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RESOLUTION NO. <br />RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY AUTHORIZING <br />THE EXECUTION AND DELIVERY BY THE AUTHORITY <br />OF A MASTER INSTALLMENT PURCHASE <br />AGREEMENT, A FIRST SUPPLEMENT TO MASTER <br />INSTALLMENT PURCHASE AGREEMENT, AN <br />INDENTURE, AN ESCROW AGREEMENT AND A <br />PURCHASE CONTRACT IN CONNECTION WITH THE <br />ISSUANCE OF SANTA ANA FINANCING AUTHORITY <br />WATER REVENUE REFUNDING BONDS, SERIES 2014 <br />(PAYABLE SOLELY FROM INSTALLMENT PAYMENTS <br />SECURED BY WATER SYSTEM NET REVENUES), <br />APPROVING THE ISSUANCE OF SUCH BONDS IN AN <br />AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED <br />$17,000,000, AUTHORIZING AN OFFICIAL STATEMENT <br />IN CONNECTION WITH THE OFFERING AND SALE OF <br />SUCH BONDS AND AUTHORIZING THE EXECUTION OF <br />NECESSARY DOCUMENTS AND CERTIFICATES AND <br />RELATED ACTIONS <br />BE IT RESOLVED BY THE GOVERNING BOARD OF THE SANTA ANA <br />FINANCING AUTHORITY AS FOLLOWS: <br />Section 1. The Governing Board of the Santa Ana Financing Authority hereby <br />finds, determines and declares as follows: <br />A. The City of Santa Ana (the "City ") previously financed and refinanced the <br />costs of the acquisition, construction and installation of certain water <br />system capital improvements (the "Project ") pertaining to the City's water <br />system (the 'Water System "); <br />B. In order to accomplish such financing and refinancing, the Authority and <br />the City entered into a Master Installment Purchase Agreement dated as <br />of February 1, 2004 (the "Prior Master Installment Purchase Agreement "), <br />by and between the City and the Authority, and a First Supplement to <br />Master Installment Purchase Agreement dated as of March 1, 2004 (the <br />"Prior First Supplement" and together with the Master Installment <br />Purchase Agreement, the "Prior Installment Purchase Agreement "), <br />between the City and the Authority; <br />C. Whereas, the Authority previously issued its Water Refunding Revenue <br />Bonds, Series 2004 (the "Prior Bonds ") and now believes that it may <br />achieve a debt service savings by causing a redemption of the Prior <br />Bonds, and the City would desire to prepay Installment Payments due <br />under the Prior Installment Purchase Agreement; <br />55394M011 \8780240.5 80A -235 <br />