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RESOLUTION NO. 2014 -XXX <br />A RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY ESTABLISHING <br />REGULAR MEETINGS OF THE AUTHORITY <br />BE IT RESOLVED BY THE SANTA ANA FINANCING AUTHORITY AS <br />FOLLOWS: <br />Section 1. The Governing Board of the Santa Ana Financing Authority hereby <br />finds, determines and declares as follows: <br />A. The Santa Ana Financing Authority is a public agency duly organized and <br />existing pursuant to a Joint Exercise of Powers Agreement (the "JPA <br />Agreement'), dated August 1, 1993, by and between the City of Santa Ana <br />(the "City ") and the Community Redevelopment Agency of the City of Santa <br />Ana (the "Agency "); <br />B. The Authority is statutorily authorized by Article 4 of Chapter 5 of Division 7 <br />to Title 1 of the California Government Code (Government Code 6584, et <br />seq.] and is empowered under the JPA agreement to issue its bonds to, <br />among other things, provide financial assistance to the City for the acquisition <br />and construction of public capital improvements; <br />C. The Authority is governed by a board of directors comprised of the seven <br />member City Council of the City; <br />D. The Board of the Authority (the "Board ") wishes to establish a schedule of <br />regular meetings of the Authority to coincide with the regularly scheduled <br />meetings of the City Council; <br />E. Section 4.C. of the Agreement states that at least one regular meeting shall <br />be held each year and that regular meetings to be held more frequently shall <br />be fixed by resolution; <br />Section 2. Regular meetings of the Board may be held on the same dates and <br />at the same location as regular meetings of the City Council meeting and shall be <br />noticed in the same manner as City Council meetings; provided however, that if no <br />agenda is posted for a regular meeting of the Authority, then such regular meeting shall <br />be deemed cancelled. If any day so fixed for a regular meeting shall fall upon a legal <br />holiday, then such regular meeting shall be held upon the next succeeding business day <br />at the same hour. The Board shall meet at a regular meeting at least once each <br />calendar year. <br />Resolution No. 2014 -xxx <br />Page 1 of 3 <br />3 -3 <br />