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maturity on the bonds or other indebtedness to be refunded plus the remaining principal of the bonds or other indebtedness to be refunded, and (ii) the principal amount of the refunding bonds or other indebtedness shall not exceed the amount required to defease the refunded bonds or other indebtedness, to establish customary debt service reserves, and to pay related costs of issuance; WHEREAS, the Successor Agency has solicited a report of an independent financial advisor entitled Bond Refunding Financing Plan (a copy of which is presented at this meeting) and employed such advisor in developing financing proposals for consideration by the Successor Agency and it is understood that such report, as it may be further revised, may be made available to the Department of Finance at its request; WHEREAS, the Successor Agency has determined to issue not to exceed $25,000,000 aggregate principal amount of its Successor Agency to the Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Refunding Bonds (Merged Project Area), Series 2016 in one or more series, on a taxable basis or a tax- exempt basis, or both, and with such other name and series designation as is deemed appropriate (the "Refunding Bonds"), for the purpose of (i) refinancing certain redevelopment activities of the Former RDA through the refunding of the 2003 Bonds, (ii) paying the costs of issuing the Refunding Bonds, (iii) funding a Reserve Account as may be required for the Refunding Bonds and (iv) if advisable, paying for the cost of municipal bond insurance and/or a surety to fund the Reserve Account for the Refunding Bonds; WHEREAS, the Refunding Bonds will be issued, payable from amounts on deposit in the Redevelopment Property Tax Trust Fund of the Agency (the "RPTTF") and allocated to the Agency's Redevelopment Obligation Retirement Fund, pursuant to an Indenture of Trust (the "Indenture"), by and between the Successor Agency and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"); and WHEREAS, following approval of the Successor Agency's Oversight Board (the "Oversight Board") of the issuance of the Refunding Bonds by the Successor Agency and upon approval by the Department of Finance of such approval by the Oversight Board, the Successor Agency will, with the assistance of bond counsel, disclosure counsel and its financial advisor, cause to be prepared a form of Official Statement describing the Refunding Bonds and containing material information relating to the Refunding Bonds, the preliminary form of which will be submitted to the Successor Agency for approval for distribution by Stifel, Nicolaus & Company, Incorporated (the "Underwriter") to persons and institutions interested in purchasing the Refunding Bonds; and WHEREAS, there has been presented at this meeting a form of Indenture, a form of Continuing Disclosure Certificate and a form of Purchase Contract, each to be executed in connection with the issuance of the Refunding Bonds; Resolution No. 2016-001 oxsusAo65424668.1 Page 3 of 6