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NOTICE OF PUBLIC HEARING PURSUANT TO SECTION 147(f)
<br />OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
<br />FOR THE FINANCING AND REFINANCING OF CERTAIN FACILITIES
<br />FROM THE SALE OF TAX - EXEMPT OBLIGATIONS
<br />NOTICE IS HEREBY GIVEN that at 5:45 p.m., or as soon thereafter as the matter may be heard, on
<br />June 7, 2016, in the City Hall Council Chamber, 22 Civic Center Plaza, Santa Ana, California 92701, the City
<br />of Santa Ana City Council (the "City Council ") will conduct a public hearing (the "Public Hearing ") at which
<br />the City Council will hear and consider information concerning the issuance, from time to time, pursuant to a
<br />plan of finance, of one or more series of tax- exempt obligations by the California Enterprise Development
<br />Authority (the "Issuer ") in an aggregate principal amount not to exceed Fifty -Five Million Dollars
<br />($55,000,000) (the "Obligations "). Proceeds of the Obligations will be loaned to Orange County School of the
<br />Arts, a California nonprofit public benefit corporation (the "School "), The Legacy Fund, a California
<br />nonprofit public benefit corporation and /or The Opus Fund, LLC, a California limited liability company
<br />(collectively, and together with any affiliate thereof or successor thereto, the "Borrowers "), pursuant to one
<br />or more loan agreements (the "Loan Agreements "). The Borrowers plan to use the proceeds of the Obligations
<br />to finance and refinance the cost of acquiring, constructing, installing, improving, equipping and furnishing
<br />the Borrowers' educational and related facilities located at 800 North Bush Street, 801 North Main Street,
<br />902 North Main Street, 906 North Main Street, 1000 North Main Street, 1010 North Main Street, 1018
<br />North Main Street, 1104 North Main Street, 1107 North Main Street, 1110 North Main Street, 123 East 11th
<br />Street, 900 North Sycamore Street, 912 North Sycamore Street, 921 North Sycamore Street, 839 North
<br />Broadway, 843 North Broadway, 845 North Broadway, 915 North Broadway, 919 North Broadway, 201
<br />West Washington Avenue, and 207 West Washington Avenue, Santa Ana, California (collectively, the
<br />"Facilities "). The Facilities comprise the School's campus and include classrooms, a dance center, a
<br />technology center, two theaters, parking lots, administrative offices of the Borrowers, and other ancillary
<br />facilities. The Borrowers will also use a portion of the proceeds of the Obligations to pay certain costs of
<br />issuance in connection with the Obligations. The Facilities are owned and operated by the Borrowers in
<br />connection with their tax- exempt mission of providing a creative, challenging and nurturing environment for
<br />students that prepares them for higher education and a profession in the arts.
<br />The Obligations will be paid entirely from repayments by the Borrowers under the Loan Agreements. Neither
<br />the faith and credit nor the taxing power of the City of Santa Ana (the "City "), the Issuer and its members, the
<br />State of California (the "State "), or any other political corporation, subdivision or agency of the State is pledged
<br />to the payment of the principal of, premium, if any, or interest on, the Obligations, nor shall the City, the Issuer
<br />and its members, the State or any other political corporation, subdivision or agency of the State be liable or
<br />obligated to pay the principal of, premium, if any, or interest on, the Obligations.
<br />The Public Hearing is intended to comply with the public approval requirements of Section 147(f) of the Code.
<br />Those wishing to comment on the issuance of the Obligations, proposed nature and location of the Facilities or
<br />the plan of finance may either appear in person at the time and place indicated above or submit written
<br />comments, which must be received prior to the Public Hearing by the Clerk of the City, at City of Santa Ana,
<br />20 Civic Center Plaza, 8th Floor, Santa Ana, California 92701.
<br />Date: May 16, 2016
<br />Exhibit 1
<br />75B -5
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