HomeMy WebLinkAbout87-054RESOLUTION 87:-54
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
AUTHORIZING APPLICATION TO MORTGAGE BOND ALLOCATION COMMITTEE
ON BEHALF OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
WHEREAS, the Housing Authority of the City of Santa Ana (the
"Authority") proposes to issue its Multifamily Housing Revenue Bonds
in an aggregate principal amount of not to exceed $3,350,000 (the
"Bonds") for the purpose of providing financing to Sycamore
Retirement Apartments, Ltd. for a multifamily rental housing
development to be located in the City of Santa Ana (the "City"); and
WHEREAS, in order that interest on the Bonds be excluded from
gross income for federal income tax purposes under the Internal
Revenue Code of 1986, as amended, it is required that a portion of
the annual volume allocation to the State of California in respect of
bonds such as the Bonds be designated to the Bonds; and
WHEREAS, pursuant to a Proclamation of the Governor of the State
of California, such allocation for the Bonds is to be made by the
Mortgage Bond Allocation committee ("MBAC") upon application of the
City on behalf of the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
of Santa Aha, as follows:
1. Any appropriate officer of the City shall be and hereby is
authorized in the name and on behalf of the City to file an
application with MBAC for an allocation for the Bonds, and that upon
award thereof, such allocation shall without further action by this
Council be deemed transferred to the Authority for the purpose of
issuing the Bonds.
2. This resolution shall take effect from and after its
adoption.
ADOPTED this 7th day of
July , 1987.
AYES: MEMBERS:
NOES: MEMBERS:
Acosta, Griset, Hart, May, McGuigan, Pulido,
Young
None
ABSENT: MEMBERS:
ATTEST
None
APPROVED AS TO FORM: