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EXHIBIT 3 BOND PROCEEDS EXPENDITURE AGREEMENT (2011A Bonds) This BOND PROCEEDS EXPENDITURE AGREEMENT (2011A Bonds) ( "Agreement ") is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California ( "City "), and the SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body corporate and politic pursuant to Parts 1.8 and 1.85 of Division 24 of the California Health & Safety Cade ("Successor Agency "). RECITALS A. The City is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California, B. The Successor Agency is a public body, corporate and politic, organized and operating under Pall 1.85 of Division 24 of the Dissolution Law (as defined in Recital D below). C. The Community Redevelopment Agency of the City of Santa Ana ( "former Agency") previously was a California public body, corporate and politic, duly formed by the City Council of the City ( "City Council ") and was organized, existed and exercised the powers of a community redevelopment agency under the California Community Redevelopment Law, Health and Safety Code Section 33000, et seq. ( "CRL" ). D. Assembly Bill xl 26 ( "AB x 26 "), effective on June 28, 2011, added Parts 1.8 and 1,85 to Division 24 of the California Health and Safety Code and which laws were modified, in part, and determined constitutional by the California Supreme Court in the petition California Redevelopment Association, et al. v. Ana Mcalosantos, et al., Case No. 5194861 (" 1Ylatoscantos Decision "), which laws and court opinion caused the dissolution of all redevelopment agencies and winding clown of the affairs of former redevelopment agencies. Thereafter, such laws were amended further by Assembly Bill 1484 ( "AB 148411) that was effective on June 27, 2012, and thereafter Rirther amended by subsequent legislation (together AB xl 26, the Matosantos Decision, AB 1484, and subsequent legislation thereto are referred to as 'the "Dissolution Law "), All statutory references herein are to the Dissolution Law unless otherwise stated. E. As of February 1, 2012, the former Agency became a dissolved community redevelopment agency pursuant to the Dissolution Law. F. As of and on and after February 1, 2012, the Successor Agency is performing its functions as the successor agency under the Dissolution Law to administer the enforceable obligations of the former Agency and is engaged in activities necessary and appropriate to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member "Oversight Board" formed thereunder. G. Section 34191.4(c) of the Dissolution Law allows a successor agency that has received a Finding of Completion (`Finding ") to use bond proceeds from bonds issued prior to 2011, as well as a limited portion of bond proceeds from bonds issued after December 31, 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond ,. 1 .