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<br />JWF 8/13/07 <br /> <br />RESOLUTION NO. SAFA- 2007-002 <br />A RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY AUTHORIZING THE <br />EXECUTION AND DELIVERY BY THE AUTHORITY OF AN <br />INSTALLMENT SALE AGREEMENT AND A TRUST <br />AGREEMENT IN CONNECTION WITH THE EXECUTION <br />AND DELIVERY OF CITY OF SANTA ANA (COUNTY OF <br />ORANGE, CALIFORNIA) CERTIFICATES OF <br />PARTICIPATION (2007 GAS TAX SECURED LOCAL <br />STREET IMPROVEMENT PROJECT), AUTHORIZING THE <br />EXECUTION AND DELIVERY OF SUCH CERTIFICATES <br />IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO <br />EXCEED $70,000,000 AND AUTHORIZING THE <br />EXECUTION OF NECESSARY DOCUMENTS AND <br />CERTIFICATES AND RELATED ACTIONS <br /> <br />BE IT RESOLVED BY THE GOVERNING BOARD OF THE SANTA ANA <br />FINANCING AUTHORITY AS FOLLOWS: <br /> <br />Section 1. The Governing Board of the Santa Ana Financing Authority hereby <br />finds, determines and declares as follows: <br /> <br />A. The Santa Ana Financing Authority (the "Authority") is empowered to <br />assist the City of Santa Ana (the "City") in financing certain public capital <br />improvements pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of <br />the Government Code of the State of California and pursuant to that <br />certain Joint Exercise of Powers Agreement by and between the City of <br />Santa Ana and the Community Redevelopment Agency of the City of <br />Santa Ana, dated August 1, 1993; <br /> <br />B. The City has determined to enter into a 2007 Installment Sale Agreement <br />with the Authority, in the form presented to this meeting (with such <br />changes, insertions and omissions as are made pursuant to this <br />Resolution, being referred to herein as the "Installment Sale Agreement") <br />in order to apply certain motor vehicle fuel tax revenues received by the <br />City to acquire certain public capital improvements consisting of street <br />resurfacing and related improvements (as more fully described in the <br />Installment Sale Agreement, the "Improvements") for the benefit of the <br />City in accordance with Article XIX, Section 1 of the California Constitution <br />(collectively, the "Street Improvement Project"); <br /> <br />C. In order to provide for the delivery of the City of Santa Ana (County of <br />Orange, California) Certificates of Participation (2007 Gas Tax Secured <br />Local Street Improvement Project) (the "Certificates") and to establish and <br />declare the terms and conditions upon which the Certificates are to be <br /> <br />Resolution No. SAFA 2007-002 <br />Page 1 of 4 <br /> <br />