The URL can be used to link to this page

Home My WebLink About1985-27 HA . I . . I . . . . RESOImION NO. 85-27 RESOImION OF THE HOUSING AurHORITY OF THE CITY OF SANTA ANA AurHORIZING SAIE OF $12,500,000 PRINCIPAL AMOUNT OF VARIABLE RATE IEMAND MULTIFAMILY HOUSING REVENUE BONœ (MERCURY SAVINGS AND !DAN ASSOCIATION/VIlLA VERŒ APARIMENTS PROJECT), 1985 SERIES B, APPROVING !DAN ORIGINATION AND SERVICING AGREDIENl', INœNTURE OF TRUST, REGUIATORY AGREEMENT, COlLATERAL PLEDGE AGREEMENT, OFFICIAL STATEMENT, BOND PURCHASE AGREEMENT AND REIATED ooet:MENl'S, AND AurHORIZING OFFICIAL ACTION WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") proposes to issue its Housing Authority of the City of Santa Ana Variable Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and loan Association,IVilla Verde Aparbnents Project), 1985 Series B (the "Bonds"), in the aggregate principal amount of $12,500,000, under and pursuant to the provisions of Chapter 1 of Part 2 of Divison 24 of the Health and Safety Code of the State of California, as amended (the "Housing Authorities Law"), in order to provide financing to Sarmlel A. Hardage, an individual (the "Company") for the acquisition and construction of a multifamily residential rental project (the "Project") to be located in the City of Santa Ana; WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust (the "Indenture"), dated as of December 1, 1985, by and between the Authority and Seattle-First National Bank, as trustee (the "Trustee"); WHEREAS, pursuant to the tenns of a proposed Regulatory 1!greement and Declaration of Restrictive Covenants dated as of December 1, 1985, by and aJOOng the Authority, the Trustee, the Company and Mercury Savings and loan Association (the "Association"), at least 20% of the dwelling units in the Project are required to be leased or rented to persons or families of low or JOOderate incane; WHEREAS, the proceeds of the Bonds are to be loaned to the Cœpany under a loan Origination and Servicing 1!greement dated as of December 1, 1985, by and among the Authority, the Association, the Cœpany and the Trustee (the "loan 1!greement") pursuant to which the Association on behalf of the Authority will make a loan to the Cœpany to finance the Project; WHEREAS, Bancroft, O'Connor, Chilton & Lavell, Inc., as purchaser (the "Purchaser") has subnitted an offer to purchase the Bonds; and WHEREAS, the Authority approves of said transactions in the public interests of the Authority; . I . . I . . -- -_._..._-~- ,----..--.-----.--------..... . . Page 2 Resolution No. 85-27 NeW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of Santa Ana as follows: Section 1. Findings and Declarations. The Authority hereby finds and declares that the financing of the Project fran the proceeds of the Bonds as herein described serves the public purposes of assisting persons and families of low and moderate incane within the City of Santa Ana to afford the costs of decent, safe and sanitary housing, and that it is not feasible to reserve any units in the Project on a priority basis for persons or famiies whose incane does not exceed 50% of the median adjusted gross incane. The Authority further hereby finds and declares that this resolu- tion is adopted pursuant to the powers granted by the Housing Authorities, Law, including particularly Section 34312.3 of the Health and Safety Code of the State of California. Section 2. Issuance and Sale of Bonds. The Authority hereby authorizes the issuance of the Bonds pursuant to and in accordance with the tems and provisions of the Indenture, all of which tenns and provisions are incor- porated herein by reference. The Bonds are hereby authorizied to be sold to the Purchaser pursuant to and in accordance with the tems of the agree- ment (the "Bond Purchase Agreement") by and between the Authority and the Purchaser, in substantially the form on file with the Secretary. The Chairman or vice Chairman is hereby authorized and directed to execute and the Secretary is hereby authorized to attest the Bond Purchase Agreement for and in the name and on behalf of the Authority. Section 3. Indenture. The Indenture, in substantially the form presented to the Authority at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of bond counsel to the Authority, is hereby approved. The Chairman or vice Chairman is hereby authorized and directed to execute and the Secretary is hereby authorized to attest the Indenture for and in the name and on behalf of the Authority. Section 4. Loan Agreement. The Loan Agreement, in substantially the form presented to the Authority at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of bond counsel to the Authority, is hereby approved. The Chairman or Vice Chairman is hereby authorized and directed to execute and the Secretary is hereby authorized to attest the Loan Agreement for and in the name and on behalf of the Authority. . I . . I . . . . Page 3 Resolution No. 85-27 Section 5. Regulatory Agreement. 'lhe Regulatory Agreement, in substan- tially the fOI1ll presented to the Authority at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of bond counsel to the Authority, is hereby approved. 'lhe Chail:1IIan or vice Chairman is hereby authorized and directed to execute and the Secretary is hereby authorized to attest the Regulatory Agreement for and in the name and on behalf of the Authority. Section 6. Collateral Pledge Agreement. 'lhe Collateral Pledge Agreement dated as of December 1, 1985, by and among the Authority, the Trustee, the Association and First Interstate Bank of California (the WCollateral Pledge AgreementW), in substantially the fOI1ll presented to the Authority at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of bond counsel to the Authority, is hereby approved. 'lhe Chairman or vice Chairman is hereby authorized and directed to execute and the Secretary is hereby authorized to attest the Collateral Pledge Agreement for and in the name and on behalf of the Authority. Section 7. Official StatEllÆ!nt. 'lhe final official statEllÆ!nt relating to the Bonds, to be dated as of the date of the Bond Purchase Agreement, substantially in the fOI1ll presented at this meeting, is hereby approved and the Chairman or vice Chairman is hereby authorized and directed to execute said official statement for and in the name and on behalf of the Authority. The Purchaser is hereby authorized to distribute copies of said official statement in connection with its reoffering and resale of the Bonds. Dis- tribution by the Purchaser of the preliminary official statement relating to the Bonds is hereby approved, ratified and confirmed. Section 8. Official Action. All actions heretofore taken by the officers and agents of the Authority with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Chairman, the Secretary, the Executive Director, Authority Counsel and any and all other officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions relating to execution and delivery of any and all certificates, requisitions, agreements and other documents, including but not limited to those described in the Bond Purchase Agreement, which they, or any of them, may deem necessary or advisable in order to consUlll'Date the lawful issuance and deli very of the Bonds in accordance with the Bond Purchase Agreement, the Indenture and this resolution. . I . . I . . . Page 4 Resolution No. 85-27 Section 9. Effective Date. after its adoption. AOOPrED, this vote: 2nd day of , 1985, by the following AYES: 6 MEMBERS : NOES: 0 MEMBERS : ABSENT: 1 MEMBERS: A'ITEST: APPROVED AS TO FORM: . 'Ibis resolution shall take effect fran and December Griset, Johnson, and Young None. McGuigan, ÚlXembourger, Hart, Aoosta ~ CHAIRMAN, HOUSING AUTHORITY ~' " 4~--, l;:~:;~:'~~, ~~,:"''''''' .~ ."õ_~ :: :" C ? ~ - - . - . / ~ --i}~~:=::=:,:~"~- -:;""D~ r' "' ~ ¿. . -~ .~ ~ . "'~ ....,.: '-., -7',