HomeMy WebLinkAbout96-084 - Issuance of Multifamily Housing Revenue Bonds by the Housing AuthorityRESOLUTION NO. 96-084
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
FOR THE PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF VILLA DEL SOL APARTMENTS BY ADVANCED
GROUP 94-95, A CALIFORNIA LIMITED PARTNERSHIP
WHEREAS, the Housing Authority of the City of Santa Ana (the
"Authority") is authorized by Chapter 1 of Part 2 of Division 24
(commencing with Section 34200) of the Health and Safety Code of
the State of California (the "Law"), to issue and sell its revenue
bonds for the purpose of financing the acquisition, construction,
rehabilitation or development of multifamily rental housing for
families and individuals of low- and very-low-income; and
WHEREAS, Advanced Group 94-05, A California Limited
Partnership (the "Developer") has requested the Authority to issue
and sell revenue bonds (the "Bonds") pursuant to the procedures
specified in the Law for the purpose of financing the acquisition
and rehabilitation by the Developer of certain land and facilities
consisting of a 562-unit multifamily residential rental project and
underlying land and related and appurtenant facilities located at
811 South Fairview in the City of Santa Ana, California (the
"Project"); and
WHEREAS, the Bonds will be considered to be "qualified exempt
facility bonds" under Section 142 (a) of the Internal Revenue Code
of 1986, as amended (the "Code"), and Section 147(f) of the Code
requires that the "applicable elected representatives" with respect
to the Authority hold a public hearing with respect to the issuance
of the Bonds; and
WHEREAS, the Authority has determined that the City Council of
the City of Santa Ana is the "applicable elected representatives"
to hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as
required by the Code, and this City Council has heretofore held
such public hearing at which all interested persons were given an
opportunity to be heard on all matters relative to the financing
and operation of the Project and the Authority's issuance of the
Bonds therefor; and
WHEREAS, the City Council of the City of Santa Ana, as the
"applicable elected representative" of the Authority, approves of
the issuance of the bonds as in the public interests of the
Authority.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
1. The City Council hereby finds and determines that the
foregoing recitals are true and correct.
2. The City Council hereby approves the financing of the
acquisition and rehabilitation of the Project by the Authority
under the Law.
3. The issuance of the bonds shall be subject to approval of
all financing documents relating thereto to which the Authority is
a party and subject to the sale of the Bonds by the Authority to
the underwriter thereof.
4. This resolution shall take effect immediately.
ADOPTED, this 3rd day of September, 1996 by the following
vote:
AYES:
NOES:
COUNCILMEMBE~S:
COUNCILMEMBERS:
Espinoza, Lutz, McGuigan, ~lills,
Horeno, Pulido, Richardson
None
ABSENT: COUNCILMEMBERG: None
ATTEST:
~ of'Santa Ana
ORIGINALITY & PUBLICATION
W. Fletcher
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~?~, - ~'-/ to be the original resolution adopted by the City Council of the
City of Santa Aha on q-3-~
Date:
Clerk of the Coundil ~
City of Santa Ana