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WHEREAS, the interest on the Obligations may qualify for tax exemption under <br />Section 103 of the Code only if the Obligations are approved in accordance with Section <br />147(f) of the Code; and <br />WHEREAS, the City Council of the City (the "Council') is the elected legislative <br />body of the City and is the applicable elected representative required to approve the <br />issue within the meaning of Section 147(f) of the Code; and <br />WHEREAS, the Authority has requested the Council to approve the issuance of <br />the Obligations in order to satisfy the public approval requirements of Section 147(f) of <br />the Code; and <br />WHEREAS, on May 24, 2016, the City caused a notice to appear in The Orange <br />County Register, which is a newspaper of general circulation in the City, stating that a <br />public hearing with respect to the issuance of the Obligations would be held by the <br />Council on June 7, 2016; and <br />WHEREAS, the Council held the public hearing described above on June 7, <br />2016, and an opportunity was provided for persons to comment on the issuance of the <br />Obligations and the financing and refinancing of the Facilities; and <br />WHEREAS, it is intended that this Resolution shall comply with the public approval <br />requirements of Section 147(f) of the Code; provided, however, that this Resolution is <br />neither intended to nor shall it constitute an approval by the Council of the Facilities for <br />any other purpose, including, but not limited to, compliance with the California <br />Environmental Quality Act (California Public Resources Code, Section 21100, et seq.) <br />( "CEQA "); <br />NOW, THEREFORE, BE IT RESOLVED, that the Council hereby finds and <br />declares the above recitals are true and correct; and, be It further resolved as follows: <br />Section 1. The Council hereby finds and determines that all of the recitals are <br />true and correct. The Council hereby approves the issuance of the Obligations by the <br />Authority which Obligations may be tax - exempt and /or taxable as approved by the <br />Authority in its resolution, in an amount not to exceed $12,750,000 to finance and <br />refinance the cost of the Facilities. This resolution shall constitute "host' approval of the <br />issuance of the Obligations within the meaning of Section 147(f) of the Code and shall <br />constitute the approval of the issuance of the Obligations within the meaning of the Act; <br />provided, however, that this Resolution shall not constitute an approval by the Council <br />of the Facilities for any other purposes, including compliance thereof with CEQA, nor <br />does it constitute an approval of the underlying credit or financial structure of the <br />Obligations. The City shall not bear any responsibility for the issuance of the <br />Obligations, the tax - exempt status of the Obligations, the repayment of the Obligations <br />or any other matter related to the Obligations. <br />2 201735,2 036652 RSIND <br />75C -8 <br />