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SANTA ANA FINANCING AUTHORITY RESOLUTION NO. 98-003 RESOLUTION AUTHORIZING ISSUANCE OF REVENUE BONDS, APPROVING, AND AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN 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 City of Santa Ana Redevelopment Project 1989 Tax Allocation Refunding Bonds (MainPlace Project) (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 refinancing program will result in substantial interest rate savings to the Agency; 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 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 tile with the Secretary, and the Board, with the assistance of Agency Staff and consultants, has reviewed said documents and now desires to approve them so that the refinancing program can be consummated. NOW, THEREFORE, it is hereby DECLARED, ORDERED and DETERMINED as follows: Section 1. Findings and Determinations. Pursuant to Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the "Bond Law"), the Board hereby finds and determines that the issuance of the Bonds will result in savings in effective interest rates, bond underwriting costs and bond issuance costs and thereby result in significant public benefits to the Agency and the Authority within the contemplation of Section 6586 of the Bond Law. Section 2. Issuance of Bonds; Approval of Indenture. The Board hereby authorizes the issuance of the Bonds under and pursuant to the Bond Law, in the maximum principal amount of $24,000,000. The Bonds shall be issued pursuant to an Indenture of Trust dated as of September 1, 1998 (the "Indenture") by arid between the Authority and Dai-Ichi Kangyo Bank