1978-12 CRA - Laserfiche WebLink

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-1 2 I 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 123 24 25 28 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 .44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 81 62 63 64 .65 66 67 68 69 70 71 72 73 74 76 'I Proof of Fobr.ary 16. 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEY 8-- The statements of law and legal conclusions set forth in this official statement under the heading "The Bonds" have been reviewed by Bond Counsel. Bond Counsel's employment is limited to a review of the legal proceedings required for the authoriza- tion of the Bonds and to rendering an opinion as to the validity of the Bonds and the exemption of inter- est on the Bonds from income taxation (see section hereof entitled "Tax Exempt Status"). The opinion of Bond Counsel will not consider or extend to any documents, agreements, representations, offering cir- culars or other material of any kind concerning the Bonds, including this official statement, not men- tioned in this paragraph" Tax Exempt Status In the opinion of Bond Counsel, interest on the Bonds is exempt from present federal income taxes and from State of California personal income taxes under existing statutes, regulations and court deci- sions. Legality for Investment in California The California Community Redevelopment Law provides that bonds authorized and issued in the same manner and for the same purposes as the City of Santa Ana Community Redevelopment Proj- ect Area, 1978 Tax Allocation Bonds shall be legal investments for all banks, including trust companies, and various other financial institutions, as well as for trust funds and other public bodies. The Community Redevelopment Law also provides that such bonds are authorized security for public deposits. The Superintendent of Banks of the State of Cali- fornia has previously ruled that bonds of a redevel- opment agency are, by said statute, legal investments in California for savings banks. As such, the Bonds would also be legal investments for all trust funds, and for the funds of all insurance companies, com- mercial banks, trust companies, and any public or private funds which may be invesled in county, municipal, or school district bonds. The Bonds may be deposited as security for the performance of any act whenever the bonds of any county or munici- pality may be so deposited, and may also be used as security for the deposit of public moneys in banks in the state. A separate ruling from the Superintend- ent of Banks has not been requested for these Bonds"