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K <br />BETTY T. YEE <br />California State Controller <br />July 25, 2019 <br />EXHIBIT 7 <br />Kristine Ridge <br />City Manager <br />City of Santa Ana <br />20 Civic Center Plaza <br />Santa Ana, CA 92701 <br />Re: Gas Tax Pledge Refunding Obligations <br />Dear Ms. Ridge, <br />This office has received information regarding a proposed issuance of refunding bonds or <br />certificates of participation to refund the City of Santa Ana, Gas Tax Revenue Certificates of <br />Participation (2007 Local Street Improvement Project) for debt service savings. The Office of <br />the State Controller has previously issued its guidelines for Gas Tax Expenditures, and stated, <br />at that time, a prohibition on installment financings for permitted capital projects. <br />However, to further the public purpose of the use of such Gas Taxes for capital projects, The <br />City of Santa Ana, Gas Tax Revenue Certificates of Participation (2007 Local Street <br />Improvement Project), for which this Office has notice, is considered lawfully issued and <br />outstanding by this Office and the Office of the State Controller. Any refunding thereof, for <br />debt service savings, will not be considered a new issue and debt service payments on such <br />refunding obligations will be treated as eligible expenditures by State Controller. <br />ILARO <br />Chief Counsel <br />300 Capitol Mall. Suite 1850, Sacramento, CA 95814 P.O. Box 942850, Sacramento, CA 94250 <br />Phone: (916) 445-2636 Fax: (916) 322-1220 <br />25B-5 <br />