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RESOLUTION NO. SAFA 2007- <br />RESOLUTION APPROVING, AUTHORIZING AND DIRECTING <br />PREPARATION AND EXECUTION OF CERTAIN LEASE <br />FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING <br />CERTAIN ACTIONS WITH RESPECT THERETO <br />BE IT RESOLVED BY THE SANTA ANA FINANCING AUTHORITY AS <br />FOLLOWS: <br />Section 1. The Board of Directors (the "Board") of the Santa Ana Financing <br />Authority (the "Authority") finds, determines and declares as follows; <br />A. The City of Santa Ana (the "City") proposes to finance the costs of the <br />construction of a parking structure on City-owned property located <br />adjacent to the proposed State Appellate Court Building in Santa Ana, <br />California (the "Improvements"); <br />B. In 2005, the City entered into alease/leaseback transaction with the <br />Authority to finance the Improvements and the City agreed to make lease <br />payments to the Authority with a principal component of $5,970,000 and <br />an interest component calculated at the rate of 4.71 % per annum; <br />C. The Authority assigned its right to receive the lease payments to All Points <br />Public Funding, LLC ("All Points") which advanced the principal <br />component of the lease payments to the City to finance the <br />Improvements; <br />D. The City experienced construction cost increases, utility undergrounding <br />complications and other problems in connection with the Improvements <br />and requires additional funds to complete the Improvements; <br />E. The City approached All Points to finance the remaining amounts required <br />for the Improvements and All Points agreed to do so on substantially the <br />same terms as the original 2005 transaction; <br />F. The City and All Points agreed that the City would prepay the 2005 lease <br />agreement, with no prepayment penalty, and would enter into a new <br />lease/leaseback transaction that would provide for the total amount <br />required to finance the Improvements; <br />G. The City has determined to enter into a new site lease (the "Site Lease") <br />and a new lease agreement (the "Lease Agreement") with the Authority <br />with a total principal component of $8,470,000 and an interest component <br />calculated at the rate of 4.78191 % per annum; <br />Resolution No. SAFA 2007- <br />Page 1 of 3 <br />2-4 <br />