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29033-16 JHHW:CFA ;12/15 /1985 F5882 RESOLUTION NO. 85-159 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE AND SALE OF $40,000,000 PRINCIPAL AMOUNT OF VARIABLE/FIXED RATE DEMAND REVENUE BONDS, SERIES 1985 (WESTDOME SPORTS ARENA), APPROVING INDENTURE OF TRUST PURSUANT TO WHICH SAID BONDS ARE TO ISSUED, ASSIGNING PRIVATE ACTIVITY BOND ALLOCATION THERETO, APPRDVING OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTION WHEREAS, the City of Santa Aha (the "City") is currently undertaking ~roceedlngs to determine the feasibility of developing certain public sports arena facilities in the City (the "Project") and to designate a participating party to act as developer of the Project; and WHEREAS, the City Council has heretofore enacted Chapter 28 of the Santa Aha Municipal Code (the "Law") authorizing the 4ssuance of revenue bonds by the City for the purpose of assisting the financing of authorized projects, and the City Council wishes at this time to preserve its ability to assist in the financing of the construction of the Project by a participating party by issuing its Variable/Fixed Rate Demand Revenue Bonds, Series 1985 (Westdome Sports Arena) in the aggregate principal amount .of $40,000,000 (the 'Bonds") pursuant to the Law; and WHEREAS, the proceeds of the Bonds will be expended for the construction of the Project only in the event that the City Council hereafter determines to approve the Project and hereafter designates a participating party pursuant to all applicable requirements of law; and WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust dated as of December 1, 19BS, (the "Indenture") by and between the City and Dai-Ichi Kangyo Bank of California, as trustee (the "Trustee"), and are to be secured by an irrevocable direct-pay letter of credit to be issued by The Mitsubishi Bank, Ltd., Los Angeles Agency; and WHEREAS, the Indenture provides that the Bonds are to be subject to optional and mandatory tender by the owners thereof under certain circumstances, and E.F. Hutton & Company, Inc. has proposed to act as remarketing agent in connection with such tenders, pursuant to a Remarketing Agreement dated as of December 1, 1985, (the "Remarketing Agreement") by and between the City and said Remarketing Agent; and WHEREAS, the City has duly called and conducted a public hearing on the financing as required by Section 103(k) of the Internal Revenue Code of lg$4, as amended, at which hearing all interested persons were given an opportunity to be heard; and -1-