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HomeMy WebLinkAbout2001-03 HA 8 8 8 RESOLUTION NO. 2001-03 RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCING AGREEMENT AND A REGULATORY AGREEMENT, AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH BE IT RESOLVED by the Housing Authority of the City of Santa Ana as follows: Section 1, The Housing Authority of the City of Santa Ana hereby finds, determines and declares that the following findings are true and correct: A. The Housing Authority of the City of Santa Ana (the "Authority") is authorized by Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the "Act"), to (a) to issue revenue bonds for the purpose of financing the construction, development or rehabilitation of multifamily rental housing; (b) to enter into agreements for the purpose of providing revenues to pay such revenue bonds upon such terms and conditions as the Authority may deem advisable; and (c) to secure the payment of such revenue bonds, B, Wakeham-Grant Apartments, L.P., a California limited partnership (the "Borrower") has requested that the Authority issue the bonds described in the following clause (the "Bonds") under the Act for the purpose (hereinafter referred to as the "Program") of financing the Borrower's acquisition, development and rehabilitation of a 127-unit multifamily housing rental project (the "Project") located in the City of Santa Ana, California, C. The Bonds to be issued, in an aggregate principal amount not to exceed $8,155,000, shall be named the "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bond (Cornerstone Village Apartments) 2001 Series B" (the "Bonds"), D, The Bonds will be issued in the form of a single Bond and will be purchased by Washington Mutual Bank, FA. E. On March 5, 2001, the City Council of the City of Santa Ana, following a properly noticed public hearing, authorized issuance of the Bonds by the Authority, subject to subsequent approval by the Authority of the various documents related to the financing. 8 8 8 F, The Authority hereby further finds and declares that this resolution is being adopted pursuant to the powers granted by the Act. G, 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. Section 2, Pursuant to the Act, the Bonds are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Executive Director and attested by the manual or facsimile signature of the Secretary of the Authority, in the form set forth in and otherwise in accordance with the Financing Agreement (as defined below), 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 Financing Agreements as finally executed. Section 3, Financing Agreement (the "Financing Agreement") among Washington Mutual Bank, FA, as loan originator and Bond purchaser, the Authority and the Borrower, in the form presented to this meeting, is hereby approved. The Chairman, Executive Director, Treasurer or Secretary 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 the Financing Agreement in said form, with such additions thereto or changes therein as are recommended or approved by such officers upon consultation with Jones Hall, A Professional Law Corporation, bond counsel to the Authority ("Bond Counsel"), including such additions or changes as are necessary or advisable in accordance with Section 5 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Financing Agreement. Section 4. The Regulatory Agreement and Declaration of Restrictive Covenants with respect to the Project (the "Regulatory Agreement") between the Authority and the Borrower, as presented to this meeting, is hereby approved. The Designated Officers of the Authority are, and each of them acting alone is, hereby authorized and directed for and in the name of and on behalf of the Authority, to execute and deliver the Regulatory Agreement in said form, with such additions thereto or changes therein as are recommended or approved by such officers upon consultation with Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 5 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery by the Authority of the Regulatory Agreement. Section 5.. 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 ratified, and the proper officers of the Authority, including the Designated Officers, are hereby authorized and directed, for 2 8 8 8 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 and resolutions heretofore adopted by the Authority and in order to carry out the Program, including, but not limited to, those certificates, agreements and other documents described in the Financing Agreement and the Regulatory Agreement, and any certificates, agreements or documents as may be necessary to further the purpose hereof, and any certificates, agreements or documents as may be necessary to subordinate any existing loans with respect to the Project to the loan originated under the Financing Agreement 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, Section 6, This resolution shall take effect immediately upon its adoption by the Governing Board of the Authority, and the Secretary shall certify to the vote adopting this resolution, . ADOPTED this 16th day of Julv ,2001. ATTEST: J!t.""tln. Executive Director Housing Authority APPROVED AS TO FORM: Joseph W, Fletcher, General Counsel 3 8 Ayes: Boardmembers: Noes: Boardmembers: Absent: Boardmembers: 8 8 4 Alvarez, Bis!. Christv, Franklin McGuiaan, Solorio None Pulido