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<br />JWF 11/19/2007 <br /> <br />RESOLUTION NO. SAFA- 2007-003 <br />A RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A CERTIFICATE <br />PURCHASE AGREEMENT, AND OTHER MATTERS <br />RELATING THERETO, AND AUTHORIZING THE <br />EXECUTION OF NECESSARY DOCUMENTS AND <br />CERTIFICATES AND RELATED ACTIONS, AND <br />RATIFYING ACTION PREVIOUSLY TAKEN OR <br />APPROVED TO BE TAKEN, INCLUDING THE EXECUTION <br />AND DELIVERY OF AN INSTALLMENT SALE <br />AGREEMENT AND THE EXECUTION AND DELIVERY OF <br />CITY OF SANTA ANA, CALIFORNIA, GAS TAX REVENUE <br />CERTIFICATES OF PARTICIPATION (2007 LOCAL <br />STREET IMPROVEMENT PROJECT) PURSUANT TO A <br />TRUST AGREEMENT. <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 and the Authority, pursuant to Resolution No. SAFA-2007-002, <br />adopted by the Authority on August 20, 2007 (the "Initial Authority <br />Resolution"), have previously determined to enter into a 2007 Installment <br />Sale Agreement with the Authority (the "Installment Sale Agreement") in <br />order to apply certain motor vehicle fuel tax revenues received by the City <br />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, California, Gas <br />Tax Revenue Certificates of Participation (2007 Local Street Improvement <br />Project) (the "Certificates") and to establish and declare the terms and <br />conditions upon which the Certificates are to be executed and delivered <br /> <br />Resolution No. SAFA 2007-003 <br />Page 1 of 3 <br />