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'- the Lender and a third-party escrow agent; (3) a proposed form of the Tax Regulatory Agreement and Arbitrage Certificate (the "Tax Regulatory Agreement"), to be entered into by and between the Authority and the Borrower; and (4) a proposed form of the Empowerment Zone Facility Bond Compliance Agreement (the "Compliance Agreement"), to be entered into by and among the Authority, the Borrower and the City of Santa Ana (the "City"). Section 2. Being fully informed and following the hearing on this matter, the Board of Directors of the Authority hereby further finds, determines and declares: A That the use of the Project for the production and distribution of baked cookies and crackers is in accord with Section 91503 of the Act. B. That the use of the Project is likely to result in employment benefits by securing or increasing the number of employees of the Borrower and any other direct users of the Project or the compensation for such employment. '-' C. That the execution and delivery of the Loan Agreement, the borrowing of amounts from the Lender and the Loan to the Borrower in the amount sufficient to finance all or a portion of the cost of the Project is likely to be a substantial factor in the accrual of each of such public benefits from the use of the Project. D. That the proposed financing of the Project is otherwise in accord with the purposes and requirements of the Act. Section 3. Subject to the receipt of final approval of the Project from CIDFAC, the Authority hereby approves and authorizes the borrowing of funds from the Lender in an amount not to exceed Twelve Million Dollars ($12,000,000.00) and the making of the Loan in an amount not to exceed Twelve Million Dollars ($12,000,000.00) for the purpose of financing all or a portion of the cost of the Project pursuant to the terms and provisions of the Loan Agreement. Section 4. Subject to approval as to form of the Authority Attorney, the Chairman, Vice Chairman or Executive Director of the Authority, and each of them, acting alone, is hereby authorized and empowered to execute by manual or facsimile signature and deliver the Loan Agreement, and the Secretary of the Authority is authorized to attest thereto, with such changes and insertions therein as may be necessary to cause the same to carry out the intent of this Resolution and as are approved by counsel to the Authority, such approval to be conclusively evidenced by the delivery thereof. '- IDA Resolution No. 2000-003 Page 3 of 5