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JOINT EXERCISE OF POWERS AGREEMENT <br />THIS AGREEMENT, dated as of May 1, 1993 (this <br />"Agreement ") , by and between the CITY OF SANTA ANA, a charter city <br />duly organized and existing under the Constitution and laws of the <br />State of California (the "City "), and the COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA, a public body, corporate and <br />politic, duly organized and existing under the laws of the State of <br />California (the "Agency "), <br />W I T N E S S E T H: <br />WHEREAS, Articles 1, 2 and 4 of Chapter 5 of Division 7 <br />of Title 1 of the Government Code of the State of California (the <br />"Act ") authorize the City and the Agency to create a joint exercise <br />of powers entity (the "Santa Ana Financing Authority" or the <br />"Authority ") which has the power to jointly exercise any powers <br />common to the City and the Agency and to exercise the powers <br />granted to it under the Act; <br />WHEREAS, the City and the Agency are each empowered by <br />law to undertake certain projects and programs; <br />WHEREAS, the City is authorized to buy, sell and lease <br />property and to issue bonds, expend bond proceeds, and borrow and <br />loan money for certain public purposes pursuant to the Government <br />Code of the State of California; <br />WHEREAS, the Agency is authorized to buy, sell and lease <br />property and to issue bonds, expend bond proceeds, and borrow and <br />loan money for any of its corporate purposes pursuant to the <br />LAiassz7.z <br />