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. . . RESOLUTION NO. 85-54 RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF SIXTY-THREE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS ($63,850,000) TO REFUND THE $13,500,000 1978 TAX ALLOCATION BONDS OF THE AGENCY AND TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN AS THE CITY OF SANTA ANA REDEVELOPMENT PROJECT AREA 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 has previously issued $13,500,000 aggregate principal amount of its City of Santa Ana Redevelopment Project Area, 1978 Tax Allocation Bonds pursuant to Resolution No. 78-10 adopted by the Agency on February 28, 1978 (the "1978 Resolution"); 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 bonds in a principal amount of Sixty-Three Million Eight Hundred Fifty Thousand Dollars ($63,850,000) 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 Bonds 1985 Series B" (the "Bonds"), the proceeds of which will be used to refund the 1978 Tax Allocation Bonds, to finance a portion of the cost of the City of Santa Ana Redevelopment Project Area, to fund a debt service reserve fund and to pay costs of issuing the Bonds, with the balance to be set apart and irrevocably