HomeMy WebLinkAbout1985-10 HA
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7-10-85
RESOLUTION NO. 85-10
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA RELATING TO THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION
AND CONSTRUCTION OF VARIOUS MULTI-FAMILY RESIDENTIAL
RENTAL PROJECTS AND RELATED FACILITIES
WHEREAS, the Housing Authority of the City of Santa
Ana (the "Authority") is authorized to issue bonds pursuant
to the provisions of California Health and Safety Code,
Division 24, Part 2, Chapter 1 and, in particular, Section
343l2.3 of said Code (the "Law") for the purpose of pro-
viding financing for the acquisition, construction and
development of multi-family residential rental projects
located within the Authority;
WHEREAS, the various property owners and/or developers
listed in Exhibit A hereto (collectively, the "Developers")
have requested the Authority to issue and sell its revenue
bonds pursuant to the procedures specified in the Law for
the purpose of financing the acquisition and construction of
certain land and facilities consisting of multi-family
residential rental projects and underlying land and related
and appurtenant facilities located at the respective addresses
set forth in Exhibit A (collectively, the "projects") to be
acquired and constructed by the Developers within the
Authority, and the Authority wishes to induce the Developers
to acquire, construct and develop the Projects within the
Authority; and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the
Authority that the Authority authorize the Bonds for the
aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED by the Housing Authority
of the City of Santa, as follows:
1. The Authority hereby authorizes the issuance and
sale of the Bonds pursuant to the procedures specified in
the Law in and aggregate principal amount not to exceed
$24,000,000.00 for the purpose of providing financing for
the acquisition, construction and improvement of the projects
as set forth in Exhibit A. Such authorization shall be for
the purpose of inducing the Developers to undertake the
projects and, in particular, to do so at the aforesaid
respective locations.
Resolution 85-4IÞ
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2. The issuance and sale of the Bonds shall be upon
such terms and conditions as may be mutually agreed upon by
the Authority, the Developers and the purchaser of said
Bonds and shall be authorized by resolution of the Authority
at a meeting duly held and conducted for such purpose.
3.
related and
costs, debt
required to
The proceeds of the Bonds shall include such
necessary issuance expenses, administrative
service reserves and interest payments as may be
accomplish successfully the financing.
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to be
34292
4. The Authority declares the issuance of the Bonds
an emergency matter within the meaning of Section
of the California Health and Safety Code.
ADOPTED, this 15th
1985, by the following vote:
day of
July
AYES:
5
MEMBERS:
McGuigan, Griset, Johnson, Hart
and Young.
NOES:
0
MEMBERS:
ABSENT: 2 MEMBERS:
ACOS~d
CHAIRMAN
Luxembourger.
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ATTEST:
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Executive Director of
Housing Authority
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APPROVED AS TO FORM
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Authority
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