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. . . RESOLUTION NO. 94-3 A RESOLUTION OF THE COMMUNITY REDE- VELOPMENT AGENCY OF THE CITY OF SANTA ANA MAKING CERTAIN FINDINGS PURSUANT TO SECTION 33334.2 OF THE COMMUNITY REDEVELOPMENT LAW FOR FISCAL YEAR 1994-95. WHEREAS, section 33334.6 was added to the Community Redevelopment Law (Health and Safety Code sections 33000 et seq.) by Chapter 1135 of the Statutes of 1985 of the State of California (Assembly Bill No. 265); and WHEREAS, said section 33334.6 has the effect of requir- ing, subject to certain exceptions, that the Community Redevelop- ment Agency of the city of Santa Ana (the "Agency") deposit at least twenty percent of the tax increment revenues from its original ("Central City") redevelopment project area (as estab- lished by the Santa Ana Redevelopment Plan as amended by Ordinance No. NS-1258 on June 2, 1975) into said Agency's "Low and Moderate Income Housing Fund"; and WHEREAS, among the exceptions to said requirement is the exception set forth in paragraph (3) of subdivision (a) of section 33334.2 of the Community Redevelopment Law, to the effect that the Agency may, in lieu of providing such deposit into the "Low and Moderate Income Housing Fund" from its tax increment revenue from the "Central City" project area, provide an equivalent deposit of funds derived from other sources; and WHEREAS, the City of Santa Ana has created five redevel- opment project areas in addition to the "Central city" redevelop- ment project area, and the Agency has, in three of these additional project areas, allocated tax increment revenues well in excess of the twenty percent minimum allocation to its "Low and Moderate Income Housing Fund"; and WHEREAS, the total of such excess allocations exceeds twenty percent of the tax increment revenues derived from the "Central City" project area for fiscal year 1994-95; and WHEREAS, the Agency has entered into contractual obligations to bondholders prior to 1991 with regard to the "Central city" project area in reliance on the ability of the Agency to provide deposits into the "Low and Moderate Income Fund" equivalent to twenty percent of the tax increment revenue from that project area from other sources, which obligations would be impaired if the Agency were not able to do so;