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HomeMy WebLinkAbout2007-003 HA RESOLUTION NO. HA 2007-003 RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE AND DELIVERY OF MULTIFAMilY HOUSING REVENUE BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF A PLEDGE AND ASSIGNMENT AGREEMENT, AN AGENCY 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 MEMBERS OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA, AS FOllOWS: Section 1. The Housing Authority of the City of Santa Ana conclusively 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 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 acquisition, construction/rehabilitation and development 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. Wilshire & Minnie, lP, a California limited partnership (the "Borrower") has requested that the Authority issue multifamily housing revenue bonds (the "Bonds") under the Act for the purpose of financing the Borrower's acquisition and rehabilitation of 144-units of multifamily housing rental facilities located at 1201-1233 Wilshire Avenue and at 1401-1439 S. Minnie Street (the "Project"), in the City of Santa Ana, California (hereinafter referred to as the "Program"). C. The City Council of the City of Santa Ana, following a properly noticed public hearing, previously authorized issuance of the Bonds by the Authority, subject to subsequent approval by the Authority of the various documents related to the financing. D. The Borrower has requested that the Authority authorize by resolution (the "Resolution") the issuance and delivery of the Bonds in an aggregate principal amount not to exceed $16,000,000 and designated as the "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bond (Wilshire & Minnie Apartments) 2007 Series A". Resolution No. HA 2007-003 Page 1 of4 E. The Borrower has requested that the Authority execute and deliver a pledge and assignment agreement, an agency agreement and a regulatory agreement and declaration of restrictive in connection with the issuance and delivery of the Bonds. F. The Authority hereby 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 and the Pledge and Assignment Agreement (hereinafter defined), revenue bonds of the Authority, designated as "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bonds (Wilshire & Minnie Apartments) 2007 Series A" in an aggregate principal amount not to exceed $16,000,000 (the "Bonds"), are hereby authorized to be issued and delivered. The Bonds shall be executed by the manual or facsimile signature of the Executive Director of the Authority, and attested by the manual or facsimile signature of the Secretary, in the form set forth in and otherwise in accordance with the Pledge and Assignment Agreement. Section 3. A Pledge and Assignment Agreement (the "Pledge and Assignment Agreement") among the Authority, Washington Mutual Bank, as agent and originator on behalf of the Authority of the Mortgage Loan (the "Agent"), and Washington Mutual Bank, as owner of the Bonds, in the form presented to this meeting, is hereby approved. The Executive Director of the Authority, or any authorized deputy (the "Designated Officers") are, and each of them acting alone is, hereby authorized, for and in the name and on behalf of the Authority, to execute and deliver the Pledge and Assignment Agreement, and the Secretary is hereby authorized, for and in the name and on behalf of the Authority, to attest the Designated Officer's signature on the Pledge and Assignment Agreement, in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Executive Director upon consultation with bond counsel to the Authority, including such additions or changes as are necessary or advisable in accordance with Section 5 hereof, and which may be required in connection with providing alternate security for the payment of the principal of and interest on a portion of the Bonds, (provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $16,000,000), the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Pledge and Assignment Agreement. The date, maturity dates, interest rate or rates, interest payment dates, denominations, form, registration provisions, manner of execution, place of payment, terms of redemption, and other terms of the Bonds shall be as provided in the Pledge and Assignment Agreement as finally executed. Section 4. An Agency Agreement (the "Agency Agreement") between the Authority and the Agent, in substantially the form presented at this meeting, is hereby approved. The Designated Officers of the Authority are, and each of them acting alone is, hereby Resolution No. HA 2007-003 Page 2 of4 authorized, for and in the name of and on behalf of the Authority, to execute and deliver a Agency Agreement with respect to each Project 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 additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Agency Agreement. Section 5. A Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") between the Authority and the Borrower, in substantially the form presented at this meeting, is hereby approved. The Designated Officers of the Authority are, and each of them acting alone is, hereby authorized, for and in the name of and on behalf of the Authority, to execute and deliver a Regulatory Agreement with respect to each Project 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 6 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Regulatory Agreement. Section 6. All actions heretofore taken by the officers and agents of the Authority with respect to the financing contemplated by this Resolution, the Program and the issuance and delivery of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Authority, including the Designated Officers, are hereby authorized, 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 and resolutions heretofore adopted by the Authority and in order to carry out the proposed financing and the Program, including but not limited to those certificates, agreements and other documents described in the Pledge and Assignment Agreement, the Agency Agreement, the Regulatory Agreement and the other documents herein approved and any certificates, agreements or documents as may be necessary to further the purpose hereof, evidence credit support or additional security for the Bonds, or evidence the obligation to purchase Bonds upon tender by the Bondholders, 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 7. This resolution shall take effect immediately upon its adoption. ADOPTED this 21st day of Mav, 2007. Miguel'A. Pulido Chair Resolution No. HA 2007-003 Page 3 of 4 APPROVED AS TO FORM: Joseph W. Fletcher, General Counsel AYES Authority Members Alvarez. Benavides. Bustamante. Martinez. Pulido. Sarmiento (6) NOES: Authority Members None (0) ABSTAIN: Authority Members NOT PRESENT: Authority Members Tinaiero (1) None (0) CERTIFICATION OF ATTESTATION AND ORIGINALITY I, PATRICIA E. HEALY, Secretary to the Housing Authority, do hereby attest to and certify the attached Resolution No. HA 2007-003 to be the original resolution adopted by the Housing Authority of the City of Santa Ana on Mav 21. 2007. Date' 7/oo-r7 Recording Secretary Housing Authority City of Santa Ana Resolution No. HA 2007-003 Page 4 of 4