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RESOLUTION NO. 2003-01 <br /> <br />A RESOLUTION OF THE SANTA ANA FINANCING <br />AUTHORITY AUTHORIZING THE LENDING OF FUNDS <br />TO THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA RELATING TO THE AGENCY'S <br />SANTA ANA SOUTH MAIN STREET REDEVELOPMENT <br />PROJECT, AUTHORIZING AND DIRECTING EXECUTION <br />OF A LOAN AGREEMENT AND PROVIDING OTHER <br />MATTERS PROPERLY RELATING THERETO <br /> <br /> BE IT RESOLVED BY THE SANTA ANA FINANCING AUTHORITY, AS <br />FOLLOWS: <br /> <br /> Section 1. The Board of the Community Santa Ana Financing Authority <br />("Authority") hereby finds, determines and declares as follows: <br /> <br />The City of Santa Ana (the "City") and the Community Redevelopment <br />Agency of the City Santa Ana (the "Agency") have heretofore entered into <br />a Joint Exercise of Powers Agreement establishing the Authority for the <br />purpose of issuing its bonds to be used to provide financial assistance to <br />the City and the Agency. <br /> <br />To finance and refinance redevelopment activities with respect to the <br />Santa Ana South Main Street Redevelopment Project (the <br />"Redevelopment Project"), the Agency issued its $44,650,000 aggregate <br />principal amount of Santa Ana South Main Street Redevelopment Project <br />Tax Allocation Bonds, Series 1993D (the "Series 1993D Bonds")pursuant <br />to an Indenture, dated as of August 1, 1993, by and between the Agency <br />and Dai-Ichi Kangyo Bank of California (the "1993 Indenture"). <br /> <br />The Agency now wishes to finance certain additional redevelopment <br />activities (within the meaning of Section 33678 of the Law) with respect to <br />the Redevelopment Project Area and, in implementation thereof, the <br />Agency has determined to issue its $25,000,000 aggregate principal <br />amount of Santa Ana South Main Street Redevelopment Project Tax <br />Allocation Bonds, Series 2003A (the "Agency Bonds") at an interest rate <br />not to exceed 6 ¼%. <br /> <br />The Agency may, however, be prohibited by law from <br />delivering the Agency Bonds in a timely manner for the <br />financing the planned redevelopment activities. <br /> <br />issuing and <br />purpose of <br /> <br />If the Agency is unable to issue and deliver the Agency Bonds, the <br />Authority is willing to issue its Santa Ana Financing Authority 2003 Tax <br /> <br />Resolution No. 2003-001 <br /> Page 1 of 4 <br /> <br /> <br />