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. . ~. . . . . RESOLUTION NO. 87-~ A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AMENDING RESOLUTION,NO, 85-54 (AUTHORIZING THE ISSUANCE OF TAX ALLOCATION BONDS OF SAID AGENCY 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) FOR THE PURPOSE OF CLARIFYING CERTAIN PROVISIONS THEREOF WHEREAS, on December 3, 1985, the Community Redevelopment Agency of the City of Santa Ana (the "Agency") adopted Resolution No. 85-54 (the "Resolution") authorizing the 'issuance of the above-referenced tax allocation bonds of the Agency in the principal amount of $63,850,000 (the "Bonds"); and , WHEREAS, the Agency is authorized pursuant to Section 23 of the Resolution to adopt amendments to the Resolution to clarify the provisions I thereof, which amendments do not require the consent of Bondholders; I WHEREAS, the Agency has now determined to amend the Resolution in order to:c1arify certain provisions thereof; NOW THEREFORE, THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA does hereby resolve, determine and order as follows: SECTION 1. Section llA(6) is hereby amended and restated to read as follows: (6) The special Term Bonds are subject to mandatory redemption as a whole or in part on December 15, 1986, December 15, 1987, December 15,1988, and December 15, 1989 and December 15, 1990 in the event proceeds remaining in the Escrow Fund cannot be invested in investments at a rate equal to or in excess of the 7.5% per annum which would maintain the rating on the Bonds and on December 15, 1990, from amounts remaining in the Escrow Fund, after the calculation set forth in Section 13C for release of such monies. SECTION 2. Paragraph D. of Section 13 of the Resolution is hereby amended and restated to read as follows: