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RESOLUTION NO. 94~003-SAFA <br /> <br />APPROVING THE FORMS OF AND AUTHORIZING THE <br />EkECUTION AND DELIVERY BY THE AUTHORITY OF A <br />MASTER INSTALLMENT PURCHASE AGREEMENT, A <br />SUPPLEMENT THERETO, AN ESCROW AGREEMENT AND <br />AN INDENTURE WITH RESPECT TO THE EXECUTION <br />AND SALE OF SANTA ANA FINANCING AUTHORITY <br />WATER REVENUE BONDS, SERIES 1994, AUTHORIZING <br />THE EXECUTION OF SUCH BONDS IN AN AGGREGATE <br />PRINCIPAL AMOUNT NOT TO EXCEED $24,000,000, <br />AUTHORIZING AND APPROVING EXECUTION OF <br />NECESSARY DOCUMENTS AND RELATED ACTIONS. <br /> <br /> WHEREAS, the Santa Aha Financing Authority (the <br />"Authority") is a joint powers authority duly created, <br />established and authorized to transact business and exercise its <br />powers, all under and pursuant to Articles 1, 2 and 4 of Chapter <br />5 of Title 1 of the Government Code of the State of California <br />(the "Law"); and <br /> <br /> WHEREAS, the City of Santa Ana (the "City") is a <br />municipal corporation duly organized and existing under the <br />Constitution and laws of the State of California; and <br /> <br /> WHEREAS, the City has determined to purchase and the <br />Authority has determined to sell to the City certain municipal <br />water system facilities and the City has determined to refinance, <br />and the A6thority has agreed to assist in the refinancing of, <br />certain other water facilities previously purchased by the City <br />(the "Project"), pursuant to a Master Installment Purchase <br />Agreement, dated as of August 1, 1994 (the "Agreement") and a <br />Supplement thereto, dated as of August 1, 1994 (the "Supplement") <br />and an Escrow Agreement, dated as of August 1, 1994 (the "Escrow <br />Agreement"); and <br /> <br /> WHEREAS, the City, pursuant to the Agreement and the <br />Supplement is required to make certain installment payments to <br />the Authority; and <br /> <br /> WHEREAS, the Authority has determined to appoint <br />Orrick, Herrington & Sutcliffe to serve as bond counsel, Kelling, <br />Northcross & Nobriga, Inc. to act as financial advisor and <br />First Interstate Bank of California to act as trustee (the <br />"Trustee"); and <br /> <br /> WHEREAS,,.the Authority has determined to enter into an <br />Indenture, dated as of August 1, 1994 (the "Indenture") with the <br />Trustee, pursuant to which water revenue bonds (referred to <br />herein as the "Bonds") in an aggregate principal amount not to <br />exceed $24,000,000 will be issued; and <br /> <br /> <br />