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RESOLUTION NO.2024-002 <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />CITY OF SANTA ANA PUBLIC FINANCING AUTHORITY <br />DECLARING ITS INTENT TO ISSUE LEASE REVENUE <br />BONDS TO BE USED TO REIMBURSE THE CITY OF <br />SANTA ANA PUBLIC FINANCING AUTHORITY FOR <br />EXPENDITURES PRIOR TO THE ISSUANCE OF SUCH <br />BONDS <br />BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF SANTA <br />ANA PUBLIC FINANCING AUTHORITY AS FOLLOWS: <br />Section 1. The Board of Directors of the City of Santa Ana Public Financing <br />Authority hereby finds, determines and declares as follows: <br />A. WHEREAS, the City of Santa Ana Public Financing Authority (the "Authority") <br />plans to issue tax-exempt lease revenue bonds (the "Obligations") to fund the <br />improvements to the City's water distribution system (the "Project"); and <br />B. WHEREAS, the Authority reasonably expects to use a portion of the proceeds <br />of the Obligations to reimburse the Authority for expenditures on the Project. <br />Section 2. Declaration of Official Intent. The Authority hereby declares its <br />official intent, subject to the further approval of this Board of Directors, to use up to <br />$30,000,000 of the proceeds of the Obligations to reimburse for expenditures on the <br />Project. It is intended that this Resolution shall constitute a declaration of "official intent" <br />within the meaning of Section 1.150-2 of the Treasury Regulations promulgated under <br />Section 150 of the Internal Revenue Code, as amended. <br />Section 3. Other Approvals. The adoption of this Resolution shall not bind the <br />Authority to proceed with execution and delivery of the Obligations until and unless all <br />other necessary actions and approvals are taken or received in accordance with all <br />applicable laws, at the discretion of the Authority. <br />Section 4. Effective Date. This Resolution shall take effect immediately upon its <br />adoption by the Board of Directors, and the Secretary of the Board shall attest to and <br />certify the vote adopting this Resolution. <br />ADOPTED this 7th day of Mav, 2024. <br />[Signatures on following page] <br />Resolution No. 2024-002 <br />Page 1 of 2 <br />