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<br />E. The Applicant has represented in the Application certain facts and <br />information concerning the Project and the Applicant, including but not limited to <br />the requirement that, after a two year start up period, 35% of the Applicant's <br />employees shall be residents of the Santa Ana Empowerment Zone. <br /> <br />F. The City Council in evaluating the Project has relied upon the <br />written facts and information represented in the Application by the Applicant as <br />well as any comments made before the City Council in conjunction with the <br />hearing on this matter. <br /> <br />G. The Board of Directors of the Authority in its resolution adopted on <br />December 20, 2004, expressed its intent to enter into a loan or loans, in <br />aggregate principal amount not to exceed $4,700,000 (the "Loans") for the <br />benefit of the Applicant. <br /> <br />H. The Authority has made the determinations required to be made <br />pursuant to Section 91530 of the Act preliminary to the entering into the Loans. <br /> <br />I. The Authority approved and authorized the Loans, subject to <br />certain conditions, on December 20, 2004. <br /> <br />J. The Authority proposes to lend the proceeds of the Loans to the <br />Applicant. <br /> <br />K. This City Council of the City of Santa Ana (the "City Council") has <br />considered the information contained in the Applicant's application and has <br />considered the determinations of the Authority. <br /> <br />L. The Loans must be approved by the City Council to satisfy the <br />public approval requirements of Section 147(f) of the Code and Section 91530(f) <br />of the Act. <br /> <br />M. It is intended that this Resolution shall constitute the approval of the <br />Project and the Loans as required by Section 147(f) of the Code and Section <br />91530(f) of the Act. <br /> <br />N. The City Council is the elected legislative body of the City and is <br />one of the applicable elected representatives required to approve the execution <br />and delivery of the Loans under Section 147(f) of the Code. <br /> <br />O. The Authority has requested that the City Council approve the <br />execution and delivery of the Loans by the Authority to satisfy the public approval <br />requirement of Section 147(f) of the Code. <br /> <br />P. Pursuant to Section 147(f) of the Code, prior to their execution and <br />delivery, private activity bonds are required to be approved by the "applicable <br />elected representative" of the governmental units on whose behalf such <br />