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HomeMy WebLinkAbout1992-07 HA ," . REL:mb 8/l3/9l. RESOLUTION NO. 92-07 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 "Bondsll) pursuant to the procedures specified in the Law for the purpose of financing the acquisition and rehabilitation of certain land and facilities consisting of a multifamily residential rental project and underlyinq 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 purchases 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: l. The Authority hereby authorizes the issuance and sale of the Bonds pursuant to the procedures specified in the Law in an aggregate principal amount not to exceed the maximum principal 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 meetinq 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 be an emergency matter within the meaning of Section 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. Bonds to 34292 of 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 limited 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, bonds 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, secured by a letter of credit issued by a financial institution acceptable to the Authority, or secured by such other instruments or amounts as may be acceptable to the Authority. The Bonds shall not constitute a debt or obligation of the Authority. . -2- J . " . 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 aqreement 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 financinq 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 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 8 the following vote: .. AYES: 5 NOES: 0 ABSENT: 2 day of September , 1992, by MEMBERS: Acosta, Griset, Pulido Richardson, Young MEMBERS: ATTEST: APPROVED AS TO FORM: -3- . SK:mh/Revenue.haa . . , " . EXHIBIT A Legal Name of Developer: Civic Center Barrio Housing Corporation Number of Units in Project: 104 Project street Address: 1901 west Myrtle, Santa Ana, CA 1905 West Myrtle, Santa Ana, CA 1909 West Myrtle, Santa Ana, CA 1913 West Myrtle, Santa Ana, CA 1917 west Myrtle, Santa Ana, CA 2001 West Myrtle, Santa Ana, CA 2005 West Myrtle, Santa Ana, CA 2009 west Myrtle, Santa Ana, CA 2015 West Myrtle, Santa Ana, CA 2021 west Myrtle, Santa Ana, CA .. 2l0l west Myrtle, Santa Ana, CA 2105 west Myrtle, Santa Ana, CA 2109 west Myrtle, Santa Ana, CA 2121 West Myrtle, Santa Ana, CA 2125 West Myrtle, Santa Ana, CA 2129 West Myrtle, Santa Ana, CA 2201 West Myrtle, Santa Ana, CA 2205 West Myrtle, Santa Ana, CA 2209 West Myrtle, Santa Ana, CA Maximum Principal Amount of Bonds: $9,000,000 SK:mhjRevenue.haa .