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. . I . . RESOLUTION NO. 85-61 RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF TWENTY MILLION DOLLARS ($20,000,000) TO REFUND THE CONTRACTUAL OBLIÓATION OF THE AGENCY (MAINPLACE PROJECT) AND AWARDING THE BONDS TO R.H. MOULTON & COMPANY WHEREAS, the City of Santa Ana Community Redevelopment Agency (the "Agency"), is a redevelopment agency (a public body, corporate and politic) duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 commencing with Section 33000, of the Health and Safety Code of the State of California), and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and WHEREAS, the redevelopment plan (the "Redevelopment Plan") for a redevelopment project known and designated as the "City of Santa Ana Redevelopment Project Area" has been adopted and approved by Ordinance No. 1173 of the City of Santa Ana, which became effective on August 1, 1973, and which was amended by Ordinance No. 1258 of the City of Santa Ana, which became effective on July 2, 1975, and all requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied with; and WHEREAS, the Agency entered into an agreement entitled Participation Agreement recorded on May 17, 1984 in the Official Records of Orange County, California as Instrument No. 84-206421 with Santa Ana Ventures ("Agreement") which Agreement obligates the Agency to pay Santa Ana Ventures certain amounts advanced and to be advanced to the Agency, plus interest on the unpaid amount; and WHEREAS, the refunding program of the Agency and the corporate purposes of the Agency will be accomplished by adopting this Resolution of the Agency in order to issue tax allocation refunding bonds in a principal amount of Twenty Million Dollars ($20,000,000) pursuant to this Resolution providing for the issuance of "City of Santa Ana Community Redevelopment Agency, City of Santa Ana Redevelopment Project Area Tax Allocation Refunding Bonds 1985 Series E" (the "Bonds"), the proceeds of which will be used to refund the Agency's obligations under the Agreement, to fund a debt service reserve fund and to pay costs of issuing the Bonds;