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EXHIBIT 1
<br /> RESOLUTION NO. 2026-XXX
<br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
<br /> SANTA ANA APPROVING THE ISSUANCE BY THE
<br /> CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY
<br /> OF TAX EXEMPT OBLIGATIONS IN AN AGGREGATE
<br /> PRINCIPAL AMOUNT NOT TO EXCEED $46,000,000 FOR
<br /> THE PURPOSE OF FINANCING AND REFINANCING THE
<br /> ACQUISITION OF LAND AND IMPROVEMENTS,
<br /> CONSTRUCTION, AND ACQUISITION OF EQUIPMENT
<br /> FOR ORANGE COUNTY SCHOOL OF THE ARTS AND THE
<br /> LEGACY FUND
<br /> WHEREAS, pursuant Chapter 5 of Division 7 of Title 1 of the California
<br /> Government Code (the "Act"), certain public agencies (the "Members") have entered into
<br /> a Joint Exercise of Powers Agreement Relating to the California Enterprise Development
<br /> Authority, dated as of June 1, 2006 (the "Agreement"), in order to form the California
<br /> Enterprise Development Authority (the "Authority"), for the purpose of promoting
<br /> economic, cultural and community development and in order to exercise any powers
<br /> common to the Members, including the issuance of bonds, notes or other evidences of
<br /> indebtedness; and
<br /> WHEREAS, the City of Santa Ana (the "City") is a Member of the Authority in order
<br /> to facilitate the promotion of economic, cultural and community development activities in
<br /> the City, including the financing of projects therefor by the Authority; and
<br /> WHEREAS, the Authority is authorized to issue and sell revenue bonds for the
<br /> purpose, among others, of financing or refinancing the construction of capital projects;
<br /> and
<br /> WHEREAS, Orange County School of the Arts and The Legacy Fund (collectively,
<br /> the "Borrower"), both California nonprofit public benefit corporations and organizations
<br /> described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), have
<br /> requested that the Authority participate in the issuance of one or more series of revenue
<br /> bonds or loans in an aggregate principal amount not to exceed $46,000,000 (the "Bonds")
<br /> for the purpose of financing and refinancing the acquisition of land and improvements,
<br /> construction, and acquisition of equipment for the Borrower, located at or adjacent to the
<br /> following streets in Santa Ana, CA 92701: (i) 800 North Bush Street, (ii) 917 North Bush
<br /> Street, (iii) 625 North Grand Street, (iv) 801 North Main Street, (v) 902 North Main Street,
<br /> (vi) 906 North Main Street, (vii) 1000 North Main Street, (viii) 1010 North Main Street, (ix)
<br /> 1018 North Main Street, (x) 1104 North Main Street, (xi) 1107 North Main Street, (xii)
<br /> 1110 North Main Street, (xiii) 1111 North Main Street, (xiv) 1119 North Main Street, (xv)
<br /> 208 East 10th Street, (xvi) 123 East 11th Street, (xvii) 916 North Spurgeon Street, (xiii)
<br /> 900 North Sycamore Street, (xiv) 912 North Sycamore Street, (xx) 921 North Sycamore
<br /> Street, (xxi) 1120 North Sycamore, (xxii) 839 North Broadway (xxiii) 843 North Broadway,
<br /> (xxiv) 845 North Broadway, (xxv) 915 North Broadway, (xxvi) 919 North Broadway, (xxvii)
<br /> Resolution No. 2026-XXX
<br /> Page 1 of 4
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