HomeMy WebLinkAbout85-161RESOLUTION NO. gg-161
RESOLUTION OF THE CITY COUNCIL OF %~E CITY OF SANTA ANA
APPROVING ISSUANCE OF NOT TO EXCEED $6,100,000 PRINCIPAL AMOUNT OF
VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS
(MERCURY SAVINGS AND LOAN ASSOCIATION/HARBOR POINTE APARTMENTS
PROJECT), 1985 SERIES C, BY THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA
WHEREAS, The Housing Authority of the City of Santa Ana (the "Authority")
proposes to issues its Housing Authority of the City of Santa Ana Variable
Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan
Association/Harbor Pointe Apar~nents Project), 1985 Series C (the "Bonds"),
in the aggregate principal ~ount of not to exceed $6,100,000, under and
pursuant to Chapter 1, Part 2 of Division 24 of the California Health and
Safety Code, in order to provide financing to Harbor Pointe Apartments, a
California general partnership (the "Developer") for the acquisition and
construction of an approximately 130-unit multifamily residential rental
project (the "Project") to be located at 1500 North Harbor Boulevard in the
City of Santa Ana (the "City"); and
WHEREAS, The City Council has heretofore called and conducted a public
hearing on the issuance of the Bonds for the purpose of financing the Project
as required by Section 103(k) of the Internal Revenue Code of 1954, as amended;
and
WHEREAS, the City approves of said transactions in the public interests
of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa
Ana as follows:
Section 1. Findings and Declarations. The City Council hereby finds
and declares that the financing of the Project frc~ the proceeds of the
bonds as described herein serves the public purposes of assisting persons
and families of low and moderate income within the City to afford the costs
of decent, safe and sanitary housing.
Section 2. Approval of Issuance and Sale of Bonds. The City Council
hereby authorizes the issuance of the Bonds by the Authority as hereinabove
contemplated.
Section 3. Effective Date. This resolution shall take effect frc~ and
after its adoption.
Page 2
Resolution No. 85-161
ADOPTED, this 16th day of December
, 1985.
Daniel E. Griset
Mayor
ATTEST:
J~ice C.
Clerk of the Council
Councilmembers:
Griset ayeA e
P. Lee Johnson
John Acosta Aye
Wilson B. Hart -~ye
R.W. Luxembourger -~ye
Patricia A. McGuigan
Dan Young
Edward J. Cooper
City Attorney