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Resolution Approving the Preliminary Official Statement Tax Allocation Refunding Bonds, Series 2018A and 2018B October 2, 2018 Page 4 Taxing Entities. Specifically the City of Santa Ana, which is a Taxing Entity of the Successor Agency, will be in receipt of additional residual revenue as a result of the debt service savings. An estimated twenty (20%) of the savings (noted above) will be distributed to the City's General Fund Santa Ana Residual (account no. 01102002-50012) approximately $3.5 million over the remaining term of the Bonds (FY 2031-32) with the balance going to other taxing entities including the Santa Ana Unified School Distirct, the County of Orange, Rancho Santiago Community College District and other countywide Special Districts. A greater portion of the savings will be realized in the first three years, which will generate significant debt service savings on the City's Recognized Obligation Payments Schedule ('BOPS") and, in turn, the taxing entities will receive additional property tax revenue for the life of the bond. Additionally, upon Council ratification and completion of the transaction (expected in mid to late October 2108), staff will transfer the unspent bond proceeds to the trustee of this transaction (Bank of New York) into the respective redemption fund and the reserve account will move from the Series 2011 Bonds reserve account into the redemption fund for the 2018A & B Bonds. The amount noted below is as of August 31, 2018; however the amount to be transferred will be the amount noted as of the the date of the close of the transaction (mid to late October 2018): Unspent Bond Proceeds 65401001-10201 $5,831,789 Reserve Account 65401001-15113 $6,727,062 Steven A. Mendoza Executive Director Community Development Agency Exhibits: 1. Successor Agency Resolution 2. Preliminary Official Statement AS TO FUNDS AND ACCOUNTS: Sergio Vidal Do Acting Executive Director Finance and Management Services Agency SA -3-4