Laserfiche WebLink
Municipal Blond Investors <br /> Assurance Corporation <br /> 113 King Street <br /> Armonk,NY 10504 <br /> 914 273 4545 <br /> March 23, 1994 <br /> City of Santa Ana <br /> frida, /1 20 Civic Center Plaza <br /> Vi Santa Ana, California 92702 <br /> Smith Barney Shearson Inc. <br /> 333 South Grand Avenue <br /> Los Angeles, California 90071 <br /> $107,399,438.50 (Original Principal Value) <br /> $108,255,000 (Maturity Value) <br /> Santa Ana Financing Authority <br /> Police Administration and Holding Facility <br /> Lease Revenue Bonds <br /> Series 1994A <br /> Ladies and Gentlemen: <br /> I am Assistant General Counsel of the Municipal Bond Investors Assurance <br /> Corporation, a New York corporation (the "Corporation"), and have acted as <br /> counsel to the Corporation in connection with the issuance of Financial Guaranty <br /> Insurance Policy No. 15491 (the "Policy") relating to $107,399,438.50 (Original <br /> Principal Value) $108,255,000 (Maturity Value) Santa Ana Financing Authority, <br /> Police Administration and Holding Facility, Lease Revenue Bonds, Series 1994A. <br /> In so acting, I have examined a copy of the Policy and such other relevant <br /> documents as I have deemed necessary. <br /> Based upon the foregoing, I am of the following opinion: <br /> 1. The Corporation is a stock insurance corporation, duly incorporated and <br /> validly existing under the laws of the State of New York and is licensed and <br /> authorized to issue the Policy under the laws of the State of New York and its <br /> policy form may be used in the State of California. <br /> 2. The Policy has been duly executed and is a valid and binding obligation of the <br /> Corporation enforceable in accordance with its terms except that the enforcement <br /> of the Policy may be limited by laws relating to bankruptcy, insolvency, <br /> reorganization, moratorium, receivership and other similar laws affecting creditors' <br /> rights generally and by general principles of equity (regardless of whether such <br /> enforceability is considered in a proceeding in equity or at law). <br /> V` ruly yours, <br /> Pauline M. Cullen <br /> Assistant General Counsel <br />