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insurance policy and/or surety bonds will reduce the true interest costs with respect to the <br /> Refunding Bonds. <br /> 11. Approval of Official Statement. Following approval by the Oversight Board of <br /> the issuance of the Refunding Bonds by the Successor Agency and upon submission of the <br /> Oversight Board Resolution to the California Department of Finance, the Successor Agency will, <br /> with the assistance of its Disclosure Counsel, Fiscal Consultant and Financial Advisor, cause to <br /> be prepared a form of Official Statement for the Refunding Bonds describing the Refunding <br /> Bonds and containing material information relating to the Successor Agency and the Refunding <br /> Bonds, the preliminary form of which will be submitted to the Successor Agency for approval <br /> for distribution by the Original Purchaser to persons and institutions interested in purchasing the <br /> Refunding Bonds. <br /> 12. Official Actions. The Authorized Officers and any and all other officers of the <br /> Successor Agency are hereby authorized and directed, for and in the name and on behalf of the <br /> Successor Agency,to do any and all things and take any and all actions, which they, or any of <br /> them, may deem necessary or advisable in obtaining the requested approvals by the Oversight <br /> Board and the California Department of Finance and in the issuance, sale and delivery of the <br /> Refunding Bonds. Whenever in this Resolution any officer of the Successor Agency is directed <br /> to execute or countersign any document or take any action, such execution, countersigning or <br /> action may be taken on behalf of such officer by any person designated by such officer to act on <br /> his or her behalf in the case such officer is absent or unavailable. <br /> 13. Effective Date. This Resolution shall take effect from and after the date of <br /> approval and adoption thereof. <br /> Introduced by Board Member Cutter and passed and adopted this 16th day of June, 2014, <br /> by the following vote: <br /> Members of the Board: <br /> AYES: Members Cutter, Gregory, Lee, Prola, Reed, Souza; Chair Cassidy (7) <br /> NOES: None (0) <br /> ABSENT: None (0) <br /> ATTEST: 7/1/taAAIZIA <br /> Marian Handa, Secretary <br /> RESOLUTION NO.2014-002 SA 5 <br />