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<br />C. The Bonds will be considered to be "qualified exempt facility <br />bonds" under Section 142 (a) of the Internal Revenue Code of <br />1986, as amended (the "Code"), and Section 147(f) of the <br />Code requires that the "applicable elected representatives" <br />with respect to the Authority hold a public hearing with respect <br />to the issuance of the Bonds. <br /> <br />D. The Authority has determined that the City Council of the City <br />of Santa Ana is the "applicable elected representatives" to <br />hold said public hearing. <br /> <br />E. Notice of said public hearing has been duly given as required <br />by the Code, and this City Council has heretofore held such <br />public hearing at which all interested persons were given an <br />opportunity to be heard on all matters relative to the financing <br />and operation of the Project and the Authority's issuance of <br />the Bonds therefore. <br /> <br />F. The City Council of the City of Santa Ana, as the "applicable <br />elected representatives" of the Authority, approves of the <br />issuance of the Bonds as in the public interests of the <br />Authority. <br /> <br />G. The appropriate officers or staff of the Authority are hereby <br />authorized, for and in the name of and on behalf of the <br />Authority, to make an application to the California Debt Limit <br />Allocation Committee for an allocation of private activity bonds <br />for the financing of the Project. <br /> <br />Section 2. The City Council hereby approves the financing of the acquisition and <br />rehabilitation of the Project by the Authority under the Law. <br /> <br />Section 3. The issuance of the Bonds shall be subject to approval by the <br />Authority of all financing documents relating thereto to which the Authority is a party and <br />subject to the sale of the Bonds by the Authority to the underwriter thereof. <br /> <br />Section 4. This resolution shall take effect immediately. <br /> <br />75A-4 <br />