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WHEREAS, the City agreed to serve as the successor agency (referred to herein
<br />as the "Successor Agency") to the Former RDA commencing upon the dissolution of the
<br />Former RDA on February 1, 2012 pursuant to ABX1 26;
<br />WHEREAS, on June 27, 2012 as part of the Fiscal Year 2012-2013 State of
<br />California budget bill, the Governor signed into law Assembly Bill 1484 ("AB 1484"),
<br />which modified or added to some of the provisions of ABX1 26, including provisions
<br />related to the refunding of outstanding redevelopment agency bonds and the
<br />expenditure of remaining bond proceeds derived from redevelopment agency bonds
<br />issued on or before December 31, 2010;
<br />WHEREAS, in 2003, the Former RDA issued and sold $20,945,000 aggregate
<br />principal amount of its Community Redevelopment Agency of the City of Santa Ana,
<br />South Main Street Redevelopment Project, Tax Allocation Bonds, Series 2003A, of
<br />which $13,920,000 aggregate principal amount will be outstanding as of September r2,
<br />2016 (the "Series 2003A Bonds'), and $34,145,000 aggregate principal amount of its
<br />Community Redevelopment Agency of the City of Santa Ana, South Main Street
<br />Redevelopment Project, Tax Allocation Refunding Bonds, Series 2003B, of which
<br />$8,055,000 aggregate principal amount will be outstanding as of September 2, 2016
<br />(the "Series 2003B Bonds" and, together with the Series 2003A Bonds, the "2003
<br />Bonds'), pursuant to a First Supplement to Indenture with respect to the Series 2003A
<br />Bonds, dated as of April 1, 2003 (the "2003 First Supplement'), and a Second
<br />Supplement to Indenture with respect to the Series 2003B Bonds, dated as of May 1,
<br />2003 (the "2003 Second Supplement'), each by and between the Former RDA and BNY
<br />Western Trust Company (now known as The Bank of New York Mellon Trust Company,
<br />N.A.), as successor trustee (the "2003 Trustee") and each supplementing that Indenture
<br />dated as of August 1, 1993, by and between the Former RDA and Dai-Ichi Kangyo Bank
<br />of California (the "1993 Indenture" and, as supplemented and amended by the 2003
<br />First Supplement and the 2003 Second Supplement, the "2003 Indenture"), secured by
<br />and payable from tax increment revenues allocated to the South Main Street
<br />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
<br />interest due thereon to the date fixed for redemption, without premium;
<br />WHEREAS, in 2011, the Former RDA issued and sold $66,790,000 aggregate
<br />principal amount of its Community Redevelopment Agency of the City of Santa Ana Tax
<br />Allocation Bonds (Merged Project Area), 2011 Series A, of which $66,770,000
<br />aggregate principal amount is currently outstanding and will be outstanding as of
<br />September 2, 2016 (the "Series 2011 Bonds'), pursuant to an Indenture of Trust, dated
<br />as of February 1, 2011 (the "2011 Bonds Indenture"), between the Former RDA and the
<br />Trustee, which Series 2011 Bonds are not subject to optional redemption at this time
<br />and are not being considered for refunding at this time;
<br />WHEREAS, Health & Safety Code Section 34177.5(a)(1) authorizes successor
<br />agencies to refund outstanding bonds provided that (i) the total interest cost to maturity
<br />on the refunding bonds or other indebtedness plus the principal amount of the refunding
<br />bonds or other indebtedness shall not exceed the total remaining interest cost to
<br />Resolution No. 2016-001
<br />Page 2 of 6
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