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HomeMy WebLinkAbout2001-02 HA 8 8 8 RESOLUTION NO. 2001-02 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF HENINGER VILLAGE APARTMENTS, APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND APPROVING ACTIONS IN CONNECTION THEREWITH WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of the Health and Safety Code of the State of California (the "Act"), to issue and sell its revenue bonds for the purpose of financing the acquisition, construction, rehabilitation or development of multifamily rental housing for families and individuals of low and very low income; and WHEREAS, KDF Heninger L.P" a California limited partnership (the "Developer") has requested the Authority to issue and sell revenue bonds (the "Bonds") pursuant to the procedures specified in the Act for the purpose of providing for permanent financing of the acquisition and rehabilitation by the Developer of certain land and facilities consisting of a 58- unit multifamily residential rental project and underlying land and related and appurtenant facilities located at 200 S, Sycamore Street in the City of Santa Ana, California (the "Project"); and WHEREAS, the proceeds of the Bonds will be used to provide funds for a mortgage loan to the Developer; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed under the Act precedent to and in the issuance of the Bonds and the financing of the acquisition and rehabilitation of the Project 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, and the Authority now desires to approve the issuance of the Bonds and related documents and actions as set forth below. NOW, THEREFORE, the Governing Board of the Housing Authority of the City of Santa Ana resolves as follows: Section 1. and correct. The Authority hereby finds and declares that the above recitals are true Section 2. Pursuant to the Act and the Indenture (hereinafter defined), revenue bonds of the Authority, designated as "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bonds (Heninger Village Apartments) 2001 Series A" , "Housing Authority of the City of Santa Ana Taxable Multifamily Housing Revenue Bonds (Heninger Village Apartments) 2001 Series A-T" and "Housing Authority of the City of Santa Ana Subordinate Taxable Multifamily Housing Revenue Bonds (Heninger Village Apartments) 2001 Series A- ST", in an aggregate principal amount not to exceed $4,500,000 (the "Bonds"), are hereby authorized to be issued, The Bonds shall be executed by the manual or facsimile signature of 8 8 8 the Executive Director and attested by the manual or facsimile signature of the Secretary, in the form set forth in and otherwise in accordance with the Indenture. Section 3, The documents listed below relating to the Bonds, in the respective forms on file with the Secretary, are hereby approved: A. Trust Indenture (the "Indenture") between the Authority and Wells Fargo Bank, National Association (the "Trustee"); B, Developer; Financing Agreement among the Authority, the Trustee and the C, Indenture of Trust (the "Indenture of Trust") between the Issuer and the Trustee; D, Loan Agreement (the "Loan Agreement") among the Authority, . the Trustee and the Developer; E. Regulatory Agreement and Declaration of Restrictive Covenants, among the Authority, the Trustee and the Developer; and F, Bond Purchase Agreement (the "Purchase Contract"), among the Authority, the Developer and Fannie Mae, The Chairman, the Executive Director, the Assistant Executive Director and the Finance Officer of the Authority (the "Designated Officers") are, and each of them acting alone is, hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver each of the above-listed documents, and the Secretary is hereby authorized and directed, for and in the name and on behalf of the Authority, to attest the Designated Officer's signature on the documents which provide for such attestation, in said forms, together with such additions thereto or changes therein as are recommended or approved by the Executive Director upon consultation with bond counsel to the Authority and the City Attomey's' office, including such additions or changes as are necessary or advisable in accorda:1ce with Section 7 hereof (provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $4,500,000 aggregate principal amount of the Bonds), the approval of such additions or changes to any of such documents to be conclusively evidenced by the execution and delivery by the Authority of the respective document. 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. Section 4, 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 Series A Bonds and the Series A-T Bonds, when duly executed and authenticated, to Fannie Mae, and the Series A-ST Bonds, when duly executed and authenticated, to the Redevelopment Agency of the City of Santa Ana, as applicable, in accordance with written instructions executed on behalf of the Authority by one of the Designated Officers, which instructions such officers are, and each of them is, hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver to the Trustee, Such instructions shall provide for the delivery of the Series A Bonds and the Series A- T Bonds to -2- 8 8 8 the Fannie Mae in accordance with the Purchase Contract, upon payment of the purchase price therefor and the Series A-ST Bonds pursuant to the Indenture of Trust. Section 5. All actions heretofore taken by the officers and agents of the Authority with respect to the issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Authority, including but not limited to the Designated Officers, are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents 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 listed in Section 3 above and any certificates, agreements or documents as may be necessary to further the purposes hereof, or evidence credit support or additional security for the Bonds, but which shall not create any obligation or liability of the Authority other than with respect to the revenues and assets derived from the proceeds of the Bonds or the Project. Section 6, This resolution shall take effect immediately upon its adoption by the Goveming Board of the Authority, and the Secretary shall certify to the vote adopting this resolution, ADOPTED this 2nd day of (£~ ~~ Chair ,2001, ATTEST: Jo n p, Reekstin, Executive Director Housing Authority APPROVED AS TO FORM: Joseph W. Fletcher, General Counsel -3- , . 8 Ayes: 5 Boardmembers: Franklin Solorio Bist Christv Alvarez Noes: Boardmembers: Absent: 2 Boardmembers: Pulido McGuiaan 8 8 -4-