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<br />. <br /> <br />. <br /> <br />. <br /> <br />.. <br /> <br />COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CI1Y OF SANTA ANA <br /> <br />RESOLUTION NO. 98-1 <br /> <br />RESOLUTION APPROVING, AND AUTHORIZING AND DIRECTING <br />EXECUTION OF CERTAIN BOND FINANONG DOCUMENTS AND <br />AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO <br /> <br />RESOLVED, by the Board of Directors (the "Board") of the Community Redevelopment <br />Agency of the City of Santa Ana (the "Agency"), as follows: <br /> <br />WHEREAS, the Agency has issued its Community Redevelopment Agency of the City of <br />Santa Ana Santa Ana Inter-City Commuter Station Redevelopment Project 1989 Series A Tax <br />Allocation Refunding Bonds, Community Redevelopment Agency of the City of Santa Ana City <br />of Santa Ana Redevelopment Project 1989 Series B Tax Allocation Refunding Bonds, and <br />Community Redevelopment Agency of the City of Santa Ana Santa Ana South Harbor <br />Boulevard/Fairview Street Redevelopment Project 1989 Series C Tax Allocation Refunding <br />Bonds (collectively, the "Agency Bonds"), and the Agency has determined that it is in the best <br />financial interests of the Agency to provide for the refinancing of the Agency Bonds at this time; <br />and <br /> <br />WHEREAS, in order to refinance the Agency Bonds on advantageous terms and <br />conditions, the Santa Ana Financing Authority (the" Authority") proposes to issue its revenue <br />bonds (the "Bonds") and to use the proceeds of the Bonds to purchase the Agency Bonds in <br />lieu of the redemption of the Agency Bonds; and <br /> <br />WHEREAS, the City of Santa Ana (the "City") has determined to assist the Agency and <br />the Authority in connection with the issuance of the Bonds and the purchase of the Agency <br />Bonds by entering into two lease agreements and related documents as a means to provide <br />additional security for the repayment of the Bonds until tax increment revenues in the Agency's <br />affected redevelopment project areas increase to specified levels; and <br /> <br />WHEREAS, the Agency will enter into reimbursement agreements with the City <br />obligating the Agency to reimburse any amounts paid from the City's general fund under the <br />lease agreements; and <br /> <br />WHEREAS, the refinancing program will result in substantial interest rate savings to the <br />Agency and reduce current City and Agency reimbursements in respect of debt service due on <br />the Agency's City of Santa Ana Redevelopment Project 1989 Tax Allocation Refunding Bonds; <br />and <br /> <br />WHEREAS, the Board wishes at this time to authorize all proceedings on the part of the <br />Agency related to the issuance of the Bonds and the purchase of the Agency Bonds, and to <br />approve the execution and delivery by the Agency of all agreements and documents to which it <br />is a party relating thereto; and <br /> <br />WHEREAS, a Preliminary Official Statement containing information material to the <br />offering and sale of the Bonds has been prepared and is on file with the Secretary; and <br />