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<br />order to provide for the issuance of Additional Bonds in accordance with <br />the provisions of the Original Indenture (the Original Lease as so <br />amended is referred to as the "Lease"); <br /> <br />K. <br /> <br />The City and the Authority have determined that it would be in the best <br />interests of the City and the Authority to provide the funds necessary to <br />refinance such portion of the Project through the offering and sale of <br />Additional Bonds, designated "Santa Ana Financing Authority Police <br />Administration and Holding Facility Lease Revenue Refunding Bonds, <br />Series 2004A" (the "Series 2004A Bonds") payable from the additional <br />Base Rental; <br /> <br />L. <br /> <br />The Authority and the Trustee desire to enter into a First Amendment to <br />Assignment Agreement (the "First Assignment Amendment") in order to <br />amend the Original Assignment Agreement so as to expressly provide that <br />all rights to receive the Base Rental, including the additional Base Rental <br />provided for in the First Amendment to Lease, have been assigned without <br />recourse by the Authority to the Trustee; <br /> <br />M. <br /> <br />The Authority and the City desire that the Trustee and the Authority enter <br />into a First Supplemental Indenture (the "First Supplemental Indenture") in <br />order to provide for the issuance of the Series 2004A Bonds; <br /> <br />N. <br /> <br />The Series 2004A Bonds will be issued pursuant to the Marks-Roos Local <br />Bond Pooling Act of 1985, commencing with Section 6584 of the California <br />Government Code; <br /> <br />O. <br /> <br />The Governing Board of the Authority (the "Governing Board") has <br />determined that it would be in the best interest of the Authority to secure <br />the timely payment of the principal of and interest on the Series 2004A <br />Bonds by obtaining an insurance policy with respect thereto; <br /> <br />P. <br /> <br />The funds representing the prepayment of the portion of the Base Rental <br />payable by the City under the Original Lease with respect to the portion of <br />the Project to be refinanced will be applied to the payment and <br />prepayment of the Base Rental thereunder pursuant to an Escrow <br />Agreement (the "Escrow Agreement") by and among the City, the <br />Authority and BNY Western Trust Company, as escrow bank; <br /> <br />Q. <br /> <br />Citigroup Global Markets Inc., as underwriter (the "Underwriter"), has <br />submitted to the City and the Authority a proposed form of an agreement <br />to purchase the Series 2004A Bonds in the form of a Bond Purchase <br />Agreement (the "Purchase Contract"); <br /> <br />Resolution No. SAFA 2004-001 <br />Page 3 of 7 <br />