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NOW, THEREFORE, BE IT RESOLVED BY TNE CITY COUNCIL Of THE CITY OF SANTA <br />ANA, AS FOLLOWS: <br /> <br /> Section 1, Acts and CSnditions Precedent. The City Council has <br />reviewed all proceedings heretofore taken and has found, as a result of such <br />review, and hereby finds and determines, that all things, conditions and acts <br />required by law to exist, happen or be performed precedent to and in <br />connection with the issuance of the Bonds do ex~st, have happened and have <br />been performed in due time, form and manner as required by law, and the C~ty <br />is now duly empowered, pursuant to each and every requirement of law, to issue <br />the Bonds in the manner and form provided in this Resolution and in the <br />Indenture. <br /> <br /> Section 2. Authorization of Bonds. The City Council hereby authorizes <br />and directs the issuance of the Bonds in the aggregate principal amount of not <br />to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) pursuant to <br />and in accordance with the terms and provisions of this Resolution, the Law <br />and the Indenture, all of which terms and provisions are Incorporated herein <br />by reference. The purpose for which the Bonds shall be issued is to provide <br />funds to make a loan to the Company for the purpose of providing financing for <br />the acquisition, construction and improvement of the Project pursuant to the <br />Loan Agreement. The Bonds shall be designated as provided In the Indenture. <br /> <br /> Section 3. Sale of Bonds. The Bonds are hereby authorized to be sold <br />to The Chase Manhattan Bank, N.A., a national association, pursuant to and in <br />accordance with the terms of the Bond Purchase Agreement therefor (the "Bond <br />Purchase Agreement") in substantially the form presented to the City Council <br />at this meeting, together with any additions thereto or changes therein deemed <br />necessary or advisable by the Mayor or his designee. The Mayor or his <br />designee is hereby authorized and directed to execute and the Clerk is hereby <br />authorized to attest the Bond Purchase Agreement for and in the name and on <br />behalf of the City. <br /> <br /> Section 4. Indenture. The Indenture, in substantially the form <br />presented to the City Council at this meeting, together with any additions <br />thereto or changes therein deemed necessary or advisable by the Mayor or his <br />designee, is hereby approved. The Mayor or his designee is hereby authorized <br />and directed to execute and the Clerk is hereby authorized to attest the <br />Indenture for and In the name and on behalf of the City. <br /> <br /> Section 5. Loan Agreement. The Loan Agreement, in substantially the <br />form presented to the City Council at this meeting, together with any <br />additions thereto or changes therein deemed necessary or advisable by the <br />Mayor or his designee, is hereby approved. The Mayor or his designee is <br />hereby authorized and directed to execute and the Clerk is hereby authorized <br />to attest the Loan Agreement for and in the name and on behalf of the City. <br /> <br /> Section 6. Private Activity Bond Allocation. The City Council hereby <br />designates and assigns to the Bonds the amount of $6,500,000 of its Private <br />Activity Bond Limit, heretofore received by transfer from the County of Orange <br />for such purpose, and each member of the Council hereby represents and <br />warrants that such allocation is not made in consideration of any bribe, gift, <br />gratuity or direct or indirect campaign contribution. <br /> <br />-2- <br /> <br /> <br />