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and lien on Pledged Tax Revenues (within the meaning of the 1993 Indenture and as herein redefined) on a parity with the Series 1993D Bonds under the 1993 Indenture. The Bonds are proposed to be issued pursuant to an amendment and supplement to the 1993 Indenture as set forth in a First Supplement To Indenture of Trust (the "First Supplement") dated as of March 1, 2003, by and between the Agency and the Trustee. The Agency proposes to sell the Bonds to the Santa Ana Financing Authority (the "Authority") which will concurrently sell the Bonds to Salomon Smith Barney, as purchaser of the Bonds (the "Underwriter"), all as shall be provided in a purchase contract in customary form (the "Purchase Contract"). The Agency will cause to be prepared an Official Statement describing the Bonds (the "Official Statement"). The Agency, with the aid of its staff has reviewed the First Supplement and the Agency wishes at this time to approve the foregoing in the public interests of the Agency. Section 2. Issuance of Bonds; Approval of Third Supplement. The Agency hereby authorizes the issuance of the Bonds under and pursuant to the Law and the 1999 Bonds Indenture, as amended and supplemented by the First Supplement, in the aggregate principal amount of not to exceed $25,000,000 at an interest rate not to exceed 6 ¼ %. The Agency hereby approves the First Supplement in substantially the form thereof on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director, including, without limitation, the addition to the First Supplement of the final interest rates payable with respect to the Bonds and the final principal amount and annual maturities of the Bonds, as shall be contained in the Purchase Contact, and execution of the First Supplement shall be deemed conclusive evidence of the Agency's approval of such additions or changes. The Chairperson and Secretary of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to the First Supplement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the First Supplement. Section 3. Submission of Purchase Contract and Official Statement. The Agency hereby authorizes and directs Agency staff to cause the preparation of the Purchase Contract for sale of the Bonds to the Underwriter and the Official Statement for submission to the Agency for approval. Section 4. Official Action. All actions heretofore taken by the officers and agents of the Agency with respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The Chairperson, the Executive Director, Secretary, Assistant Secretary, the Treasurer, the Assistant Treasurer and the General Counsel of the Agency and any and all other officers of the Agency are hereby authorized and -2-