SA 3 - RESO - TAX ALLOCATION BONDS

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RESOLUTION NO. RESOLUTION OF THE SUCCESSOR AGENCY TO THE COMMUNITY__2EDEVELOPMENT - AGENCY CIF TH CII'Y�P SANTA ANA AUTHORIZING THE ISSUANCE OF ITS SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, TAX ALLOCATION REFUNDING BONDS (MERGED PROJECT AREA), SERIES 2016; APPROVING A FORM OF INDENTURE, A FORM OF BOND PURCHASE AGREEMENT AND A FORM OF CONTINUING DISCLOSURE CERTIFICATE; MAKING CERTAIN DETERMINATIONS RELATING THERETO; AND AUTHORIZING CERTAIN OTHER ACTION IN CONNECTION THEREWITH WHEREAS, pursuant to the Community Redevelopment Law (Part I of Division 24 of the Health and Safety Code of the State of California and referred to herein as the "Law "), the City Council of the City of Santa Ana (the "City ") created the former Community Redevelopment Agency of the City of Santa Ana (the "Former RDA "); WHEREAS, the Former RDA was a redevelopment agency, a public body, corporate and politic duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Law, and the powers of such agency included the power to issue bonds for any of its corporate purposes; WHEREAS, the Former RDA adopted six redevelopment project areas between 1973 and 1989, including the Central City Redevelopment Project Area, the Inter -City Commuter Station Redevelopment Project Area, the North Harbor Boulevard Redevelopment Project Area, the South Harbor Boulevard /Fairview Street Redevelopment Project Area, the South Main Street Redevelopment Project Area, and the Bristol Corridor Redevelopment Project Area (the "constituent Redevelopment Projects" or "Redevelopment Projects "), each of which was adopted and approved in accordance with the Law; WHEREAS, to allow tax increment revenues to be shared between Redevelopment Projects and thereby facilitate redevelopment of the Redevelopment Projects, the Redevelopment Projects were merged in 2004 in compliance with all requirements of the Law, creating the Merged Project Area; WHEREAS, the Merged Plan contemplated that the Former RDA would issue its bonds to finance and/or refinance a portion of the cost of such redevelopment; WHEREAS, California Assembly Bill No. 26 (First Extraordinary Session) ("ABX1 26 ") adopted on June 29, 2011, dissolved all redevelopment agencies and community development agencies in existence in the State of California, as of February 1, 2012, and designated "successor agencies" and "oversight boards" to satisfy "enforceable obligations" of EXHIBIT 1 3 -7