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RESOLUTION 91-029 WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Formation and the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The foregoing recitals are true and correct. 2. It is necessary to incur bonded indebtedness in the maximum aggregate principal Amount of $50,000,000 within the boundaries of the District. 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities, as provided in the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance the Facilities and the costs of the City in administering the District. 4. The whole of the District shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Intention. 5. The maximum amount of bonded indebtedness to be incurred is $50,000,000 and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. 6. The bonds shall bear interest at rate or rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or in such other manner as this City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by this City Council or its designee at the time or times of sale of said bonds. 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the District and shall be consolidated with elections on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 20-68 of the Act. The time, place and conditions of said election shall be as specified by separate. resolution of this City Council. 8. The law firm of Jones Hail Hill & White, A Professional Law Corporation, is hereby designated as bond counsel to the City in connection with the formation of the District and any special tax bonds issued by the City for the District. The City Manager is hereby authorized and directed to execute an agreement with said firm for its services in connection with the District and said bonds, in the form on file with the City Attorney. 9. J. P. Morgan Securities is hereby designated as underwriter to the City in connection with any special tax bonds issued by the City for the District. The City Manager is hereby authorized and directed to execute an agreement with said firm for its -2-