City Council

22. Public Hearing - Tax Equity Fiscal Responsibility Act Hearing for Orange County School of the Arts and The Legacy Fund Legal Notice published in the OC Register on May 22, 2026. Department(s): Community Development Agency Recommended Action: 1. Conduct a Tax Equity and Financial Responsibility Act Resolution Hearing in consideration of the issuance of tax-exempt bond financing (“Bonds”) by the California Enterprise Development Authority (“CEDA”) for Orange County School of the Arts (“OCSA”) and The Legacy Fund (together the “Borrower”), both California nonprofit public benefit corporation and organizations described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, to loan the proceeds of the Bonds to Legacy and OCSA pursuant to one or more loan agreements to: (a) refinance the outstanding amount of the CEDA 2016 Tax-Exempt Loan 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, the proceeds of which were utilized to finance a working capital deficit of OCSA (occurring at the OCSA Locations as detailed below); and (c) finance capital educational facilities including equipment to be located at the OCSA Locations in an amount not expected to exceed $6,000,000. 2. Adopt a resolution approving the issuance of revenue bonds by the CEDA in an amount not to exceed $46,000,000. RESOLUTION NO. 2026-XXX entitled RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY OF TAX EXEMPT OBLIGATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $46,000,000 FOR THE PURPOSE OF FINANCING AND REFINANCING THE ACQUISITION OF LAND AND IMPROVEMENTS, CONSTRUCTION, AND ACQUISITION OF EQUIPMENT FOR ORANGE COUNTY SCHOOL OF ARTS AND THE LEGACY FUND