HomeMy WebLinkAbout2002-055 - Rehabilitation of Minnie Street II ApartmentsRESOLUTION NO. 2002-055
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 MINNIE STREET II
APARTMENTS ("CORNERSTONE VILLAGE")
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
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 Iow and very Iow
income; and
Orange Housing Development Corporation (the "Developer") has
requested the Authority to issue and sell revenue bonds in a principal
amount not to exceed two million dollars ($2,000,000) (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 45-units of multifamily residential rental
located at 935, 1006, 1010, 1014 and 1018 South Minnie Street in the
City of Santa Ana, California (the "Project"); and
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
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
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
Resolution No. 2002-055
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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
Fo
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.
Section 2. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 3. The City Council hereby approves the financing through the issuance
of multifamily housing revenue bonds for the purpose of the acquisition and
rehabilitation of the Project by the Authority pursuant to the Law.
Section 4. The issuance of the Bonds shall be subject to approval by the
Authority 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.
Section 5. This Resolution shall take effect immediately upon its adoption by the
City Council, and the City Clerk shall certify the vote adopting this Resolution.
ADOPTED this 17t~ day of June 2002.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
MiguelA. Pulid~-- ~. ~ '
Mayor
By: ~;.
£is~ ~, Storck -
Assistant City Attorney
AYES:
NOES:
ABSTAIN:
NOT PRESENT:
Councilmembem:
Councilmembers:
Councilmembers:
Councilmembers:
Bist, Christy, Franklin. McGuiaan. Solorio
None 10)
None/0)
Alvarez. Pulido ~2~
Resolution No. 2002-055
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CERTIFICATION OF A'I-FESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of Council, do hereby attest to and certify the attached
Resolution No. 2002-055 to be the original resolution adopted by the City Council of the
City of Santa Ana on June 17, 2002.
Date:
~0~ Clerk of Council
City of Santa Ana
Resolution No. 2002-055
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