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<br />PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER _, 2019
<br />NEW ISSUE - BOOK -ENTRY ONLY
<br />UNDERLYING RATING S&P:
<br />INSURED RATING S&P:
<br />In the opinion of Best Best & Krieger LLP, Riverside, California, Bond Counsel, subject to certain qualifications described herein, under existing statutes,
<br />regulations, rules and court decisions, and assuming certain representations noncompliance with certain covenants and requirements described herein, the interest
<br />on the Bonds is excluded from gross income for federal income tax purposes and is not an item oftax preference for purposes of the federal alternative minimum
<br />taxes. In the further opinion ofBond Counsel, such interest is exemptfrom California personal income taxes. See "TAXMATTERS"herein. "
<br />Dated: Date of Delivery
<br />CITY OF SANTA ANA
<br />Gas Tax Revenue Refunding Bonds, Series 2019
<br />Due: January 1, as shown on inside cover
<br />Authority for Issuance. The bonds captioned above (the `Bonds') are being issued by the City of Santa Ana (the "City') pursuant to
<br />the provisions of Sections 53570 et seq. and 53580 et seq. of the California Government Code, a resolution adopted by the City Council of the
<br />City on 2019 and an Indenture of Trust, dated as of December 1, 2019 (the "Indenture') by and between the City and U.S. Bank
<br />National Association, as trustee for the Bonds (the "Trustee").
<br />Use of Proceeds. The Bonds are being issued to provide funds to (i) to prepay the Santa Ana Financing Authority (the "Authority')
<br />Gas Tax Revenue Certificates of Participation (2007 Local Street Improvement Project), (ii) purchase a municipal bond insurance policy and a
<br />debt service reserve surety for the Bonds, and (iii) pay the costs of issuing the Bonds. See "REFUNDING PLAN."
<br />Security for the Bonds. The Bonds are payable from and secured by the City's pledge of Gas Tax Revenues (as defined herein) and
<br />certain funds and accounts held under the Indenture. Gas Tax Revenues consist of certain amounts received by the City from taxes imposed on
<br />the sale of motor vehicle fuels. See "SECURITY FOR THE BONDS."
<br />Bond Terms; Book -Entry Only. The Bonds will bear interest at the rates shown on the inside cover page, payable semiannually on
<br />January 1 and July 1 of each year, commencing on July 1, 2020, and will be issued in fully registered form without coupons in the denomination
<br />of $5,000 or any integral multiple of $5,000. The Bonds will be issued in book -entry only form, initially registered in the name of Cede & Co.,
<br />as nominee of The Depository Trust Company, New York, New York ("DTC'). Purchasers of the Bonds will not receive certificates representing
<br />their interests in the Bonds. Payments of the principal of, premium, if any, and interest on the Bonds will be made to OTC, which is obligated in
<br />turn to remit such principal, premium, if any, and interest to its DTC Participants for subsequent disbursement to the beneficial owners of the
<br />Bonds. See "THE BONDS — General Provisions."
<br />Redemption. The Bonds are subject to optional redemption prior to maturity. See "THE BONDS Redemption."
<br />[Bond Insurance. The scheduled payment of principal of and interest on a portion, mall, of the Bonds (such maturities insured to be
<br />specified in the final Official Statement) when due will be guaranteed under a municipal bond insurance policy to be issued concurrently with
<br />the delivery of the Bonds by (the "Insurer'). See `BOND INSURANCE' herein.]
<br />[Reserve Policy. The Reserve Account will be fimded by the purcbase of a municipal bond debt service reserve insurance policy
<br />relating to the Bonds issued by the Insurer (the "Reserve Policy") to be issued concurrently with the delivery of the Bonds by .]
<br />[INSERT INSURER LOGO]
<br />NEITHER THE BONDS NOR THE OBLIGATION OF THE CITY TO PAY PRINCIPAL OF OR INTEREST THEREON
<br />CONSTITUTE A DEBT OR A LIABILITY OF THE CITY, THE COUNTY OF ORANGE, THE STATE OF CALIFORNIA OR ANY OF ITS
<br />POLITICAL SUBDIVISIONS WITHIN THE MEANING OF ANY CONSTITUTIONAL LIMITATION ON INDEBTEDNESS, OR A
<br />PLEDGE OF THE FULL FAITH AND CREDIT OF THE CITY. THE BONDS ARE SECURED SOLELY BY THE PLEDGE OF GAS TAX
<br />REVENUES AND CERTAIN FUNDS AND ACCOUNTS FIELD UNDER THE INDENTURE. THE BONDS ARE NOT SECURED BY A
<br />PLEDGE OF THE TAXING POWER OF THE CITY.
<br />TIES COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF
<br />TIES ISSUE OF BONDS. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL
<br />TO THE MAKING OF AN INFORMED INVESTMENT DECISION WITH RESPECT TO THE PURCHASE OF THE BONDS.
<br />The Bonds are offered when, as and if issued and received by the Underwriter and subject to the approval as to their legality by Best
<br />Best & Krieger LLP, Riverside, California, Bond Counsel. Certain legal matters will be passed upon for the City by Best Best & Krieger LLP,
<br />Riverside, California as Disclosure Counsel and in its role as the City Attorney, and for Ramirez & Co., Inc., as the Underwriter by
<br />Curls Battling P.C., Oakland, California, as Underwriter's Counsel. It is anticipated that the Bonds will be delivered in
<br />definitive form through DTC on or about December 5, 2019.
<br />Ramirez & Co., Inc.
<br />Preliminary, subject to change.
<br />55A-79
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