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ORDINANCE NO. NS -2809 <br />AN ORDINANCE OF THE <br />SANTA ANA AMENDING,,, <br />AND BRISTOL •REDEV D <br />EXHIBIT A <br />JWF 9129/10 <br />NCIL OF THE CITY OF <br />THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: <br />SECTION 1: The City Council of the City of Santa Ana hereby, finds, determines <br />and declares as follows: <br />A. California Health & Safety Code Section 33333.6(a) & (b), part of the <br />Community Redevelopment Law, was amended by Assembly Bill 1290 in <br />1993 to impose time limits on incurring debt, receipt of tax increment and <br />effectiveness of the plan. The outside time limit for incurring debt under <br />AB 1290 for plans adopted prior to 1994 was the later of 20 years after <br />plan adoption or January 1, 2004. <br />B. Senate Bill 211 (effective January 2002) permits the amendment of a pre- <br />1994 plan to completely delete the debt incurrence deadline, with the <br />result that an agency can incur debt under such a plan up to the deadline <br />for the effectiveness of the plan. <br />C. <br />E. The Community Redevelopment Agency of the City of Santa Ana (the <br />"Agency ") is considering issuing approximately $62,000,000 in tax <br />allocation bonds in late 2010 to restructure existing debt of the Agency as <br />well as to issue approximately $5,900,000 of federally taxable Recovery <br />Zone bonds Qointly, the "2010 Tax Allocation Bonds "). Elimination of the <br />Ordinance No. NS -2809 <br />Page 1 of 3 <br />4 -17 <br />