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Section 4. The maximum amount of proceeds of the Obligations to be used <br />for reimbursement of expenditures for the acquisition, rehabilitation and development of <br />the Project that are paid before the date of initial execution and delivery of the <br />Obligations is not to exceed $30,000,000. <br />Section 5. The foregoing declaration is consistent with the budgetary and <br />financial circumstances of the Authority in that there are no funds (other than proceeds <br />of the Obligations) that are reasonably expected to be (i) reserved, (ii) allocated or (iii) <br />otherwise set aside, on a long-term basis, by or on behalf of the Authority, or any public <br />entity controlled by the Authority, for the expenditures for the acquisition and <br />rehabilitation of the Project that are expected to be reimbursed from the proceeds of the <br />Obligations. <br />Section 6. The Developer shall be responsible for the payment of all present <br />and future costs in connection with the issuance of the Obligations, including, but not <br />limited to, any fees and expenses incurred by the Authority in anticipation of the <br />issuance of the Obligations, the cost of printing any official statement, rating agency <br />costs, bond counsel fees and expenses, underwriting discount and costs, trustee fees <br />and expense, and the costs of printing the Obligations. The payment of the principal, <br />redemption premium, if any, and purchase price of and interest on the Obligations shall <br />be solely the responsibility of the Developer. The Obligations shall not constitute a debt <br />or obligation of the Authority. <br />Section 7. The appropriate officers or staff of the Authority are hereby <br />authorized, for and in the name of and on behalf of the Authority, to make an <br />application to the California Debt Limit Allocation Committee for an allocation of private <br />activity bonds for the financing of the Project. <br />Section 8. The adoption of this Resolution shall not obligate (i) the Authority to <br />provide financing to the Developer for the acquisition, rehabilitation and development of <br />the Project or to issue the Obligations for purposes of such financing; or (ii) the <br />Authority, of or any department of the Authority or the City of Santa Ana to approve any <br />application or request for, or take any other action in connection with, any <br />environmental, General Plan, zoning or any other permit or other action necessary for <br />the acquisition, rehabilitation, development or operation of the Project. <br />Section 9. This resolution shall take effect immediately upon its adoption. <br />-2- <br />80--12