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HomeMy WebLinkAbout1985-09 HA . . . . .~...'NU~"-~"" . . RESOLUTION NO. 85-9 A RESOLUTION OF THE CITY OF SANTA ANA HOUSING AUTHORITY AUTHORIZING THE SALE AND ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS 1985 SERIES A, IN THE APPROXIMATE AGGREGATE AMOUNT OF $2,800,000 WHEREAS, there is a shortage in the City of Santa Ana (the "City") of decent, safe and sanitary rental housing which is affordable by persons and families of lower income and a consequent need to encourage the construction of rental units affordable by such persons and otherwise to increase the housing supply in the City for such persons; and WHEREAS, the Authority has determined to engage in a multi-family rental housing revenue bond finance program (the "Program") pursuant to Chapter 1 (commencing with Section 34200) of Part 2 of Division 24 of the Health and Safety Code of the State of California for persons and families of lower income, and wishes to issue revenue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the City Council has heretofore adopted a resolution declaring its intent to issue bonds for a 70-unit multi-family residential rental project to be constructed by and operated by Pulliam Properties, a California corporation (the "Developer"); and WHEREAS, such project shall be pursuant to and in accordance with Regulatory Agreement; and constructed and operated the Financing Agreement and WHEREAS the City has duly published notices of public hearings regarding the issuance of revenue bonds for the Program in accordance with the requirements of Section l03(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, the members of the City Council are the applicable elected representatives to conduct public hearings regarding the issuance of the revenue bonds for the Program; and WHEREAS, the City Council has conducted public hearings regarding the issuance of the revenue bonds for the Program and determined it to be in the public interest to issue revenue . . . . , . . bonds the proceeds of the Developers, health and welfare and of which will be used to make a loan and which loan will serve the public of the citizens of the State and the to each safety, city; WHEREAS, all acts, conditions and things required by the Act, to exist, to have happened and to have been performed precedent to and in connection with the issuance of the aforesaid revenue bonds exist, have happened, and have been performed in regular and due time, form and manner as required by law, and the Authority is now duly authorized and empowered, pursuant to each and every requirement of law, to issue such revenue bonds for the purpose, in the manner and upon the terms herein provided; and WHEREAS, said revenue bonds are to be issued hereunder in the approximate principal amount of $2,800,000 and are to be designated as the "City of Santa Ana Housing Authority Multi-Family Housing Revenue Bonds (Fannie Mae Program), 1985 Series A." NOW, THEREFORE, THE CITY OF SANTA ANA HOUSING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND FIND AS FOLLOWS: SECTION l. true and correct. The above recitals, and each of them, are SECTION 2. The Authority has adopted and hereby confirms the Program for the use and purpose of increasing the multi-family rental housing supply in the City. SECTION 3. The proposed form of the Regulatory Agreement presented at this meeting is hereby approved. The Chairman and Secretary of the Authority are hereby authorized and directed, for and in the name of the Authority, to execute the Regulatory Agreement with the Developer. Said agreement shall be executed in substantially the form hereby approved, with such additions thereto and changes therein as are approved by such officers, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 4. The proposed form of the Financing Agreement presented at this meeting for each issue is hereby approved. The Chairman and Secretary are hereby authorized and directed, for and in the name of the Authority, to execute the Financing Agreement among the Authority, The Bank of California, N.A. (the"Lender") and the Trustee appointed pursuant to Section 7 hereof. 06-05-85 5735p//2l05/05 -2- . . . . . . . Such Agreement shall be executed in substantially the form hereby approved with such additions thereto and changes therein as are approved by such officer, such approval to be conclusively provided by the execution and delivery thereof. SECTION 5. The proposed form of the Official Statement relating to the Bonds presented at this meeting is hereby approved and the distribution thereof in connection with the sale of the Bonds is hereby authorized. SECTION 6. The Bonds shall be sold and issued as hereinafter provided in an aggregate principal amount not to exceed the amount set forth in the recitals hereof, and as may be specified in the Bond Purchase Agreement hereinafter mentioned. The purposes for which the proceeds of the Bonds shall be expended are the making of the loan to the Developer and such other purposes as are set forth in the proposed form of Indenture presented at this meeting (the "Indenture"). SECTION 7. The Bank of California, N.A. is hereby appointed as Trustee for the Authority and the owners of the Bonds, with the duties and powers of such Trustee as set forth in the Indenture; provided, however, that in the event The Bank of California, N.A. is unable to act as Trustee, the Chairman, by executing the Indenture with a different Trustee named therein, may designate such alternate Trustee to act hereunder. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the parties named in the Bond Purchase Agreement in accordance with written instructions executed on behalf of the Authority by the Executive Director, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds in accordance with the Bond Purchase Agrement, upon payment of the purchase price thereof. SECTION 8. Said proposed form of the Indenture is hereby approved. The Chairman and the Secretary of the Authority are hereby authorized and directed for and in the name and on behalf of the Authority to execute, acknowledge and deliver the Indenture to the Trustee in substantially said form, with such additions thereto or changes therein as are approved by such officers, (consistent with the Bond Purchase Agreement approved pursuant to this Resolution), such approval to be conclusively evidenced by the execution and delivery thereof. 06-05-85 5735p//2105/05 -3- . . . . . , . . . . SECTION 9. The form of the Bonds as set forth in the Indenture (as the Indenture may be modified pursuant to the preceding Section hereof) is hereby approved. The Chairman and the Secretary are hereby authorized and directed to execute, by manual or facsimile signature, in the name and on behalf of the Authority and under its seal, such Bonds in aggregate principal amount set forth hereinabove, in accordance with the Indenture. SECTION 10. The form of Bond Purchase Agreement presented at this meeting and the sale of the Bonds pursuant thereto are hereby approved and the Chairman is hereby authorized and directed to execute and deliver the Bond Purchase Agreement in said form with such changes therein as are approved by such officer, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION l2. The officers of the Authority are hereby authorized and directed, jointly and severally, to do any and all things to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds, and otherwise to effecutate the purposes of this Resolution; and such actions previously taken by such officers are hereby ratified and confirmed. SECTION 13. It is hereby declared that the adoption of this resolution without the prior review of the Housing commission is necessary for the proper conduct of the purposes of the Authority and constitutes an emergency matter within the meaning of Health & Safety Code Section 34292. PASSED, APPROVED, AND ADOPTED this 17th 1985, by the fOllowing vote: day of June, AYES: Johnson, Acosta, McGuigan, Luxembourger and Young. NOES: None. ABSENT: Hart and Griset. w Chairman, City of Santa Ana Housing Authority ATTEST: W~ APPROVED AS TO FORM: 4(~ CJ.ty ÞI tor Santa Ana Secretary, City of Housing Authority 06-05-85 5735p//2105/05 -4-