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FA RESOLUTION NO. 2004-002 (JWF 1/12/04) RESOLUTION OF THE GOVERNING BOARD OF THE SANTA ANA FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY BY THE AUTHORITY OF A MASTER INSTALLMENT PURCHASE AGREEMENT, A FIRST SUPPLEMENT TO MASTER INSTALLMENT PURCHASE AGREEMENT, AN INDENTURE, AN ESCROW AGREEMENT AND A PURCHASE CONTRACT IN CONNECTION WITH THE ISSUANCE OF SANTA ANA FINANCING AUTHORITY WATER REFUNDING REVENUE BONDS, SERIES 2004 (PAYABLE SOLELY FROM INSTALLMENT PAYMENTS SECURED BY WATER SYSTEM NET REVENUES), AUTHORIZING THE ISSUANCE OF SUCH BONDS IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $22,000,000 AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING AND SALE OF SUCH BONDS AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS AND CERTIFICATES AND RELATED ACTIONS BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: The City of Santa Ana (the "City") previously financed the costs of the acquisition, construction and installation of certain water system capital improvements (the "Project") pertaining to the City's water system (the "Water System"); In order to accomplish such financing, the City entered into the Master Installment Purchase Agreement, dated as of August 1, 1994 (the "Prior Master Installment Purchase Agreement"), between the City and the Authority, and the First Supplement to Master Installment Purchase Agreement, dated as of August 1, 1994, between the City and the Authority (the "Prior Supplement" and together with the Prior Master Installment Purchase Agreement, the "Prior Installment Purchase Agreement") and pertaining to the Water System; In order to provide the funds necessary to finance the Project, the Authority issued its Water Revenue Bonds, Series 1994 (Payable Solely FA Resolution No. 2004-002 Page 1 of 7