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L. The Agency has heretofore entered into a Loan Agreement (the "Loan Agreement"), dated as of January 1, 2003, with the Authority pursuant to which the Authority agreed that, in the event the Agency is unable to issue the Series 2003A Bonds, the Authority would issue its bonds in a like amount as the Series 2003A Bonds and loan the proceeds to the Agency and, accordingly, upon the delivery of the Series 2003A Bonds to the Underwriter, the Loan Agreement with the Authority shall terminate by its terms and be of no further force and effect. M. The Agency, with the aid of its staff, has reviewed the Second Supplement, the Purchase Contract, the preliminary Official Statement and the Escrow Agreement, and the Agency wishes to approve and confirm the foregoing, as well as the other matters set forth below, in the public interests of, and for significant public benefits to, the Agency and the City of Santa Aha. Section 2. Confirmation of Approval of Series 2003A Bonds; Increase of Authorization. The Agency hereby confirms its prior approval of the issuance of the Series 2003A Bonds, under and pursuant to the Law, Resolution No. 2003-01 and the 1993 Bonds Indenture, as amended and supplemented by the First Supplement, in the principal amount of not to exceed $40,000,000. Section 3. Issuance of 2003B Bonds; Approval of Second Supplement. The Agency hereby authorizes the issuance of the Series 2003B Bonds under and pursuant to the Law, the 1993 Indenture and the First Supplement, as amended and supplemented by the Second Supplement, in the aggregate principal amount of not to exceed $39,000,000, provided that the interest rate payable with respect to the Series 2003B Bonds shall not exceed 6.50 percent per annum, payments on the Series 2003B Bonds, together with debt service payments on the Series 2003A Bonds, shall be substantially level annual payments and the final maturity of the Series 2003B Bonds shall be within 32 years of the date of issuance of the Series 2003B Bonds. The Agency hereby approves the Second 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 Second Supplement of the final interest rates payable with respect to the Series 2003B Bonds and the final principal amount and annual maturities of the Series 2003B Bonds, as shall be contained in the Purchase Contact, and execution and delivery of the Second 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 Second Supplement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Second Supplement. Section 4. Sale of Bonds. The Agency hereby approves the sale of the Series 2003A Bonds and the Series 2003B Bonds (together referred to herein as the "Bonds") to the Authority for concurrent resale to the Underwriter pursuant to the Purchase Contract by and among the Agency, the Authority and the Underwriter, in substantially