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RESOLUTION NO. 2014 -048 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE EXECUTION AND <br />DELIVERY BY THE CITY OF A MASTER INSTALLMENT <br />PURCHASE AGREEMENT, A FIRST SUPPLEMENT TO <br />MASTER INSTALLMENT PURCHASE AGREEMENT, AN <br />ESCROW AGREEMENT, A CONTINUING DISCLOSURE <br />CERTIFICATE AND A PURCHASE CONTRACT IN <br />CONNECTION WITH THE ISSUANCE OF SANTA ANA <br />FINANCING AUTHORITY WATER REVENUE REFUNDING <br />BONDS, SERIES 2014 (PAYABLE SOLELY FROM <br />INSTALLMENT PAYMENTS SECURED BY WATER <br />SYSTEM NET REVENUES), APPROVING THE ISSUANCE <br />OF SUCH BONDS IN AN AGGREGATE PRINCIPAL <br />AMOUNT OF NOT TO EXCEED $17,000,000 <br />AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL <br />STATEMENT IN CONNECTION WITH THE OFFERING <br />AND SALE OF SUCH BONDS AND AUTHORIZING THE <br />EXECUTION OF NECESSARY DOCUMENTS AND <br />CERTIFICATES AND RELATED ACTIONS <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. The City of Santa Ana (the "City ") previously financed the costs of the <br />acquisition, construction and installation of certain water system capital <br />improvements (the "Project ") pertaining to the City's water system (the <br />"Water System "); <br />B. In order to accomplish such financing and refinancing, the Authority and <br />the City entered into a Master Installment Purchase Agreement dated as <br />of February 1, 2004 (the "Prior Master Installment Purchase Agreement "), <br />by and between the City and the Authority, and a First Supplement to <br />Master Installment Purchase Agreement dated as of March 1, 2004 (the <br />"Prior First Supplement" and together with the Master Installment <br />Purchase Agreement, the "Prior Installment Purchase Agreement "), <br />between the City and the Authority; <br />C. In order to achieve certain savings, the City desires to refinance the <br />Project by exercising its option to prepay the component installment <br />payments (the "Prior Installment Payments ") payable by the City under the <br />Prior First Supplement and cause the redemption of the Prior Bonds; <br />Resolution No. 2014 -048 <br />Page 1 of 6 <br />