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HomeMy WebLinkAbout1987-04 HA ,--- . IIi.Á .. . . . . RESOLUTION NO. 87-4 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (MERCURY SAVING AND LOAN ASSOCIATION/SYCAMORE APARTMENTS PROJECT, 1987 SERIES A), ASSIGNING ALLOCATION AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS RESOLVED, by the Members of the Housing Authority of the City of Santa Ana that: WHEREAS, Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the "Act") authorizes housing authorities to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing within their area of operation and the Act provides a complete, additional and alternative method for doing the things authorized thereby; WHEREAS, the Housing Authority of the city of Santa Ana (the "Authority") hereby finds and declares that it is necessary, essential and a public purpose for the Authority to engage in a program (the "Proqram") of financing the construction and development of multifamily rental housing, and has determined to borrow money for such purpose by the issuance of revenue bonds as authorized by the Act; WHEREAS, the Authority hereby finds Resolution is being adopted pursuant to Act; and declares that this the powers granted by the WHEREAS, on september 15, 1986 the Authority adopted a resolution declaring its intent to issue bonds to provide financing for the multifamily rental housing development known as Sycamore Retirement Apartments (the "project") to be constructed in the City of Santa Ana, California (the "city"); WHEREAS, a notice of public hearing with respect to the proposed issuance of the Bonds (hereinafter defined) and the financing of the Project with the proceeds thereof has been published in a newspaper of general circulation in the city not less than fourteen days prior to the date of such hearing; WHEREAS, on this date, said public hearing was held before the City Council of the City, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds and the financing of the Project with the proceeds of the Bonds; WHEREAS, following said public hearing, the City council of the city adopted a resolution approving the issuance of Bonds by the Authority in connection with the financing of the Project and assigning private activity bond allocation (previously assigned to the City by the Mortgage Bond Allocation Committee of the State of California) to the Authority for use in connection with the Bonds; and ,~ .. . . . . WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds and the implementation of the Program as contemplated by . this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the state of California, including the Act. NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED as follows: 1. The Authority hereby finds and declares that the above recitals are true and correct. 2. Pursuant to the Act and the Indenture (hereinafter defined), revenue bonds of the Authority designated as "Housing Authority of the èity of Santa Ana variable Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan Association/Sycamore Apartments Project), 1987 Series A" in an aggregate principal not to exceed $3,290,000 (the "Bonds"), are hereby authorized issued. The Bonds shall be executed in the form set forth in otherwise in accordance with the Indenture. amount to be and 3. The proposed form of indenture of trust (the "Indenture") between the Authority and a trustee for the Bonds (the "Trustee"), loan origination and servicing agreement, among the Authority, the Trustee, Mercury Savings and Loan Association (the "Association"), and Sycamore Retirement Apartments, Ltd., A California Limited Partnership (the "Developer"), regulatory agreement and declaration of restrictive covenants, among the A~thority, the Trustee, the Association and the Developer, remarketing agreement, among the Authority, the Developer, the Association and the remarketing agent listed therein, and theprel1minary official statement for the bonds (" Preliminary Official statement"), each in the form presented to the Authority at this meeting, are hereby approved. The Chairman of the Authority is hereby authorized and directed to execute and deliver each of said documents in substantially said forms, with such additions thereto or changes therein as are approved by the Chairman upon consultation with Bond Counsel (including such additions or changes as are necessary or advisable in accordance with Section 11 hereof), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said documents by the Chairman. The date, maturity dates, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Indenture as finally executed. 4. The proposed form of bond purchase agreement (the "Purchase Contract") among the Authority, Bancroft, Garcia & Lavell, Inc. and Prudential-Bache Securities, Inc. (collectively, the "Underwriters"), and the Developer is hereby approved. The Chairman of the Authority is hereby authorized and directed to accept the offer of the Underwriters to purchase the Bonds contained in the Purchase Contract and to execute and deliver said Purchase Contract in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Chairman upon consultation with Bond Counsel including such additions or changes therein as are necessary or advisable in accordance with Section 11 hereof (provided that no such change shall increase the principal amount of the Bonds over $3,290,000 and the interest rate to be borne by any maturity of the Bonds initially shall not be in excess of 8.5% and the underwriters'~ l\ . .- . . - . fee and/or discount shall not be in excess of 3% of the principal amount of the Bonds sold), the approval of such additions or changes to be conclusively evidenced by the execution and delivery ot said . Purchase Contract by the Chairman. 5. The Chairman of the Authority is hereby authorized and directed to execute a final official statement for the BOnds (the "Official statement"), substantially in the form of the Preliminary Official statement, with such additions thereto or changes therein as are approved by the Chairman upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Official statement by the Chairman. The Underwriters are hereby authorized to distribute copies of the Official statement to persons who may be interested in the purchase of the Bonds and is directed to deliver such copies to all actual purchasers of the Bonds. Distribution by the Underwriters of the Preliminary Official statement relating to the Bonds is hereby approved and authorized. 6. The Chairman of the Authority, upon consultation with the Underwriters and Bond Counsel to the Authority, is hereby authorized and directed to select the Trustee for the Bonds, such selection to be conclusively evidenced by the Chairman's execution and delivery of the Indenture with said Trustee. 7. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authentioated, to the Underwriters in accordance with the Purchase Contract, upon payment of the purchase price therefor. 8. The private activity bond allocation heretofore assigned to the Authority by the city is hereby irrevocably designated to the Project and the Bonds. 9. Any act to be performed by the Chairman of the Authority pursuant to this Resolution may be performed by Chairman, Vice Chairman, secretary or Housing Manager of the Authority, or any other officer of the Authority deIJignated by the Chairman in writing with reference to the act to be performed. 10. The law firm of Jones Hall Hill & White, A Professional Law Corporation, is hereby approved as Bond Counsel to the Authority in connection with the issuance of the Bonds. The Chairman of the Authority is hereby authorized and directed to executed an agreement with said attorneys for bond counsel services. 11. All actions heretofore taken by the officers and agents of the Authority with respect to the establishment of the program and the sale and issuance of the Bonds are hereby approved, confirmed and 3~ AYES: 7 . NOES: 0 ABSENT: . .. . . . . ' . ratified, and the proper officers of the Authority are hereby authorized and directed to do any and all things and take any and all . actions and execute any and all certificates, agreements and other docwaents, 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 this resolution, including but not limited to those certificates, agreements and other documents described in the documents herein approved. 12. This resolution shall take effect from and after its adoption. ADOPTED, this vote: day of September, 1987, by 1;he / following 21 MEMBERS : MEMBERS: Youn;J, McGuigan, l\costa, Griset, Hart, Pulido, May MEMBERS : ~~ORI'Y ATTEST: APPROVED AS TO FORM: torney ~~