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THE AUTHORITY <br />The Authority was established pursuant to a Joint Exercise of Powers Agreement dated August 1, 1993 <br />(the "Agreement'), between the City and the former Santa Ana Redevelopment Agency (the "Agency "). The <br />Authority was created for the purpose of providing financing for public capital improvements jointly owned and <br />operated by the City and the Agency. The Agreement was entered into pursuant to the provisions of Chapter 5 <br />of Division 7 of Title 1 of the California Government Code (the "JPA Act'). The Authority was created for the <br />purpose of assisting the financing or refinancing of certain public capital facilities within the City. <br />The Authority is governed by a seven - member Board of Directors which consists of the members of the <br />City Council of the City. The Mayor acts as the President of the Authority and the Mayor Pro Tern as its Vice <br />President. <br />15 <br />