HomeMy WebLinkAbout85-162RESOLUTION NO. 85-162
P~gOLUTION OF T~E CITY COJNCIL OF T~E CITY OF SANTA ANA
APPROVING ISSUANCE OF NOT TO EXCEED $11,000,000 PRINCIPAL AMOUNT OF
MULTIFAMILY HOUSING REVENUE B(~NDS (RI~ERVIEW CO~UNITY)
1985 SERIES D, 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 Multifamily
Housing l~mvenue Bonds (Riverview Ommunity), 1985 Series D (the "Bonds"), in
the aggregate principal ~ount of not to exceed $11,000,000, under and
pursuant to Chapter 1, Part 2 of Division 24 of the California Health and
Safety Code, in order to provide financing to Rampart-General Corporation, a
California corporation, (the "Developer") for the acquisition and construction
of an approximately 220-unit multifamily residential rental project (the
"Project") to be located at the west side of Susan Street between First
Street and Fifth Street 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, I~HEREFORE, 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 fromthe 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 frcm and
after its adoption.
Page 2
Resolution No.
85-162
ADOPTED, this
]6th day of
December
, 1985.
Daniel E. Griset
Mayor
A%TEST:
Clerk oJ t '~' ~
/~ani~counci~
Councilmembers:
Griset Aye
P. Lee Johnson Aye
John Acosta Aye
Wilson B. Hart Aye
R.W. Luxembourger Aye
Patricia A. McGuigan Aye
Dan Young Aye
Edward J. Cooper
City Attorney