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SANTA ANA FINANCING AUTHORITY RESOLUTION NO. q ~ - n n 1 -SAFA RESOLUTION AUTHORIZING ISSUANCE OF REVENUE BONDS, APPROVING, AND AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN LEASE AND BOND FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO RESOLVED, by the Board of Directors (the "Board") of the Santa Ana Financing Authority (the "Authority"), 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 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 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 of Santa Ana (the "City") has determined to assist the Agency and the 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 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 Aha Redevelopment Project 1989 Tax Allocation Refunding Bonds; and WHEREAS, the Board wishes at this time to authorize all proceedings on the part of the Authority related to the issuance of the Bonds, the execution of the City Lease Documents, and the purchase of the Agency Bonds, and to approve the execution and delivery by the Authority 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 Secretary; and WHEREAS, the other documents listed below are also on file with the Secretary, and the Board, with the assistance of City and Agency Staff and consultants, has reviewed said documents and now desires to approve them so that the refinancing program can be consummated.