HomeMy WebLinkAbout85-164RESOLUTION NO. 85-164
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING ISSUANCE OF NOT TO EXCEED $12,300,000 PRINCIPAL AMOUNT OF
VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS
(MERCURY SAVINGS AND LOAN ASSOCIATION/VILLA VERDE APARTMENTS
PROJECT), 1985 SERIES B, BY THE HOUSING AtrfHORITY 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 Multifsm~ily Housing Revenue Bonds (Mercury Savings and Loan
Association/Villa Verde Apartments Project), 1985 Series B (the "Bonds"), in
the aggregate principal amount of not to exceed $12,300,000, under and pursuant
to Chapter 1, Part 2 of Division 24 of the California Health and Safety
Code, in order to provide financing to Samuel A. Hardage, an individual (the
"Developer") for the acquisition and construction of an approximately 210-
unit multifamily residential rental project (the "Project") to be located at
4210 West First Street in the City of Santa Ana (the "City"); and
WHEREAS, ~ne 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 incc~e 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 from and
after its adoption.
Page 2
Resolution No. 85-164
ADOPTED, this 16th day of December
, 1985.
Daniel E. Griset
Mayor
A%TEST:
Councilmembers:
Griset Aye
P. Lee Johnson Aye
John Acosta -~ye
Wilson B. Hart -~ye
R.W. Luxembourger ~
Patricia A. McGuigan ~
Dan Young
^ye
Edward J. Cooper
City Attorney