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the former redevelopment agencies and administer dissolution and wind down of the former
<br />redevelopment agencies;
<br />-- _ " "--- ----------- WIIEREAS-, tha City agreed, o as%he successor agency efereed�o her as e
<br />"Successor Agency ") to the Former RDA commencing upon the dissolution of the Former RDA
<br />on February 1, 2012 pursuant to ABXI 26;
<br />WHEREAS, on June 27, 2012 as part of the Fiscal Year 2012 -2013 State of California
<br />budget bill, the Governor signed into law Assembly Bill 1484 ( "AB 1484 "), which modified or
<br />added to some of the provisions of ABXI 26, including provisions related to the refunding of
<br />outstanding redevelopment agency bonds and the expenditure of remaining bond proceeds
<br />derived from redevelopment agency bonds issued on or before December 31, 2010;
<br />WHEREAS, in 2003, the Former RDA issued and sold $20,945,000 aggregate principal
<br />amount of its Conununity Redevelopment Agency of the City of Santa Ana, South Main Street
<br />Redevelopment Project, Tax Allocation Bonds, Series 2003A, of which $13,920,000 aggregate
<br />principal amount will be outstanding as of September 2, 2016 (the "Series 2003A Bonds "), and
<br />$34,145,000 aggregate principal amount of its Community Redevelopment Agency of the City
<br />of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Refunding Bonds,
<br />Series 2003B, of which $8,055,000 aggregate principal amount will be outstanding as of
<br />September 2, 2016 (the "Series 2003B Bonds" and, together with the Series 2003A Bonds, the
<br />"2003 Bonds "), pursuant to a First Supplement to Indenture with respect to the Series 2003A
<br />Bonds, dated is of April 1, 2003 (the "2003 First Supplement"), and a Second Supplement to
<br />Indenture with respect to the Series 2003B Bonds, dated as of May 1, 2003 (the "2003 Second
<br />Supplement "), each by and between the Former RDA and BNY Western Trust Company (now
<br />known as The Bank of New York Mellon Trust Company, N.A.), as successor trustee (the "2003
<br />Trustee ") and each supplementing that Indenture dated as of August 1, 1993, by and between the
<br />Former RDA and Dai -Ichi Kangyo Bank of California (the "1993 Indenture" and, as
<br />supplemented and amended by the 2003 First Supplement and the 2003 Second Supplement, the
<br />"2003 Indenture "), secured by and payable from tax increment revenues allocated to the South
<br />Main Street Redevelopment Project, and which 2003 Bonds are subject to optional redemption at
<br />any time at a redemption price equal to the outstanding principal amount thereof, plus interest
<br />due thereon to the date fixed for redemption, without premium;
<br />WHEREAS, in 2011, the Former RDA issued and sold $66,790,000 aggregate principal
<br />amount of its Community Redevelopment Agency of the City of Santa Ana Tax Allocation
<br />Bonds (Merged Project Area), 2011 Series A, of which $66,770,000 aggregate principal amount
<br />is currently outstanding and will be outstanding as of September 2, 2016 (the "Series 2011
<br />Bonds "), pursuant to an Indenture of Trust, dated as of February 1, 2011 (the "2011 Bonds
<br />Indenture "), between the Former RDA and the Trustee, which Series 2011 Bonds are not subject
<br />to optional redemption at this time and are not being considered for refunding at this time;
<br />WHEREAS, Health & Safety Code Section 34177.5(a)(1) authorizes successor agencies
<br />to refund outstanding bonds provided that (i) the total interest cost to maturity on the refunding
<br />bonds or other indebtedness plus the principal amount of the refunding bonds or other
<br />indebtedness shall not exceed the total remaining interest cost to maturity on the bonds or other
<br />indebtedness to be refunded plus the remaining principal of the bonds or other indebtedness to be
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