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CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate ") is executed and delivered by the Successor Agency to the Community Redevelopment Agency of the City of Santa Ana (the "Agency ") in connection with the issuance of $ aggregate principal amount of Successor Agency to the Community Redevelopment Agency of the City of Santa Ana Tax Allocation Refunding Bonds (Merged Project Area), Series 2016A (the `Bonds "). The Bonds are being issued pursuant to an Indenture of Trust, dated as of , between the Agency and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee "), (the "Indenture "). The Agency covenants and agrees as follows: SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the Agency for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participating Underwriter in complying with Securities and Exchange Commission ( "S.E.C. ") Rule 15c2- 12(b)(5). SECTION 2. Definitions. In addition to the definitions set forth in the Indenture, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Agency pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Beneficial Owner" shall mean any person which has or shares the power, directly or indirectly, to make investment decisions concerning ownership of any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries). "City" means the City of Santa Ana, California. "County" means the County of Orange. "Dissemination Agent" shall mean the [Agency], or any successor Dissemination Agent designated in writing by the Agency and which has filed with the Agency a written acceptance of such designation. "Holder" shall mean the person in whose name any Bond shall be registered. "Listed Events" shall mean any of the events listed in Section 5(a) or 5(b) of this Disclosure Certificate. "MSRB" shall mean the Municipal Securities Rulemaking Board or any other entity designated or authorized by the Securities and Exchange Commission to receive reports pursuant to the Rule. Until otherwise designated by the MSRB or the Securities and Exchange Conmaission, filings with the MSRB are to be made through the Electronic Municipal Market Access (EMMA) website of the MSRB, currently located at http://emma.msrb.org. "Official Statement" means the Official Statement of the Agency dated , 2016. "Participating Underwriter" shall mean the original underwriter of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Rule" shall mean Rule 15c2- 12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. SECTION 3. Provision of Annual Reports. (a) The Agency shall, or shall cause the Dissemination Agent to, on March 31, 2017, and on or before each March 31 thereafter, commencing with the report for the 2015 -16 Fiscal Year, provide to the MSRB X1134