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RESOLUTION NO. SAFA- 2010-002 <br />A RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY AUTHORIZING THE <br />PURCHASE AND SALE OF TAX ALLOCATION BONDS OF <br />THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA ISSUED TO FINANCE <br />REDEVELOPMENT ACTIVITIES WITHIN OR FOR THE <br />BENEFIT OF THE AGENCY'S MERGED PROJECT AREA <br />AND APPROVING RELATED DOCUMENTS AND <br />ACTIONS <br />BE IT RESOLVED BY THE SANTA ANA FINANCING AUTHORITY AS <br />FOLLOWS: <br />Section 1. The Governing Board of the Santa Ana Financing Authority hereby <br />finds, determines and declares as follows: <br />A. the City of Santa Ana (the "City") and the Community Redevelopment <br />Agency of the City of Santa Ana (the "Agency") have heretofore entered <br />into a Joint Exercise of Powers Agreement, dated as of August 1, 1993, <br />establishing the Authority for the purpose, among others, of issuing its <br />bonds to be used to provide financial assistance to the City and to the <br />Agency; <br />B. the Agency is a public body, corporate and politic, duly established and <br />authorized to transact business and exercise powers under and pursuant <br />to the provisions of the Community Redevelopment Law of the State of <br />California, constituting Part 1 of Division 24 of the California Health and <br />Safety Code (the "Law"), including the power to issue 2010 Bonds for any <br />of its corporate purposes; <br />C. the Agency adopted six redevelopment project areas between 1973 and <br />1989, including the Central City Redevelopment Project Area, the Inter- <br />City Commuter Station Redevelopment Project Area, the North Harbor <br />Boulevard Redevelopment Project Area, the South Harbor <br />Boulevard/Fairview Street Redevelopment Project Area, the South Main <br />Street Redevelopment Project Area, and the Bristol Corridor <br />Redevelopment Project Area (the "constituent Redevelopment Projects" or <br />"Redevelopment Projects"); <br />D. to allow tax increment revenues to be shared between Redevelopment <br />Projects and thereby facilitate redevelopment of the Redevelopment <br />Projects, the Redevelopment Projects were merged in 2004 in compliance <br />with all requirements of the Law, creating the Merged Project Area; <br />Resolution No. SAFA 2010-002 <br />Page 1 of 6