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The Authority was established pursuant to a Joint Exercise of Powers Agreement dated May 8, 2024 (the "Agreement"), between the City and the Housing Authority. The Authority was created for the purpose of providing financing for refinancing of public capital improvements to be owned and/or operated by the City and/or the Housing Authority. The Agreement was entered into pursuant to the provisions of Chapter 5 of Division 7 of Title 1 of the California Government Code (the "JPA Act"). The Authority is governed by a seven -member Board of Directors which consists of the members of the City Council of the City. The Mayor acts as the President of the Authority and the Mayor Pro Tern as its Vice President. THE CITY The City of Santa Ana, county seat of Orange County and one of the oldest communities in Southern California, is located 35 miles southeast of Los Angeles, 20 miles east of the Ports of Los Angeles and Long Beach, ten miles inland from the Pacific Ocean and 90 miles north of San Diego. The City encompasses an area of approximately 27 square miles and lies on generally level land at an elevation approximately 135 feet above sea level. The City was founded in 1869. The City was incorporated on June 1, 1886 and reorganized under a City Charter in 1888. In 1952, the voters approved a charter which established a council-manager form of government. The charter was modified by an election in 1986 to provide for the mayor to be elected by the voters. A 1988 redistricting resulted in a six -member City Council, in addition to the Mayor. The City Council is elected biannually by ward for four-year terms and the Mayor is directly elected at large for two-year terms. The City provides traditional city services, including police protection (384 sworn personnel). Fire services are provided by the Orange County Fire Authority. There are three library locations and 47 parks in the City. Public education for grades K-12 is provided by the Santa Ana Unified School District, the Garden Grove Unified School District, the Orange Unified School District and the Tustin Unified School District. The City has served as the county seat since the formation of Orange County in 1889. Numerous government offices have taken advantage of the City's central location and position as county seat. City, county, state and federal offices are conveniently located in the multi -government civic center in the heart of the City. The City has an industrial base which supports the local economy. For other selected information concerning the City, see "APPENDIX A — CITY OF SANTA ANA GENERAL DEMOGRAPHIC INFORMATION." THE WATER SYSTEM General; Service Area The City is the primary provider of water service for residential, commercial, agricultural and industrial enterprises within the City and also serves 45 customers outside the City limits bordering the City of Orange. The City's current population is approximately 308,189, which is also the estimated population served by the Water System. The Water System currently includes a total of approximately 45,376 potable water connections, including approximately 39,704 residential service connections, approximately 5,672 non-residential connections, and 25 recycled water connections. The primary facilities comprising the Water System, as of April 1, 2024, includes 21 active groundwater wells, 7 connections to The Metropolitan Water District of Southern California ("MWD") transmission mains, 7 pump stations, 10 reservoirs totaling 55 million gallons (MG) of storage, and a network of nearly 480 miles of transmission and distribution pipelines. The general age of the Water System is approximately 60-70 years. The main lines of the Water System were constructed in the decade of 1910. The majority of the water distribution infrastructure was developed over