HomeMy WebLinkAbout87-077367
RESOLU~?ON NO. 87-77
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
ANA GIVING APPROVAL TO THE ISSUANCE OF VARIABLE RATE
DEMAND MULTIFAMILY HOUSING REVENUE BONDS (MERCURY SAVINGS
AND LOAN ASSOCIATION/SYCAMORE APARTMENTS PROJECT), 1987
SERIES A, BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
FOR THE PURPOSE OF PROVIDING FINANCING TO SYCAMORE
RETIREMENT APARTMENTS, LTD., A CALIFORNIA LIMITED
PARTNERSHIP AND ASSIGNING ALLOCATION
WHEREAS, the Housing Authority of the City of Santa Aha (the
"Authority") proposes to issue its Variable Rate Demand
Multifamily Housing Revenue Bonds (Mercury Savings and Loan
Association/Sycamore Apartments Project), 1987 Series A (the
"Bonds") for the purpose of financing the construction of a
multifamily rental housing development to be located at 200 S.
Sycamore in the City, and related and appurtenant facilities
(the "Project") by Sycamore Retirement Apartments, Ltd., A
California Limited Partnership (the "Developer"); and
WHEREAS, it is intended that the interest paid on the Bonds
be excludable from gross income for the purposes of federal
income taxes; and
WHEREAS, the City Council is the applicable elected
representative of the Authority and this City Council has held
on the date hereof a public hearing following reasonable public
notice on the question of whether this City Council should
approve the issuance of the Bonds by the Authority, and all
persons requesting to be heard on the matter have been heard;
and
WHEREAS, the Mortgage Bond Allocation Committee of the State
of California has assigned a portion of the State of California
private activity bond allocation to the City for use in
connection with the issuance of the Bonds and the City now
desires to assign said allocation to the Authority.
NOW, THEREFORE, BE IT RESOLVED BY the City Council of the
City of Santa Ana as follows:
1. The City Council does hereby approve the issuance of
the Bonds in the principal amount of not to exceed $3,290,000
for the purpose of providing financing to the Developer for the
Project.
2. The private activity bond allocation heretofore
assigned to the City by the Mortgage Bond Allocation Committee
of the State of California for use in connection with the
financing of the Project is hereby irrevocable assigned by the
City to the Authority for use in connection with the issuance of
the Bonds and the financing of the Project.
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3. This resolution shall take effect from and after its
adoption
ADOPTED this 21st day of September , 1987.
AYES: MEMBERS: Acosta, Griset,
Pulido, Young
NOES: MEMBERS: None
Hart,
May, McGuigan,
ABSENT: MEMBERS: None
ATTEST
Janioe C. Guy
Clerk of the Council
by william D. Baron
Assistant Clerk of the Council
APPROVED AS TO FORM
DANIEL H. YOUNG,~MAY~gR
by Patricia A. McGuigan, Vice Mayor