community Facilities District pursuant to
the Act, and the Community Facilities District proposes to purchase such Facilities from the
Landowner pursuant to an Acquisition and Funding Agreement, and there has been presented to
this meeting a form of Acquisition and Funding Agreement by and among the City, the
Community Facilities District and the Landowner (the "Acquisition Agreement"); and
WHEREAS, in order to increase the credit quality of the Bonds, the Landowner will be
required, as a condition to the issuance of the Bonds, to provide a letter of credit securing the
payment of Special Taxes levied on property owned by the Landowner, and there has been
presented to this meeting a form of Developer Letter of Credit Agreement by and between the
Community Facilities District and the Landowner (the "Letter of Credit Agreement");
NOW, THEREFORE, the City Council of the City of Anaheim does hereby resolve,
determine and order as follows:
Section 1. The Acquisition Agreement, in substantially the form submitted to this
meeting and made a part hereof as though set forth herein, be and the same is hereby approved.
The Mayor of the City, and such other member of the City Council as the Mayor may designate,
the City Manager of the City, the Finance Director of the City, the Assistant Finance Director of
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the City, and such other officer or employee of the City as the City Manager may designate (the
"Authorized Officers") are, and each of them is, hereby authorized and directed, for and in the
name of the City, to execute and deliver the Acquisition Agreement in the form submitted to this
meeting, with such changes, insertions and omissions as the Authorized Officer executing the
same may require or approve, such requirement or approval to be conclusively evidenced by the
execution of the Acquisition Agreement by such Authorized Officer.
Section 2. The Letter of Credit Agreement, in substantially the form submitted to this
meeting and made a part hereof as though set forth herein, be and the same is hereby approved.
The Authorized Officers are, and each of them is, hereby authorized and directed, for and in the
name of the City, to execute and deliver the Letter of Credit Agreement in the form submitted to
this meeting, with such changes, insertions and omissions as the Authorized Officer executing
the same may require or approve, such requirement or approval to be conclusively evidenced by
the execution of the Letter of Credit Agreement by such Authorized Officer.
Section 3. The officers, employees and agents of the City are hereby authorized and
directed to take all actions and do all things which they, or any of them, may deem necessary or
desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions
hereof.
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Anaheim on September
12, 2006.
AYES: Mayor Pringle, Council Members Sidhu, Hernandez, Galloway, Chavez
NOES: None
ABSENT: None
ABSTAIN: None
Mayor
ATTEST:
City Clerk
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CLERK'S CERTIFICATE
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF ANAHEIM
I, Sheryl] Schroeder, City Clerk of the City of Anaheim, California hereby certify that the
foregoing is a full, true and correct copy of a Resolution duly adopted at a regular meeting of the
City Council of said City duly and regularly held at the regular meeting place thereof on
September 12, 2006, of which meeting all of the members of said City Council had due notice
and at which a majority thereof were present; and that at said meeting said Resolution was
adopted by the following vote:
AYES: COUNCIL MEMBERS: Galloway, Chavez, Sidhu, Hernandez, Mayor Pringle
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL, MEMBERS: None
An agenda of said meeting was posted at least 72 hours before said meeting at 200 South
Anaheim Boulevard, Anaheim, California, a location freely accessible to members of the public,
and a brief general description of said Resolution appeared on said agenda.
I further certify that I have carefully compared the same with the original minutes of said
meeting on file and of record in my office; that the foregoing Resolution is a full, true and correct
copy of the original Resolution adopted at said meeting and entered in said minutes; and that said
Resolution has not been amended, modified or rescinded since the date of its adoption, and the
same is now in full force and effect.
Dated: Sei t 12 , 2006
rty Clerk
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