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<br /> <br />4846-5351-8811v3/200434-0005 <br />TRUST AGREEMENT <br />This TRUST AGREEMENT is dated as of __________ 1, 2021, and is made by and <br />between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized and <br />validly existing under and pursuant to the Constitution and the laws of the State of California and its <br />charter (the “City”), and U.S. BANK NATIONAL ASSOCIATION a national banking association <br />organized and existing under the laws of the United States of America, as trustee (the “Trustee”). <br />RECITALS <br />WHEREAS, the City is a member of the California Public Employees’ Retirement System <br />(“PERS”) and, as such, is obligated by the Public Employees’ Retirement Law, constituting Part 3 of <br />Division 5 of Title 2 of the California Government Code (the “Retirement Law”), and the contract <br />between the Board of Administration of PERS and the City Council of the City, effective July 1, <br />1948 (as amended, the “PERS Contract”), to make contributions to PERS to (a) fund pension <br />benefits for its employees who are members of PERS, (b) amortize the unfunded actuarial liability <br />with respect to such pension benefits, and (c) appropriate funds for the purposes described in (a) and <br />(b); and <br />WHEREAS, the City is authorized pursuant to Articles 10 and 11 (commencing with section <br />53570) of Chapter 3 of Division 2 of Title 5 of the California Government Code (the “Refunding <br />Law”) to issue bonds for the purpose of refunding certain obligations of the City, including the <br />obligations set forth in the PERS Contract; and <br />WHEREAS, for the purpose of refunding the City’s unamortized, unfunded accrued <br />actuarial liability with respect to pension benefits under the Retirement Law (the “Unfunded <br />Liability”), and to pay the costs of issuance, including underwriter’s discount and any original issue <br />discount, the City has determined to issue its $__________ City of Santa Ana Taxable Pension <br />Obligation Bonds, Series 2021 (the “Bonds”), all pursuant to and secured by this Trust Agreement <br />providing for the issuance of the Bonds, all in the manner provided herein; <br />NOW THEREFORE, the City and the Trustee agree as follows, each for the benefit of the <br />other and the benefit of holders of the Bonds (as defined below) issued in accordance with this Trust <br />Agreement. <br />ARTICLE I <br /> <br />DEFINITIONS; INTERPRETATION <br />Section 1.01 Certain Defined Terms. The terms defined in this Article I shall, for all <br />purposes of this Trust Agreement, have the meanings specified unless the context clearly requires <br />otherwise. <br />“Account” means any account established pursuant to this Trust Agreement. <br />“Additional Bonds” means bonds issued in accordance with Section 2.06 hereof. <br />“Annual Debt Service” means, for any Bond Year, the sum of the aggregate amount of <br />principal required to be paid on Bonds during such Bond Year either at maturity or pursuant to a