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<br /> <br /> <br /> <br /> governmental agencies to issue recovery zone economic development <br /> bonds ("Recovery Zone Economic Development Bonds") upon compliance <br /> with various requirements of the Code; <br /> 1. among other requirements, the Code requires that the net proceeds of any <br /> Recovery Zone Economic Development Bonds be used for a "qualified <br /> economic development purpose," including to fund capital expenditures <br /> paid or incurred with respect to property located in a "recovery zone;" <br /> J_ on August 17, 2009, the City Council of the City of Santa Ana (the "City") <br /> adopted Resolution No. 2009-046, designating the City as a "recovery <br /> zone" (the "Santa Ana Recovery Zone") for purposes of section 14000- <br /> 1(b) of the Code; <br /> K. under the Federal Stimulus Act, the City has been allocated the authority <br /> to issue up to $5,872,000 principal amount of Recovery Zone Economic <br /> Development Bonds; <br /> L. to finance the 2010 Project, which will promote development or other <br /> economic activity in the Santa Ana Recovery Zone, as contemplated by <br /> section 14000-2(c) of the Code, the Agency has determined to issue its <br /> Community Redevelopment Agency of the City of Santa Ana Tax <br /> Allocation Bonds (Merged Project Area-Taxable Recovery Zone <br /> Economic Development Bonds), 2010 Series B, in the aggregate principal <br /> amount of not to exceed $5,870,000 (the "2010B Bonds" and, with the <br /> 201 OA Bonds, the "2010 Bonds"), under the provisions of the <br /> Redevelopment Bond Law; <br /> M. the 20106 Bonds will be issued as bonds the interest on which is not <br /> excluded from gross income for purposes of federal income taxation; <br /> N. the Agency expects to receive a cash subsidy payment from the United <br /> States Treasury equal to 45% of the interest payable on the 201 OB Bonds; <br /> 0. the 2010 Bonds will be secured by a pledge of and lien on certain tax <br /> increment revenues allocated to the Agency for the Redevelopment <br /> Projects; and <br /> P_ the Authority has duly considered such transactions and wishes at this <br /> time to approve the form and authorize execution of escrow agreements <br /> relating to the refunding of the 1998 Bonds and to authorize the purchase <br /> and sale of the 2010B Bonds and to approve the form and authorize <br /> execution of a bond purchase agreement in connection therewith; <br /> Resolution No. SAFA 2010- <br /> 4-7 Page 3 of 2 <br />