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RESOLUTION NO. 2003-01 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA AUTHORIZING ISSUANCE OF NOT TO <br />EXCEED $25,000,000 AGGREGATE PRINCIPAL AMOUNT OF SANTA <br />ANA SOUTH MAIN STREET REDEVELOPMENT PROJECT TAX <br />ALLOCATION BONDS, SERIES 2003A, AT AN INTEREST RATE NOT <br />TO EXCEED 6~%, APPROVING AND AUTHORIZING AND DIRECTING <br />EXECUTION OF FIRST SUPPLEMENT TO INDENTURE OF TRUST <br />RELATING THERETO AND PROVIDING OTHER MATTERS PROPERLY <br />RELATING THERETO <br /> <br /> BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br /> Section 1. The Board of the Community Redevelopment Agency of the City of <br />Santa Ana ("Agency") hereby finds, determines and declares as follows: <br /> <br />A= <br /> <br />The Agency is authorized pursuant to the Community Redevelopment <br />Law, being Part 1 of Division 24 (commencing with Section 33000) of the <br />Health and Safety Code of the State of California (the "Law") to issue its <br />tax allocation bonds for the purpose of financing and refinancing <br />redevelopment activities within and of benefit to its Santa Ana South Main <br />Street Redevelopment Project (the "Redevelopment Project"). <br /> <br />To finance and refinance redevelopment activities with respect to the <br />Redevelopment Project, the Agency issued its $44,650,000 aggregate <br />principal amount of Santa Ana South Main Street Redevelopment Project <br />Tax Allocation Bonds, Series 1993D (the "Series 1993D Bonds") pursuant <br />to an Indenture, dated as of August 1, 1993, by and between the Agency <br />and Dai-Ichi Kangyo Bank of California (the "1993 Indenture"). <br /> <br />The Agency now wishes to finance certair~ additional redevelopment <br />activities (within the meaning of Section 33678 of the Law) with respect to <br />the Project Area and, in implementation thereof, the Agency has <br />determined to issue its $25,000,000 aggregate principal amount of Santa <br />Ana South Main Street Redevelopment Project Tax Allocation Bonds, <br />Series 2003A (the "Series 2003A Bonds") at an interest rate not to exceed <br />6 ¼ %, pursuant to the Law. <br /> <br />The 1993 Indenture permits the issuance of Additional Bonds (within the <br />meaning of the 1993 Indenture) on a parity with the Series 1993D Bonds, <br />subject to certain conditions. <br /> <br />The Series 2003A Bonds are being issued in compliance with all <br />applicable conditions in order to be secured as Parity Debt by a pledge of <br /> <br /> <br />