The URL can be used to link to this page

Home My WebLink About1985-28 HA . . . . . . . Rm>liJl'ICN NO. 85-28 RF.!'I()T 1mCN OF '!HE IIXJSING AI11BJRITY OF '!HE CITY OF SAND'. ANA AUßÐRIZING SALE OF $7,500,000 PRINCIPAL HUm OF VARIABIE RATEI:ÐW[) MUUl'IElMILY IIXJSING REVENJE B:JSIDS (MEA::URY SAVJmS AND ID\N ASSOCIATICN/HMBOR POINl'E APAImÐn'S PROOEX:T), 1985 SERIES C, APPRJVING ID\N ŒIGINATICN AND SERVICING Þ.GREI!M!Nl', INDJ!Nl'URE OF TRIJST, ~'Þ.GREI!M!Nl', OOUATERAL PLEOOE AGREEMI!Nl', OFFICIAL S'l'A'l'I!MI!Nl, BCND PURCINE AGRE:IMNl' AND RErATED DOClMENl'S, AND AUßÐRIZING OFFICIAL J\Cl'ICN WHERI!'AS, the lÞming Authority of the City of Santa Ana (the "Authority") pwpIJses to issue its H:>using Authority of the City of Santa Ana Variable Rate DBIœnd "-ùtifamily lÞming Revenue Balds (Mercury Savings am Iœn A88OCia.tia1/Harbor ~ J\partmBntB Project), 1985 Series C (the "Bœda"), in the a':\J.eyð.ts principal aI'I1JIJnt of $7,500,000, un:ier and pursuant to the proviaials of 01apter 1 of Part 2 of Diviscn 24 of the Health and Safety Code of the State of California, as amended (the "lÞming Authorities I,aw"), in order to provide financing to SaIIuel A. Hardage, an individual (the "O::.rrpmy") for the acquisition am oanst.ructia1 of a nultifamily residential rental project (the "Project") to be located in the City of Santa Ana: WHERI!'AS, the Balds are to be issued un:ier am pursuant to an Indenture of Trust (the "Indenture"), dated as of DecehÐer 1, 1985, by and bet~ the Authority am Seattle-First Nati.œal Bank, as trustee (the "Trustee">: WHERI!'AS, pursuant to the teJ:1æ of a p1:'ì>OØed Regulatory ~_..enL and Declaratioo of Restrictive CoII'enant8 dated as of Dta...::oti-:" 1, 1985, by and anr:¡ng the Authority, the Trustee, the O:I\pInyam Mercury Savings am Iœn Association (the "Associatioo"), at least. 20% of the dwelling wits in the Project, are required to be leased or rented to persa1S or families of low or JOOderate :inoaœ: WHERI!'AS, the pxoceeds of the BŒIds are to be loaned to the Ocnpmy un:ier a Iœn Originatioo am Servicing ~ree......íL dated as of Dt...-ti-:" l, 1985, by am anr:¡ng the Authority, the .~I!''''''i..tion, the O::.rrpmy am the Trustee, (the "Iœn J\grea....uL") pursuant to 1oI1ich the Associ ation 00 behalf of the Authority will make a loan to the ~"y to finance the Project: WHERI!'AS, Bancroft, O'CaIn::Ir, O1i.ltcn & Lavell, Inc., as purchaser (the "Purchaser") has suJ:mitted an offer to purà1ase the BŒIds: and WHERI!'AS, the Authority approves of said transactiCX1S in the public interests of the Authority; . . . . . . . Page 2 Resolution No. 85-28 lU'l, 'lHEREFœE, BE IT RE8)LVEI) by the fblsing Authority of the City of Santa Ana as follows: Section 1. F~ am I)e(']coratials. '!he Authority hereby finds am declares that the g of the Projict fran the proceeds of the Balds as herein described serves the public pnpcses of assisting persa1B am families of low am JOOderate inc:x:me within the City of Santa Ana to afford the ooøts of decent, safe am sanitary housing, am that it is not: feasible to reserve any units in the Project at a priority basis far persau¡ or famiies Wose i.noane does not: exceed SOl of the median adjusted gross incaœ. '!he Authority further hereby fims am declares that this reøolu- tial is aà:>pt:ed pn-suant to the ~ granted by the BJusing Authorities Law, incllñing particularly Section 34312.3 of the Health am Safety Code of the State of Cùifornia. Sectiat 2. Issuance am Sale of Balds. '!he Authority hereby authorizes the issuance of the Ba'lds pn-suant to and in acoordance with the terms am provisiŒ1S of the Irñenture, all of ~ch terms am provisiŒ18 are incor- porated herein by reference. 'DIe Bends are hereby authorizied to be sold to the Purchaser pn-suant to am in acooràance with the terms of the agree- ment (the "Bend Purchase Þ.qreeII.ellL") by am between the Authority am the Purchaser, in substantially the form at file with the Secretary. '!he Chairmm or Vice 01airman is hereby authorized am directed to execute am the Secretary is hereby authorized to attest the Bend Purchase J\o;;¡¡_..ehL far am in the name am at behalf of the Authority. Sectiat 3. Indenture. '!he Indenture, in substantially the form presented to the Authority at this meeting, together with any additiŒ1S thereto or changes therein deemed necessary or advisable by the Executive Director upcn the advice of barJd counsel to the Authority, is hereby a¡:proved. 'DIe 0IIIirman or Vice 0IIIirman is hereby authorized am directed to execute am the Secretary is hereby authorized to attest the Indenture for am in the name am at behalf of the Authority. Section 4. Loan Agreement. 'DIe Loan Agreement, in substantially the form presented to the Authority at this meeting, together with any additioos thereto or changes therein deemed necessary or advisable by the Executive Director upcn the advice of barJdcouœel to the Authority, is hereby a¡:proved. '!he 01airman or Vice 01airman is hereby authorized am directed to execute and the Secretary is hereby authorized to attest the Loan J\greeII.eI~L far am in the name am at behalf of the Authority. . . . . . . . Page 3 Resolution No. 85-28 Section 5. Regulatozy l\greeItart.. 'lhe Regulatozy Agreeh.,..L, in substan- tially the form presented to the Aut:harityat this meeting, together with any aàiitions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of bend counsel to the Authority, is hereby a¡proved. 'lhe 01airman or Vice 01airman is hereby authorized am ' directed to execute am the Secretary is hereby authorized to attest the Regulatozy J\greement for am in the name am on behalf of the Authority. dated ~~ ~1~~~5~1~~a::~ ~i~;~ ~~lL Association am First Interstate Bank of California (the "Cbllateral Pledge Agresœnt"), in substantially the foJ:m 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 bend counsel to the Authority, is hereby a¡proved. 'lhe 01airman or Vice 01airman is hereby authorized am directed to execute am the Secretary is hereby authorized to attest the o:>llateral Pledge ~L.....IIEhL for am in the name and on behalf of the Aut:harity. Section 7. Official Statement. 'lhe final official statement relating to the Ba1ds, to be dated as of the date of the Borñ Purchase J\greemeI1L, substantially in the form presented at this meeting, is hereby ag;n:oved am the 01airIœn or Vice Otairmm is hereby authorized am directed to execute said official statement for am in the name am on behalf of the Authority. '!he Purchaser is hereby authorized to distribute copies of said official statement in connection with i1:8 reoffering am resale of the Ba1ds. Dis- tribution by the Purchaser of the preliminary official statement relating to the Ba1ds is hereby ag>roved, ratified am o:nfirmed. Section 8. Official Action. All actions heretofore taken by the officers am agents of the Authority with respect to the sale am issuance of the Ba1ds are hereby ag;n:oved, confirmed am ratified, am the OtaiDlBIl, the Secretary, the Executive Director, Authority O:>unsel am any am all other officers of the Authority are hereby authorized and directed, for and in the name am on behalf of the Authority, to do any am all things and take any am all actions relating to executioo and delivery of any and all certificates, requisitions, agreements am other documents, including but mt limited to those described in the Borñ Purchase J\greeInent, which they, or any of them, may deem necessary or advisable in ord.er to oonsunmate the lawful issuance am delivery of the Ba1ds in acoordance with the Bond Purchase J\greeIœnL, the Indenture am this resolution. .. ... . . . . . . ' , .. . Page 4 Resolution No. 85-28 . Sectia1 9. Effective Date. '1his resolution shall take effect fran arñ after its adcption. AOOPl'ED, this vote: 2nd day of AYES: MEMBERS: 6 0 MEMBERS : N:>ES : ABSENT: 1 MEMBERS: A'l'l'EST : 6i1~ PHIL FREELAND, Executive Director APPROVED AS 'ro FORM: December Griset, Johnson, McGuigan, arñ Young None. Acosta IaJ , 1985, by the following Luxembourger, Hart, ~, H:XJSING AU1H>Rl'I'Y " .>~, 'x.:>' , ~ "",". J " '" ~,. " "\c, ....., . :...;r; !~~:;:5\"j \ ~""~,,:,,~,:,,,~<i ::.r'Ir- ~~'-. '-.1"..,1,."" ~ "; ~ ~ ~iìk,.. '-- '" , 3 -'