96-084 - Issuance of Multifamily Housing Revenue Bonds by the Housing Authority

Home Browse Search

RESOLUTION NO. 96-084 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF VILLA DEL SOL APARTMENTS BY ADVANCED GROUP 94-95, A CALIFORNIA LIMITED PARTNERSHIP WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of the Health and Safety Code of the State of California (the "Law"), to issue and sell its revenue bonds for the purpose of financing the acquisition, construction, rehabilitation or development of multifamily rental housing for families and individuals of low- and very-low-income; and WHEREAS, Advanced Group 94-05, A California Limited Partnership (the "Developer") has requested the Authority to issue and sell revenue bonds (the "Bonds") pursuant to the procedures specified in the Law for the purpose of financing the acquisition and rehabilitation by the Developer of certain land and facilities consisting of a 562-unit multifamily residential rental project and underlying land and related and appurtenant facilities located at 811 South Fairview in the City of Santa Ana, California (the "Project"); and WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds" under Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the "applicable elected representatives" with respect to the Authority hold a public hearing with respect to the issuance of the Bonds; and WHEREAS, the Authority has determined that the City Council of the City of Santa Ana is the "applicable elected representatives" to hold said public hearing; and WHEREAS, notice of said public hearing has been duly given as required by the Code, and this City Council has heretofore held such public hearing at which all interested persons were given an opportunity to be heard on all matters relative to the financing and operation of the Project and the Authority's issuance of the Bonds therefor; and WHEREAS, the City Council of the City of Santa Ana, as the "applicable elected representative" of the Authority, approves of the issuance of the bonds as in the public interests of the Authority.