HomeMy WebLinkAbout1985-29 HA
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RESOLUTION NO. 85-29
A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF
SANTA ANA AUTHORIZING SALE OF NOT TO EXCEED
$11,000,000 PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING
REVENUE BONDS (RIVERVIEW COMMUNITY), 1985 SERIES D,
APPROVING RELATED DOCUMENTS AND OFFICIAL STATEMENT,
AND AUTHORIZING 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 Multifamily Housing Revenue Bonds
(Riverview Community), 1985 Sereies D, (the "Bonds") in the
aggregate principal amount of not to exceed $11,000,000
pursuant to the provisions of Chapter 1 of Part 2 of Division
24 of the California Health and Safety Code, in order to pro-
vide financing to Rampart-General Corporation, a California
corporation (the "Developer"), for the acquisition and
construction of an approximately 240-unit multifamily resi-
dential rental project (the "Project") to be located on the
west side of Susan Street between First and Fifth Streets; and
The Bonds are to be issued pursuant to an Indenture of
Trust, dated as of December l, 1985, (the "Indenture") between
the Authority and Security Pacific National Bank, as trustee;
(the Trustee") and
Pursuant to the terms of a proposed Regulatory Agreement
and Declaration of Restrictive Covenants, dated as of December
1, 1985, (the "Regulatory Agreement") among the Authority, the
Trustee and the Developer, at least 20 percent of the dwelling
units in the Project are required to be leased or rented to
persons or families of low or moderate income; and
The proceeds of the Bonds are to be loaned to the Developer
under a Loan Agreement, dated as of December 1, 1985, (the
"Loan Agreement") by and between the Authority and the Developer,
pursuant to which the Authority has agreed to lend the proceeds
of the Bonds to the Developer to enable the Developer to finance
the Project; and
The obligations of the Developer under the
are to be secured in part by a letter of credit
Magnus Capital Corporation No. 8512; and
Loan Agreement
issued by
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Resolution No. 85-29
The City Council has heretofore called and conducted a
public hearing on the issuance of the Bonds as required by
Section 103(k) of the Internal Revenue Code of 1954, as
amended I and Cranston Securities Company, as underwriter,
intends to submit an offer to purchase the Bonds I and
WHEREAS, The Authority approves of said transactions in
the public interests of the Authority,
NOW, 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
from the proceeds of the Bonds, as herein described, serves the
public purpose of assisting persons and families of low and
moderate income 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 families whose income does not exceed 50
percent of the median adjusted gross income for the area. The
Authority further finds and declares that this resolution is
adopted pursuant to the powers granted by Chapter 1 of Part 2
of Division 24 of the California Health and Safety Code.
SECTION 2. Issuance and Sale of Bonds. The Authority
hereby authorizes the issuance of the Bonds pursuant to and in
accordance with the terms and provisions of the Indenture, all
of which terms and provisions are incorporated herein by
reference. The Bonds are hereby authorized to be sold to the
underwriter pursuant to and in accordance with the terms of an
agreement in substantially the form on file with the Secretary
of the Authority, by and among the Authority and the underwriter.
The Chairman is hereby authorized and directed to approve the
terms of and accept an offer to purchase the Bonds which is
acceptable to the Chairman, subject to the approval of counsel
to the Authority, and to execute the bond purchase agreement
for and in the name of and on behalf of the Authority provided
that the Bonds shall be sold to the underwriter for a price not
less than 95 percent of the par amount thereof.
SECTION 3. Indenture. The Indenture, in substantially
the form presented to the Authority, together with any additions
thereto or changes therein deemed necessary or advisable by the
Chairman, upon the advice of bond counsel, is hereby approved.
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Resolution No. 85-29
The Chairman
and directed
the name and
and the Executive Director are hereby authorized
to execute and deliver the Indenture for and in
on behalf of the Authority.
SECTION 4. Loan Agreement. The Loan Agreement, in sub-
stantially the form presented to the Authority, together with
any additions thereto or changes therein deemed necessary or
advisable by the Chairman, upon the advice of bond counsel, is
hereby approved. The Chairman and the Executive Director are
hereby authorized and directed to execute and deliver the Loan
Agreement for and in the name and on behalf of the Authority.
SECTION 5. Regulatory Agreement. The Regulatory Agree-
ment, in substantIally the form presented to the Authority,
together with any additions thereto or changes therein deemed
necessary or advisable by the Chairman, upon the advice of bond
counsel, is hereby approved. The Chairman and the Executive
Director are hereby authorized and directed to execute and
deliver the Regulatory Agreement for and in the name and on
behalf of the Authority.
SECTION 6. Official Statement. The final official state-
ment relating to the Bonds, to be dated as of the date of the
bond purchase agreement, in substantially the form presented to
the Authority, is hereby approved and the Chairman is hereby
authorized and directed to execute said official statement for
and in the name of and on behalf of the Authority, and to
approve any additions to or changes in the form of said official
statement as the Chairman may deem necessary or advisable, such
approval to be conclusively evidenced by the execution of said
official statement (as so added to or changed. The underwriter
is hereby authorized to distribute copies of said official
statemen (as so added to or changed) in connection with its
reoffering and resale of the Bonds. Distribution by the underwriter
of the preliminary official statement relating to the Bonds is
hereby approved, confirmed and ratified.
SECTION 7. 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 Executive Director, the
Secretary, Counsel to the Authority 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
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Resolution No. 85-29
things and take any and all actions relating to the execution
and delivery of any and all certificates, requisitions, agree-
ments 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 consummate
the lawful issuance and delivery of the Bonds in accordance
with the bond purchase agreement, the Indenture and this reso-
lution.
SECTION 8. The Housing Authority of the City of Santa Ana
declares the authorization of the sale the Multifamily Housing
~evenue Bond (Riverview Community), 1985 Sereies D to be a
emergency matter.
ADOPTED, this 17th day of
1985, by the following vote:
December
,
AYES:
MEMBERS:
4
0
Johnson, Acosta, Hart, Luxembourger,
NOES:
MEMBERS:
None.
ABSENT: 3
MEMBERS:
Griset, McGuigan, Young
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ChaIrman
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ATTEST:
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APPROVED AS TO FORM:
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