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r \.., l (vi) Deed of Trust, dated as of November 1, 1988, to be executed by the Developer; and (vii) Pledge and Security Agreement, by and among, the Developer, PRIVATbanken and the Trustee, dated as of November 1, 1988. Section 4. Private Activity Bond Allocation. The Board of Directors hereby designates and assigns to the Bonds the amount of $6,500,000 of its Private Activity Bond Limit, heretofore received by transfer from the City of Santa Ana for such purpose, and each member of the Board hereby represents and warrants that such allocation is not made in consideration of any bribe, gift, gratuity or direct or indirect campaign contribution. Section 5. Award of Sale. The Bonds shall be sold to such purchasers as shall be designated by Bank of America, N.S. & T.A., as Placement Agent and Remarketing Agent, and approved by the Chairman of the Authority or his designated representative, at par value in the principal amount of $6,500,000. Section 6. Official Action. The Chairman, the Executive Director, the Finance Officer, the Secretary of this Board, the Economic Development Analyst and each of them, and any and all other officers of the Authority acting alone, are hereby severally authorized to execute such certificates, agreements and other documents as are necessary or customary for the consummation of the transactions contemplated by the documents enumerated in Section 3 of this Resolution. Section 7. Effective Date. This Resolution shall take effect immediately upon its passage and adoption. ADOPTED, this 15th day of AYES: and in favor thereof: November, 1988. Directors Young, Pulido, May, Griset NOES: Directors - None ABSENT: Directors - Acosta, Hart, McGuigan ATTEST: fib.. S re ary APPROVED AS TO -f~d I . FORM: C~~ ___0.-,-,"'--" __ .-.-' --- ._- -~---