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35 CITY OF SANTA ANA RESOLUTION NO. 98-014 . 1 RESOLUTION APPROVING, AUTHORIZING AND DIRECTING THE EXECUTION OF CERTAIN LEASE AND BOND FINANCING DOCUMENTS RELATED TO SANTA ANA FINANCING AUTHORITY REVENUE BONDS, AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO RESOLVED, by the City Council (the "Council") of City of Santa Ana, California (the "City"), as follows: WHEREAS, the Community Redevelopment Agency of the City of Santa Ana (the "Agency") has issued its Community Redevelopment Agency of the City of Santa Ana Inter- City Commuter Station Redevelopment Project 1989 Series A Tax Allocation Refunding Bonds, Community Redevelopment Agency of the City of Santa Ana City of Santa Ana Redevelopment Project 1989 Series B Tax Allocation Refunding Bonds, and Community Redevelopment Agency of the City of Santa Ana Santa Ana South Harbor Boulevard/Fairview Street Redevelopment Project 1989 Series C Tax Allocation Refunding Bonds (collectively, the "Agency Bonds"), and the Agency has determined that it is in the best financial interests of the Agency to provide for the refinancing of the Agency Bonds at this time; and WHEREAS, in order to refinance the Agency Bonds on advantageous terms and conditions, the Santa Ana Financing Authority (the "Authority") proposes to issue its revenue bonds (the "Bonds") and to use the proceeds of the Bonds to purchase the Agency Bonds in lieu of the redemption of the Agency Bonds; and WHEREAS, the City has determined to assist the Agency and ~he Authority in connection with the issuance of the Bonds and the purchase of the Agency Bonds by entering into two lease agreements and related documents (collectively, the "City Lease Documents"), as a means to provide additional security for the repayment of the Bonds until tax increment revenues in the Agency's affected project areas increase to specified levels; and WHEREAS, the Agency will enter into reimbursement agreements with the City obligating the Agency to reimburse any amounts paid from the City's general fund under the lease agreements; and WHEREAS, the refinancing program will result in substantial interest rate savings to the Agency and reduce current City and Agency reimbursements in respect of debt service due on the Agency's City of Santa Ana Redevelopment Project 1989 Tax Allocation Refunding Bonds; WI IEREAS, the Council wishes at this tiine to authorize all proceedings on the part of the City related to the issuance of the Bonds and the execution of the City Lease Documents, and to approve the execution and delivery by the City of all agreements and documents to which it is a party relating thereto; and WHEREAS, a Preliminary Official Statement containing information material to the offering and sale of the Bonds has been prepared and is on file with the Clerk of the Council;