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THIS INDENTURE OF TRUST, dated as of [DATED DATE] (the "Indenture"), by and between the SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA (the "Agency"), a public body, corporate and politic, duly organized and existing pursuant to the Community Redevelopment Law of the State of California and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized and existing under the laws of the United States and authorized to accept and execute trusts of the character herein set out with a corporate trust office located in Los Angeles, California, as trustee (the "Trustee"), WITNESSETH: WHEREAS, pursuant to the Community Redevelopment Law (Part 1 of Division 24 of the California Health and Safety Code and referred to herein as the "Law"), the City Council of the City of Santa Ana (the "City") created the Community Redevelopment Agency of the City of Santa Ana (the "Former RDA"); and WHEREAS, the Former RDA was a redevelopment agency, a public body, corporate and politic duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Law, and the powers of such agency included the power to issue bonds for any of its corporate purposes; and WHEREAS, pursuant to California Health and Safety Code Section 34173(d), the Successor Agency to the former Community Redevelopment Agency of the City of Santa Ana is the successor agency established following the dissolution of the Former RDA on February 1, 2012 pursuant to Assembly Bill X126 ("AB 26"); and WHEREAS, as provided in California Health and Safety Code Section 34173(g), the Agency is a separate public entity from the City, which provides for its governance, and the two entities shall not merge; and WHEREAS, Assembly Bill No. 1484 ("AB 1484"), a follow on bill to AB Xl 26, was enacted on June 27, 2012 and provides a mechanism to refund outstanding bonds or other indebtedness under certain circumstances; and WHEREAS, Senate Bill No. 107 ("AB 107"), a follow on bill to AB 26 and AB 1484, was enacted on September 22, 2015 and provides additional terms and amendments for operations of a successor agency; and WHEREAS, California Health and Safety Code Section 34177.5(a) authorizes successor agencies to refund outstanding bonds or other indebtedness provided that (i) the total interest cost to maturity on the refunding bonds or other indebtedness plus the principal amount of the refunding bonds or other indebtedness shall not exceed the total remaining ,interest cost to maturity on the bonds or other indebtedness to be refunded plus the remaining principal of the bonds or other indebtedness to be refunded, and (ii) the principal amount of the refunding bonds or other indebtedness shall not exceed the amount required to defease the refunded bonds or other indebtedness, to establish customary debt service reserves, and to pay related costs of issuance; and 4150-2542-5420.3 40990-25 SA -3-19