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RESOLUTION NO. 85-21
RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA
APPROVING INDUCEMENT RESOLUTION ADOPTED BY THE
BOARD OF SUPERVISORS OF ORANGE COUNTY
RESOLVED, by the Housing Authority of the City of Santa
Ana (the "Authority"), as follows:
Section 1. Resolution No. 85-108 of the Board of
Supervisors of Orange County, entitled "Resolution of the
Board of Supervisors of Orange County, California", adopted
by the Board of Supervisors of Orange County on January 16,
1985 is hereby approved; the findings of Orange County con-
tained in said resolution are hereby confirmed and approved
as the findings of the Authority; and the Authority hereby
agrees to be bound by said resolution and to issue bonds for
the project referenced in said resolution under substantially
the same terms and limitations as those contained in said
resolution, except that the aggregate principal amount of
bonds issued by the Authority to provide financing for said
project shall not exceed $4,500,000; all effective as of
January 16, 1985.
Section 2. This Resolution shall take effect from and
after its adoption.
* * * * * * * * * * * * * *
The foregoing resolution was passed and adopted by the
Board of commissioners of the Housing Authority of the City
of Santa Ana at a special meeting thereof held on the
21st day of October , 1985, by the following vote:
AYES: 5
NOES: 0
ABSENT: 2
MEMBERS:
MEMBERS:
Grisét, Luxembourger,
and Young
None.
Acosta, McGuigan,
MEMBERS:
Johnson,
an~
Chairman
ATTEST:
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RESOLUTION OF THE BOARD OF SUPERVISORS OF
ORANGE'COUNTY, CALIFORNIA
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January 16, 1985
On motion of Supervisor Stanton
, duly seconded and carried, the
1 following Resolution was adopted:
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WHEREAS, the County of Orange (the "County") is authorized by the
9 provisions of Health and Safety Code Section 52000 et seq., to issue mortgage
10 revenue bonds for the purpose of financing multifamily residential rental
11 projects; and
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WHEREAS, BACS Development, Inc. (the "Developer",J' ha~s requested the
13 County to issue and sell its revenue bonds pursuant to said provisions in
14 order to provide financing for the acquisition and construction of certain
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land and facilities which will comprise a 36 unit multifamily rental housing
16 project to be located at 1202 & 1206 N., Parton in Santa Ana,California
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(the "Project"); and
WHEREAS, the Project will be of benefit to the County and its residents;
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and
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WHEREAS, as an inducement to the Developer to carry out the Project, thl
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County desires to authorize the issuance of bonds or notes in the approximate
principal amount of $1,650,000.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The County hereby authorizes the issuance and sale of bonds or notes
pursuant to the aforesaid provision of the Health and Safety Code in a princi-
pal amount not to exceed $1,650,000 in order'to provide financial assistance.
Resolution No. 85-109
Mul tifam. - B1\CS Dev.
36 Unit - Santa Ana
BPI): db
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to the Developer or its successors or assigns, or such other person or entity
designated by the -Board of Supervisors.
Such 'authorization is expressly for
the purpose of inducing the Developer to undertake the Project.
2. The issuance and sale of such bonds or notes shall be upon such
terms and conditions as may be agreed upon by the County, the Developer, and
the initial purchasers of such bonds or notes; provided, howevèr, that such
bonds or notes shall not be sold or issued unless specifically authorized by a
sUbsequent resolution by this Board of Supervisors.
3. The County Capital Financing Manager is hereby authorized and
directed to take whatever further action, relating to the aforèsaid financial
assistance, may be deemed reasonable and desirable, provided that terms and
conditions under which the bonds or not~s are issued 'must be approved by the
Board of Supervisors in the manner provided by law prior to the sale thereof.
AYES:
NOES:
SUPERVISORS
SUPF.RVISORS
RCGER R. STAN'KN, THCMAS F.
AND RALPH B. ClARK
NCNE .
RILEY, l1ARRIETr M. WIEDER,
ABSENT:
SUPERVISORS BRUCE NE~E
STATE OF CALIFORNIA)
. ) ss.
)
COUNTY OF ORANGE
I, Linda D. Roberts, Clerk of the Board of Supervisors of Orange County,
California hereby certify that the above and foregoing Resolution was duly and
regularly adopted by the said Board at a regular meeting thereof held on the
16th day of January ,1985 ,and passed by a unan:im:>us vote of sai d
Bòard m:mbers present.
IN WITNESS WHEREOF) I have hereunto set my,hand and seal,this16th
day of January, 1985.
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~~ 'G...~.) .d. ""'.""".. '-J;..-LA.._./:- >
LINDA D. E
Clerk of the Board of Supervisors
of Orange County, California
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