HomeMy WebLinkAbout85-163RESOLUTION NO. 85-163
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING ISSUANCE OF NOT TO EXCEED $14,000,000 PRINCIPAL AMOUNT OF
MULTIFAMILY HOUSING REVENUE BONDS (RIVERVIEW SANTA ANA ASSOCIATES)
1985 SERIES E, BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
WHEREAS, The Housing Authority of the City of Santa Ana (the "A~thority")
proposes to issues its Housing Authority of the City of Santa Ana Multifamily
Housing Revenue Bonds (Riverview Santa Ana Associates), 1985 Series E (the
"Bonds"), in the aggregate principal amount of not to exceed $14,000,000,
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 240-unit ~ltifamily residential rental
project (the "Project") to be located at the northeast corner of 17th Street
and the Santa Ana River in the City of Santa Ana (the "City"); and
WHEREAS, Tne 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 from the proceeds of the
bonds as described herein serves the public purposes of assisting persons
and families of low and moderate inccme 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 Authorityas hereinabove
contemplated.
Section 3. Effective Date. This resolution shall take effect from and
after its adoption.
Page 2
Resolution No. 85-163
ADOPTED, this
16th day of
December
, 1985.
Daniel E. Griset
Mayor
ATTEST:
~nice ~ C~ Guy /-
~Clerk of the Council
Councilmembers:
Griset Aye
P. Lee Johnson Aye
John Acosta Aye
Wilson B. Hart Aye
R.W. Luxembourger Ay~_~
Patricia A. McGuigan
Dan Young Aye
Edward J. Cooper
City Attorney