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D. The Project is located within the City of Santa Ana Federal Empowerment Zone designated pursuant to Section 1391 of the Code and will be used for qualified purposes. E. The Authority, based on the information provided by the Borrower with respect to the Project, makes in Section 5 hereof certain determinations with respect to the public benefits that may be derived from the financing of the Project and the qualifications of the Project for financing under the Act. F. The Project constitutes "Facilities" within the meaning of the Act and the Borrower is a "Company" within the meaning of the Act. G. For purposes of financing on a tax-exempt basis a portion of the costs of the Project, the Authority now desires to (i) authorize the execution and delivery of a loan agreement (the "Loan Agreement") pursuant to which the Authority will borrow certain funds from GE Capital Public Finance, Inc. (the "Lender") in an aggregate principal amount not to exceed $3,800,000 (the "Loan"), (ii) provide for the payment of the principal, premium, if any, and interest on the Loan with revenues derived from the loan of the proceeds to the Borrower to finance a portion of the costs of the Project pursuant to the terms and provisions of the Loan Agreement, and (iii) take and authorize certain other actions in connection with the foregoing. H. There have been presented to this meeting and there are now on file with the Secretary of the Authority, the following documents: (1) A proposed form of Loan Agreement to be entered into by and among the Authority, the Borrower and the Lender. (2) A proposed form of Tax Regulatory Agreement (the "Tax Regulatory Agreement") to be entered into by and among the Authority, the Borrower and the City of Santa Ana, California (the "City"). I. The Board of Directors of the Santa Ana Empowerment Corporation, at its regular meeting of September 22, 2004, unanimously recommended approval of this action by the City of Santa Ana and the Industrial Development Authority of the City of Santa Ana. Section 2. Subject to approval as to form of the City Attorney of the City, serving as counsel to the Authority (the "Authority Attorney"), the Authority hereby approves the form of Loan Agreement presented at this meeting and authorizes the Executive Director of the Authority or designee (each an "Authorized Representative") of the Authority to execute by manual or facsimile signature and deliver the Loan Agreement, and the Secretary of the Authority is authorized to attest to the Loan Agreement, in the form presented to this Board with such changes and insertions therein as may be necessary to cause the IDA Resolution No. 2004-001 Page 2 of 5 -~-_.._.""-~.._,,-