City Council

22. Public Hearing – Tax Equity Fiscal Responsibility Act Hearing for Orange CountySchool of the Arts and The Legacy FundLegal Notice published in the OC Register on May 22, 2026.Department(s): Community Development AgencyRecommended Action: 1. Conduct a Tax Equity and Financial Responsibility ActResolution Hearing in consideration of the issuance of taxexempt bond financing(“Bonds”) by the California Enterprise Development Authority (“CEDA”) for OrangeCounty School of the Arts (“OCSA”) and The Legacy Fund (together the “Borrower”),both California nonprofit public benefit corporation and organizations described inSection 501(c)(3) of the Internal Revenue Code of 1986, as amended, to loan theproceeds of the Bonds to Legacy and OCSA pursuant to one or more loanagreements to: (a) refinance the outstanding amount of the CEDA 2016 TaxExemptLoan in an amount not expected to exceed $31,000,000 (as defined below); (b)refinance a taxable loan in an amount not expected to exceed $9,000,000, theproceeds of which were utilized to finance a working capital deficit of OCSA(occurring at the OCSA Locations as detailed below); and (c) finance capitaleducational facilities including equipment to be located at the OCSA Locations in anamount not expected to exceed $6,000,000.2. Adopt a resolution approving the issuance of revenue bonds by the CEDA in anamount not to exceed $46,000,000.RESOLUTION NO. 2026XXX entitled RESOLUTION OF THE CITY COUNCIL OFTHE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE CALIFORNIAENTERPRISE DEVELOPMENT AUTHORITY OF TAX EXEMPT OBLIGATIONS INAN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $46,000,000 FOR THEPURPOSE OF FINANCING AND REFINANCING THE ACQUISITION OF LAND ANDIMPROVEMENTS, CONSTRUCTION, AND ACQUISITION OF EQUIPMENT FORORANGE COUNTY SCHOOL OF ARTS AND THE LEGACY FUND