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JOINT EXERCISE OF POWERS AGREEMENT <br /> THIS AGREEMENT, dated as of May 1, 1993 (this <br /> "Agreement") , by and between the CITY OF SANTA ANA, a charter city <br /> duly organized and existing under the Constitution and laws of the <br /> State of California (the "City") , and the COMMUNITY REDEVELOPMENT <br /> AGENCY OF THE CITY OF SANTA ANA, a public body, corporate and <br /> politic, duly organized and existing under the laws of the State of <br /> California (the "Agency") , <br /> WITNESSET H: <br /> WHEREAS, Articles 1, 2 and 4 of Chapter 5 of Division 7 <br /> of Title 1 of the Government Code of the State of California (the <br /> "Act") authorize the City and the Agency to create a joint exercise <br /> of powers entity (the "Santa Ana Financing Authority" or the <br /> "Authority") which has the power to jointly exercise any powers <br /> common to the City and the Agency and to exercise the powers <br /> granted to it under the Act; <br /> WHEREAS, the City and the Agency are each empowered by <br /> law to undertake certain projects and programs; <br /> WHEREAS, the City is authorized to buy, sell and lease <br /> property and to issue bonds, expend bond proceeds, and borrow and <br /> loan money for certain public purposes pursuant to the Government <br /> Code of the State of California; <br /> WHEREAS, the Agency is authorized to buy, sell and lease <br /> property and to issue bonds, expend bond proceeds, and borrow and <br /> loan money for any of its corporate purposes pursuant to the <br /> IAI-45527.2 <br />