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"Dissolution Act." The Redevelopment Law, as amended by the Dissolution Act, is sometimes referred to in the
<br />Official Statement as the "Law."
<br />Pursuant to Section 34173 of the Dissolution Act, the City Council serves as the governing board of the
<br />Successor Agency to the Former Agency. Since the February 1, 2012 dissolution of the Former Agency, the City
<br />has served as the Successor Agency to the former Community Redevelopment Agency of the City of Santa Ana
<br />(the "Successor Agency"). The Successor Agency is governed by a seven -member board consisting of the
<br />Mayor and the members of the City Council. The Mayor acts as the chairman of the Successor Agency (see
<br />"THE SUCCESSOR AGENCY").
<br />Section 34173(g) of the Dissolution Act expressly affirms that the Successor Agency is a separate
<br />public entity from the City, that the two entities shall not merge, and that the liabilities of the Former Agency
<br />will not be transferred to the City nor will the assets of the Former Agency become assets of the City (see "THE
<br />SUCCESSOR AGENCY').
<br />The City
<br />The City is the county seat of the County of Orange (the "County"). The City encompasses
<br />approximately 27.2 square miles. The City was first incorporated in 1886, and operates under a charter adopted
<br />in 1952, which provides for a Council -Manager form of government. The January 1, 2018 population of the
<br />City was 338,247. For certain information with respect to the City, see APPENDIX B — "CITY OF SANTA
<br />ANA INFORMATION."
<br />Authority and Purpose
<br />The Bonds are being issued pursuant to the Constitution and laws of the State, including Article 11
<br />(commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the
<br />State (the "Refunding Law"), the Law and an Indenture of Trust dated as of 1, 2018 (the
<br />"Indenture") by and between the Successor Agency and The Bank of New York Mellon Trust Company, N.A.,
<br />as trustee (the "Trustee").
<br />The Bonds are being issued to refund the following:
<br />(a) $20,945,000 aggregate principal amount of its former Community Redevelopment
<br />Agency of the City of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Bonds,
<br />Series 2003A, of which $12,545,000 aggregate principal amount is currently outstanding (the "2003A
<br />Bonds");
<br />(b) $34,145,000 aggregate principal amount of its former Community Redevelopment
<br />Agency of the City of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Refunding
<br />Bonds, Series 2003B, of which $2,820,000 aggregate principal amount is currently outstanding, (the
<br />"2003B Bonds," collectively with the 2003A Bonds, the "2003 Bonds"); and
<br />(c) $66,790,000 aggregate principal amount of its Community Redevelopment Agency of
<br />the City of Santa Ana Tax Allocation Bonds (Merged Project Area), 2011 Series A of which
<br />$64,840,000 aggregate principal amount is currently outstanding (the "2011A Bonds," collectively with
<br />the 2003 Bonds, the "Refunded Bonds").
<br />The 2003 Bonds were issued pursuant to a First Supplement to Indenture with respect to the 2003A
<br />Bonds, dated as of April 1, 2003 (the "2003 First Supplement'), and a Second Supplement to Indenture with
<br />respect to the 2003B Bonds, dated as of May 1, 2003 (the "2003 Second Supplement'), each by and between the
<br />Former Agency and BNY Western Trust Company (now known as The Bank of New York Mellon Trust
<br />Company, N.A.), as successor trustee (the "Prior Trustee") and each supplementing that Indenture dated as of
<br />August 1, 1993, by and between the Former Agency and Dai-Ichi Kangyo Bank of California (the "1993
<br />SA -3-16
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