HomeMy WebLinkAbout2005-120 - Issuance of the Multifamily Housing Revenue Bonds
11/21/05LES
RESOLUTION NO. 2005-120
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA APPROVING THE ISSUANCE
OF MULTIFAMILY HOUSING REVENUE BONDS BY
THE HOUSING AUTHORITY OF THE CITY OF SANTA
ANA FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND REHABILITATION OF MULTIFAMILY
RENTAL HOUSING FACILITIES
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. 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 "Law"), 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.
B. Ross & Durant, L.P., a California limited partnership, or a
limited partnership or a limited liability company to be formed
by Orange Housing Development Corporation, a California
nonprofit public benefit corporation (the "Developer"), has
requested the Authority to issue and sell revenue bonds in a
principal amount not to exceed ten million dollars
($10,000,000) (the "Bonds") pursuant to the procedures
specified in the Law for the purpose of financing the
acquisition and rehabilitation by the Developer of certain land
and facilities consisting of a 30-unit multifamily rental housing
development located at 1501 N. Ross Street, Santa Ana,
California, a 35-unit multifamily rental housing development
located at 1411 N. Durant Street, Santa Ana, California and a
single family structure located at 1401 N. Durant Street, Santa
Ana, California (collectively, the "Project").
C. The Bonds will be considered to be "qualified exempt facility
bonds" under Section 142 (a) of the Internal Revenue Code of
1986, as amended (the "Code"), and Section 147(f) of the
Code requires that the "applicable elected representatives"
Resolution No. 2005-120
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with respect to the Authority hold a public hearing with respect
to the issuance of the Bonds.
D. The Authority has determined that the City Council of the City
of Santa Ana is the "applicable elected representatives" to
hold said public hearing.
E. Notice of said public hearing has been duly given as required
by the Code, and this City Council has heretofore held such
public hearing at which all interested persons were given an
opportunity to be heard on all matters relative to the financing
and operation of the Project and the Authority's issuance of
the Bonds therefore.
F. The City Council of the City of Santa Ana, as the "applicable
elected representatives" of the Authority, approves of the
issuance of the Bonds as in the public interests of the
Authority.
G. 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 the financing of the Project.
Section 2. The City Council hereby approves the financing of the acquisition and
rehabilitation of the Project by the Authority under the Law.
Section 3. The issuance of the Bonds shall be subject to approval by the
Authority of all financing documents relating thereto to which the Authority is a party and
subject to the sale of the Bonds by the Authority to the underwriter thereof.
Section 4. This resolution shall take effect immediately.
Resolution No. 2005-120
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ADOPTED this 19th day of December, 2005.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
BY:/~'L- L ~~ ~
Lisa E. Storck
Assistant City Attorney
AYES: Councilmembers: Alvarez. Bis!. Bustamante. Christv. Pulido. Solorio (6)
NOES: Councilmembers: None (0)
ABSTAIN: Councilmembers: None (0)
NOT PRESENT: Councilmembers: Garcia (1)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2005-120 to be the original resolution adopted by the
City Council of the City of Santa Ana on December 19. 2005.
Date:
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Clerk of the Council
City of Santa Ana
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Resolution No. 2005-120
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