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F. The Project constitutes "Facilities" within the meaning of the Act and the Borrower is a "Company" within the meaning of the Act. G. The Authority now desires to accept the application of the Borrower for financing, to make certain determinations under the Act and to express the present intention of the Authority to provide financing with respect to the Project. H. The Board of Directors of the Santa Ana Empowerment Corporation will consider the Project prior to the further consideration by the City of Santa Ana and the Industrial Development Authority of the City of Santa Ana of the Project and the financing. Section 2. The Board of Directors of the Authority hereby accepts the application of the Borrower for financing and finds and determines that: (a) the undertaking of the Project in an Empowerment Zone is in accord with Section 91503 of the Act; (b) the use of the Project is likely to result in public benefits and 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) the Loan made by the Authority in the amount sufficient to finance all or a portion of the costs of the Project is likely to be a substantial factor in the accrual of each of such public benefits from the undertaking of the Project; and (d) the proposed financing of the Project is otherwise in accord with the purposes and requirements of the Act. Section 3. This Board hereby expresses the present intention of the Authority to enter into obligations to finance the Project in an amount of approximately $2,075,000, the interest on which is expected to be exempt from federal income taxation. Section 4. (a) The Borrower will incur costs with respect to the Project prior to the issuance of any obligations. The Authority hereby states its intention and reasonably expects to reimburse to the Borrower any such costs with proceeds of obligations to be issued by it. (b) This resolution is consistent with the budgetary and financial circumstances of the Authority, as of the date hereof. No monies from sources other than the Authority issue are, or are reasonably expected to be reserved, allocated on a long term basis, or otherwise set aside by the Authority (or any related party) pursuant to their budget or financial policies with respect to the Project costs. To the best of our knowledge, this Board of Directors is not aware of any previous adoption of official intents by the Authority that have been made as a matter of course for the purpose of reimbursing expenditures relating to this Project and for which tax exempt obligations have not been issued. IDA Resolution No. 2007-001 Page 2 Of4