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12/11 /06 les RESOLUTION NO. 2006- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AMOUNT NOT TO EXCEED FIFTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF SEVENTEEN BUILDINGS OF MULTIFAMILY RENTAL HOUSING BY WILSHIRE/MINNIE, L.P. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1: The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. 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 revenue bonds for the purpose of financing the acquisition, construction, rehabilitation and development of multifamily rental housing for families and individuals of low and very low income. B. Orange Housing Development Corporation, a California nonprofit public benefit corporation, on behalf of Wilshire/Minnie, L.P., a California limited partnership, formed by Orange Housing Development Corporation and C&C Development Company LLC, has requested the Authority to issue and sell revenue bonds in an expected principal amount of $15,500,000 (the "Bonds") pursuant to the procedures specified in the Law for the purpose of providing financing for the acquisition and rehabilitation of 164-units of multifamily rental housing located at 1201, 1209, 1213, 1221, 1225, 1229, and 1233 E. Wilshire Avenue and 1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439 S. Minnie Street in the City of Santa Ana, California (the "Project"), located within the area of operation of the Authority. C. 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. D. The Authority has determined that the City Council of the City of Santa Ana is the "applicable elected representatives" to hold said public hearing. E. 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 therefore. F. The Project is located wholly within the geographic jurisdiction of the City. ~:~1 ~ :~