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RESOLUTION NO. 96-098 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE <br />BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION <br /> AND REHABILITATION OF CITY GARDENS APARTMENTS <br /> <br /> WHEREAS, the Housing Authority of the City of Santa Ana (the <br />"Authority") is authorized by Chapter 1 of Part 2 of Division 24 <br />(con~mencing with Section 34200) of the Health and Safety Code of the <br />State of California (the "Law"), to issue and sell its revenue bonds <br />for the purpose of financing the acquisition, construction, <br />rehabilitation or development of multifamily rental housing for <br />families and individuals of iow- and very-low income; and <br /> <br /> WHEREAS, Bristol Associates I, A California Limited Partnership <br />{the "Developer") has requested the Authority to issue and sell <br />revenue bonds (the "Bonds") pursuant to the procedures specified in <br />the Law for the purpose of financing the acquisition and <br />rehabilitation by the Developer of certain land and facilities <br />consisting of a 274-unit multifamily residential rental project and <br />underlying land and related and appurtenant facilities located at <br />2901 N. Bristol Avenue in the city of Santa Ana, California (the <br />"Project"); and <br /> <br /> WHEREAS, the Bonds will be considered to be "qualified exempt <br />facility bonds" under Section 142(a) of the Internal Revenue Code of <br />1986, as amended (the "Code"), and Section 147(f) of the Code <br />requires that the "applicable elected representative" with respect to <br />the Authority hold a public hearing with respect to the issuance of <br />the Bonds; and <br /> <br /> WHEREAS, the Authority has determined that the City Council of <br />the City of Santa Ana is the "applicable elected representative" to <br />hold said public hearing; and <br /> <br /> WHEREAS, notice of said public hearing has been duly given as <br />required by the Code, and this City Council has heretofore held such <br />public hearing at which all interested persons were given an <br />opportunity to be heard on all matters relative to the financing and <br />operation of the Project and the Authority's issuance of the Bonds <br />therefore; and <br /> <br /> WHEREAS, the City Council of the City of Santa Aha, as the <br />"applicable elected representative" of the Authority, approves of the <br />issuance of the Bonds as in the public interests of the Authority. <br /> <br />11/6/96 10:52 AM <br /> <br /> <br />