HomeMy WebLinkAbout1991-11 HA
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REL:mb 8/13/91
RESOLUTION NO. 91- 11
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA RELATING TO THE ISSUANCE OF
BONDS FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND REHABILITATION OF A
MULTIFAMILY RESIDENTIAL RENTAL PROJECT AND
RELATED FACILITIES.
WHEREAS, the Housing Authority of the city of Santa Ana
(the "Authority") is authorized to issue bonds pursuant to the
provisions of California Health and Safety Code, Division 24, Part
2, Chapter 1 (the "Law") for the purpose of providing financing for
the acquisition and development of multifamily residential rental
projects located within the Authority's jurisdiction; and
WHEREAS, the property owner and/or developer listed in
Exhibit A hereto (the "Developer") has requested the Authority to
issue and sell its revenue bonds (the "Bonds") pursuant to the
procedures specified in the Law for the purpose of financing the
acquisition and rehabilitation of certain land and facilities
consistinq of a multifamily residential rental project and
underlying land and related and appurtenant facilities located at
the address set forth in Exhibit A (the IIproject") to be acquired
and' rehabilitated by the Developer within the Authority's
jurisdiction, and the Authority wishes to induce the Developer to
acquire, construct and develop the Project within the Authority's
jurisdiction; and
WHEREAS, in order for the interest on the Bonds to be
excluded from the gross incomes of the purchasers thereof for
purposes of federal income taxation, it will be necessary for the
City Manager of the City of Santa Ana (the "City Manager") to
submit a request for allocation for the Bonds to the California
Debt Limit Allocation Committee (CDLAC"), and for the Executive
Director of the Authority to obtain and hold a deposit from the
Developer in the amount required by CDLAC; and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the Authority
that the Authority authorize the Bonds for the aforesaid purpose
and the application to the State for an allocation for the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Housing Authority
of the City of Santa Ana, as follows:
1.
the Bonds
aggregate
The Authority hereby authorizes the issuance and sale of
pursuant to the procedures specified in the Law in an
principal amount not to exceed the maximum principal
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amount set forth in Exhibit A for the purposes of providing
financing for the acquisition and rehabilitation of the Project.
2. The issuance and sale of the Bonds shall be upon such
terms and conditions as may be mutually agreed upon by the
Authority, the Developer and the purchaser of said Bonds, and shall
be authorized by resolution of the Authority at a meeting duly held
and conducted for such purpose.
3. The proceeds of the Bonds shall include such related and
necessary issuance expenses, administrative costs and debt service
reserves as may be required to accomplish successfully the
financing.
4. The Authority declares the issuance of the Bonds to be an
emerqency matter within the meaning of section 34292 of the
California Health and Safety Code.
5. The Authority hereby finds that the issuance of the Bonds
is a substantial inducement to the Developer to acquire and
rehabilitate the Project.
6. The Developer shall be responsible for the payment of all
present and future costs in connection with the issuance of the
Bonds, including, but not limi ted to, any fees and expenses
incurred by the Authority in anticipation of the issuance of the
Bonds, the costs of printing an official statement, rating agency
costs, bond counsel fees and expenses, underwriting discount and
costs, trustee fees and expenses, and the cost of printing the
Bonds.
7. The payment of the principal, redemption premium, if any,
and purchase price of and interest on the Bonds shall be the sole
responsibility of the Developer, and the payment of such amounts
shall be insured by bond insurance provided by an insurance company
acceptable to the Authority or secured by a letter of credit issued
by a financial institution acceptable to the Authority. The Bonds
shall not constitute a debt or obligation of the Authority.
8. The City Manager and the appropriate officers or staff of
the Authority are hereby authorized, for and in the name of and on
behalf of the Authority, to make an application to the California
Debt Limit Allocation Committee for an allocation of private
activity bonds for a multifamily rental housinq bond project and to
execute and deliver an appropriate agreement with the Developer
with respect to any deposit required in connection therewith.
9. The adoption of this Resolution shall not obligate (i)
the Authority to provide financing to the Developer for the
acquisition and rehabilitation of the Project or to issue the Bonds
for purposes of such financing; or (ii) the authority, the city of
Santa Ana (the "city"), the Planning commission of the city or any
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other department of the city to approve any application or request
for, or take any other action in connection with, any permit or
other action necessary for the acquisition, rehabilitation or
operation of the Project.
ADOPTED this
the followinq vote:
19
day of
AYES:
7
MEMBERS:
NOES:
MEMBERS:
ABSENT:
0
MEMBERS:
ATTEST:
APPROVED AS TO FORM:
Housing
August
, 1991, by
Young, Acosta, Griset, McGuigan
Norton, Pulido, Richardson
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