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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Agency deems it necessary to issue at this time $23,160,000 <br /> <br />principal amount of City of Santa Ana Community Redevelopment <br /> <br />Agency, Santa Ana South Main Street Redevelopment Project, Tax <br /> <br />Allocation Refunding Bonds, 1986 Series A <br /> <br />(the "Bonds"); and <br /> <br />WHEREAS, pursuant to the Resolution a portion of the <br /> <br />proceeds of the Bonds will be set apart and irrevocably <br /> <br />segregated in a special fund held by the Escrow Bank and called <br /> <br />herein the "Refunded Bond Fund"; and <br /> <br />WHEREAS, at the time that the Bonds are delivered to the <br /> <br />original purchaser, there will be transferred from the Santa <br /> <br />Ana South Main Street Redevelopment Project Special Fund <br /> <br />created by the 1984 Resolution $ <br /> <br />said amount to be <br /> <br />deposited in the Refunded Bond Fund created by the Resolution, <br /> <br />and a portion of the proceeds of the Bonds in the Refunded Bond <br /> <br />Fund will be used to purchase $ <br /> <br />permitted direct <br /> <br />obligations of the United States (the "Escrow Securities"). The <br /> <br />Escrow Securities and the interest earned thereon, will be <br /> <br />sufficient to pay installments of interest on and principal of <br /> <br />and to redeem the outstanding 1984 Refunded Bonds on June 1, <br /> <br />1994; and <br /> <br />WHEREAS, the schedule of the principal of and premium and <br /> <br />interest on and semiannual total debt service with respect to <br /> <br />the Refunded Bonds through their redemption on June 1, 1994, <br /> <br />which is the date on which the Refunded Bonds are to be <br /> <br />redeemed, is set forth in Exhibit A attached hereto. <br /> <br />05-12-86 <br />1677k/2281/06 <br /> <br />-2- <br />