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RESOLUTION NO. 26 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE APPROVING THE ISSUANCE OF REFUNDING BONDS IN ORDER TO REFUND CERTAIN OUTSTANDING BONDS OF THE DISSOLVED REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, APPROVING THE EXECUTION AND DELIVERY OF A SECOND SUPPLEMENT TO INDENTURE OF TRUST, A THIRD SUPPLEMENT TO INDENTURE OF TRUST AND OTHER DOCUMENTS RELATING THERETO, REQUESTING OVERSIGHT BOARD APPROVAL OF THE ISSUANCE OF THE REFUNDING BONDS, REQUESTING CERTAIN DETERMINATIONS BY THE OVERSIGHT BOARD, AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the Redevelopment Agency of the City of Riverside (the "Former Agency") was a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the Health and Safety Code of the State (as amended, the "Redevelopment Law"); WHEREAS, pursuant to Section 34172(a) of the California Health and Safety Code, the Former Agency has been dissolved and no longer exists as a public body, corporate and politic, and pursuant to Section 34173 of the California Health and Safety Code, the City of Riverside has become the successor entity to the Agency (the "Successor Agency"); WHEREAS, prior to the dissolution of the Former Agency, the Former Agency issued, among other bonds, the bonds listed on Exhibit A for the purpose of financing and refinancing redevelopment activities (the "Prior Agency Bonds"), and the Prior Agency Bonds were purchased with proceeds of the bonds issued by the Riverside Public Financing Authority (the "Authority") listed on Exhibit B (the "Prior Authority Bonds") by U.S. Bank National Association, as trustee for the Prior Authority Bonds; WHEREAS, Section 34177.5 of the California Health and Safety Code authorizes the Successor Agency to issue refunding bonds pursuant to Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code (the "Refunding Law") for the purpose of achieving debt service savings within the parameters set forth in Section 34177.5(a)(1) (the "Savings Parameters"); WHEREAS, to determine compliance with the Savings Parameters for purposes of the issuance by the Successor Agency of refunding bonds for the purpose of defeasing and redemption of all or a portion of the Prior Agency Bonds and causing defeasance and redemption of all or a portion of the Prior Authority Bonds, the Successor Agency has caused its municipal advisor, CSG Advisors Incorporated (the "Municipal Advisor"), to prepare an analysis of the potential savings that will accrue to the Successor Agency and to applicable taxing entities as a result of the use of the proceeds of the Refunding Bonds to defease and redeem all or a portion of the Prior Agency Bonds (the "Municipal Advisor Work Product"); WHEREAS, on the date hereof, this Successor Agency Board held a public hearing, following notice published in The Press-Enterprise at least 15 days prior to the date hereof, at which all interested persons were afforded the opportunity to be heard on the subject of the issuance of the Refunding Bonds;