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SAFA RESOLUTION NO. 2003-002 <br /> <br />A RESOLUTION OF THE SANTA ANA FINANCING <br />AUTHORITY AUTHORIZING THE PURCHASE AND SALE <br />OF THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA SANTA ANA SOUTH MAIN <br />STREET REDEVELOPMENT PROJECT TAX <br />ALLOCATION BONDS, SERIES 2003A, AND SANTA ANA <br />SOUTH MAIN STREET REDEVELOPMENT PROJECT TAX <br />ALLOCATION REFUNDING BONDS, SERIES 2003B, <br />UPON CERTAIN TERMS AND CONDITIONS, APPROVING <br />DISTRIBUTION OF OFFICIAL STATEMENT RELATING <br />THERETO AND PROVIDING OTHER MATTERS <br />PROPERLY RELATING THERETO <br /> <br />bk:4/29/03 <br /> <br /> BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SANTA ANA <br />FINANCING AUTHORITY AS FOLLOWS: <br /> <br /> Section 1. The Board of Directors of tt~e Santa Ana Financing Authority <br />hereby finds, determines and declares as follows: <br /> <br />The City of Santa Ana (the "City") and the Community Redevelopment <br />Agency of the City of Santa Ana ("the Agency") entered into a Joint <br />Exercise of Powers Agreement (the "Agreement"), creating the Santa Ana <br />Financing Authority (the "Authority"). <br /> <br />Pursuant to Article 4 of Chapter 5 of Division 7 of Title I of the <br />Government Code of the State of California' (the "Act') and the Agreement, <br />the Authority is authorized to purchase bonds issued by the Agency for <br />financing and refinancing public capital improvements° <br /> <br />Pursuant to the Act and the Agreement the Authority is further authorized <br />to sell bonds so purchased to public or private purchasers at public or <br />negotiated sale. <br /> <br />The Authority desires to purchase from the Agency its not to exceed <br />$25,000,000 aggregate principal amount of Community Redevelopment <br />Agency of the City of Santa Ana Santa Ana South Main Street Tax <br />Allocation Bonds, Series 2003A (the "Series A Bonds"), and its not to <br />exceed $39,000,000 aggregate principal amount of Community <br />Redevelopment Agency of the City of Santa Ana Santa Ana South Main <br />Street Tax Allocation Refunding Bonds, Series 2003B (which, together <br />with the Series 2003A Bonds, collectively referred to hereinafter as the <br />"Bonds"), solely from the proceeds received from the Authority's <br />concurrent sale of the Bonds to Salomon Smith Barney, Inc. (the <br /> <br />SAFA Resolution No. 2003-002 <br /> Page 1 of 3 <br /> <br /> <br />