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RESOLUTION NO. <br />A RESOLUTION OF THE HOUSING AUTHORITY OF <br />THE CITY OF SANTA ANA DECLARING ITS INTENTION TO <br />REIMBURSE EXPENDITURES FROM THE PROCEEDS OF <br />TAX- EXEMPT OBLIGATIONS AND DIRECTING CERTAIN ACTIONS <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA, <br />AS FOLLOWS: <br />Section 1: The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br />A. The Housing Authority of the City of Santa Ana (the "Authority ") intends to <br />issue tax - exempt obligations (the "Obligations ") for the purpose, among other things, of <br />making a loan to Washington Place Partners, LP, a California limited partnership, or <br />such other limited partnership or a limited liability company to be formed by Vitus <br />Development, LLC (the "Developer "), the proceeds of which shall be used by the <br />Developer to finance the acquisition, rehabilitation and development of a 200 -unit of <br />multifamily rental housing facility currently commonly known as Wycliffe Plaza located <br />at 1401 N. Flower Street in the City of Santa Ana, California (the "Project "). <br />B. United States Income Tax Regulations section 1.103 -18 provides <br />generally that proceeds of tax - exempt debt are not deemed to be expended when such <br />proceeds are used for reimbursement of expenditures made prior to the date of <br />issuance of such debt unless certain procedures are followed, among which is a <br />requirement that (with certain exceptions), prior to the payment of any such <br />expenditure, the issuer must declare an intention to reimburse such expenditure. <br />C. It is in the public interest and for the public benefit that the Authority <br />declare its official intent to reimburse the expenditures referenced herein. <br />NOW, THEREFORE, BE IT RESOLVED that the Housing Authority of the City of <br />Santa Ana DECLARES and ORDERS as follows: <br />Section 2. The Authority intends to issue the Obligations for the purpose of <br />paying the costs of financing the acquisition, rehabilitation and development of the <br />Project. <br />Section 3. The Authority hereby declares that it reasonably expects that a <br />portion of the proceeds of the Obligations will be used for reimbursement of <br />expenditures for the acquisition, rehabilitation and development of the Project that are <br />paid before the date of initial execution and delivery of the Obligations. <br />EXHIBIT 2 <br />8OA -11 <br />