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<br />PRELIMINARY OFFICIAL STATEMENT DATED 2018
<br />NEW ISSUE — BOOK -ENTRY RATINGS
<br />INSURED BONDS RATING: S&P:
<br />UNINSURED BONDS AND UNDERLYING RATING: S&P:
<br />(See "CONCLUDING INFORMATION - Ratings on the Bonds")
<br />In the opinion of Orrick Herrington & Sutcliffe LLP, Bond Counsel to the Successor Agency, based apes an analysis of existing laws, regulations, rulings and
<br />corm( decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain cavernous, Interest on the Series 2018.4 Bonds is
<br />exdnded,frrom gross income for federal income tax pinposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the
<br />Series 2018A Bonds is not a specific preference ltem for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the Bonds is
<br />exempt from State of California personal income taxes, Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or
<br />the amount, accrual or receipt ofintereston, the Bonds. See"LEGAL MATTERS—Tax Matters."
<br />Dated: Date of Delivery
<br />SUCCESSOR AGENCY TO THE FORMER
<br />COMMUNITY REDEVELOPMENT AGENCY
<br />OF THE CITY OF SANTA ANA
<br />TAX ALLOCATION REFUNDING BONDS
<br />Series 2018A (Tax -Exempt) Series 2018E (Federally Taxable)
<br />Due: September I as shown on the inside cover pages
<br />The cover page contains certain information for quick reference only. It is not a summary of the issues, Potential investors must read the entire
<br />Official Statement to obtain information essential to the making of an informed investment decision, See "RISK FACTORS" for a discussion of special
<br />risk factors that should be considered in evaluating the investment quality of the Bonds.
<br />Proceeds from the sale of the Successor Agency to the Former Community Redevelopment Agency of the City of Santa Ana (tire "Successor
<br />Agency") Tax Allocation Refunding Bonds, Series 2018A Bonds (Tax Exempt) (the "Series 2018A Bonds") and Tax Allocation Refunding Bonds, Series
<br />2018B Bonds (Federally Taxable) (the "Series 2018B Bonds," and together with the Series 2018A Bonds, the "Bonds"), will be used to refinance the
<br />following obligations of the former Community Redevelopment Agency of the City of Santa Ana (the "Former Agency"): (a) its $20,945,000 aggregate
<br />principal amount of its South Main Street Redevelopment Project, Tax Allocation Bonds, Series 2003A (the "Series 2003A Bonds"); (b) its $34,145,000
<br />aggregate principal amount of its South Main Street Redevelopment Project, Tax Allocation Refunding Bonds, Series 2003B (the "2003B Bonds" and,
<br />together with the Series 2003A Bonds, the "2003 Bonds"); and (c) its $66,790,000 aggregate principal amount of its Tax Allocation Bonds (Merged
<br />Project Area), 2011 Series A (the "2011A Bonds" and, together with the 2003 Bonds, the `Refunded Bonds").
<br />The Bonds will be issued under an Indenture of Trust dated as of 1, 2018 (the "Indenture"), by and between the Successor Agency
<br />and The Bank of New York Mellon Trust Company, N.A., as trustee (the `Trustee"). The Bonds are special obligations of the Successor Agency and are
<br />payable solely from and secured by a pledge of certain Tax Revenues, as described in the Official Staternent, and a pledge of amounts to certain funds and
<br />accounts established mrder the Indenture (see "SECURITY FOR THE BONDS" and `RISK FACTORS").
<br />Interest on the Bonds is payable semiannually on each March l and September 1, commencing 1, 20 , until maturity (see "THE
<br />BONDS - General Provisions"). The Series 2018A Bonds are subject to optional redemption prim to maturity. The Series 20t8B Bonds are not subject to
<br />optional redemption prior to maturity. See"THE BONDS—Redemption."
<br />The Bonds do not constiVme a debt or liability of the City of Santa Ana, the County of Orange, the State of California or of any of its political
<br />subdivisions, other than the Successor Agency, The Successor Agency shall only be obligated to pay the principal of the Bonds, or related interest, from
<br />the funds described in the Official Statement, and neither the faith and credit nor the taxing power of the City of Santa Ana, the County of Orange, the
<br />State of California or any of its political subdivisions is pledged to the payment of the principal of or the interest on the Bonds. The Successor Agency has
<br />no taxing power.
<br />The Successor Agency has applied for a municipal bond insurance policy to insure the payment of principal of and interest on the Bonds and a
<br />municipal debt service reserve policy N satisfy the Reserve Account Requirement (as defined herein) and will decide whether to purchase such policy in
<br />connection with the offering of the Bonds. Such information will be included in the Official Statement.
<br />The Bonds are being offered when, as and if issued, subject to the approval as to their legality by Oniek, Herrington & Sutcliffe LLP, Los
<br />Angeles, California. Certain legal matters will also be passed on for the Successor Agency by Best Best & Krieger LLP, Riverside, California, as
<br />Disclosure Counsel, and by the Assistant City Attorney of the City of Santa Ana, Santa Ana, California, as Successor Agency Counsel. Certain legal
<br />matters will be passed on for the Underwriter by its counsel, Kutak Rock LLP, Irvine, California. It is anticipated that the Bonds will be available for
<br />delivery through the facilities of The Depository Trust Company on or about , 2018 (see "APPENDIX G - THE BOOK -ENTRY SYSTEM"),
<br />Dated: , 2018.
<br />Preliminary, subject to change.
<br />Ramirez & Co., Inc.
<br />EXHIBIT 2
<br />SA -3-9
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