HomeMy WebLinkAbout2007-002 HA
RESOLUTION NO. HA 2007-002
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA DECLARING ITS INTENTION TO
REIMBURSE EXPENDITURES FROM THE PROCEEDS
OF TAX-EXEMPT OBLIGATIONS AND DIRECTING
CERTAIN ACTIONS
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") intends to
issue tax-exempt obligations (the "Obligations") for the purpose, among
other things, of making a loan to Northwood Associates, L.P., a California
limited partnership, or such other limited partnership or a limited liability
company to be formed by WNC and Associates (the "Developer"), the
proceeds of which shall be used by the Developer to finance the
acquisition, rehabilitation and development of 200-units of multifamily
rental housing commonly known as the Rosswood Villa Apartments
located at 100 North Ross Street in the City of Santa Ana, California (the
"Project").
B. United States Income Tax Regulations section 1.103-18 provides
generally that proceeds of tax-exempt debt are not deemed to be
expended when such proceeds are used for reimbursement of
expenditures made prior to the date of issuance of such debt unless
certain procedures are followed, among which is a requirement that (with
certain exceptions), prior to the payment of any such expenditure, the
issuer must declare an intention to reimburse such expenditure.
C. It is in the public interest and for the public benefit that the Authority
declare its official intent to reimburse the expenditures referenced herein;
Section 2. The Authority intends to issue the Obligations for the purpose of
paying the costs of financing the acquisition, rehabilitation and development of the
Project.
Section 3. The Authority hereby declares that it reasonably expects that a
portion of the proceeds of the Obligations will be used for reimbursement of
expenditures for the acquisition, rehabilitation and development of the Project that are
paid before the date of initial execution and delivery of the Obligations.
Section 4. The maximum amount of proceeds of the Obligations to be used
for reimbursement of expenditures for the acquisition, rehabilitation and development of
the Project that are paid before the date of initial execution and delivery of the
Obligations is not to exceed $23,000,000.
Resolution No. HA 2007-002
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Section 5. The foregoing declaration is consistent with the budgetary and
financial circumstances of the Authority in that there are no funds (other than proceeds
of the Obligations) that are reasonably expected to be (i) reserved, (ii) allocated or (iii)
otherwise set aside, on a long-term basis, by or on behalf of the Authority, or any public
entity controlled by the Authority, for the expenditures for the acquisition and
rehabilitation of the Project that are expected to be reimbursed from the proceeds of the
Obligations.
Section 6. The Developer shall be responsible for the payment of all present
and future costs in connection with the issuance of the Obligations, including, but not
limited to, any fees and expenses incurred by the Authority in anticipation of the
issuance of the Obligations, the cost of printing any official statement, rating agency
costs, bond counsel fees and expenses, underwriting discount and costs, trustee fees
and expense, and the costs of printing the Obligations. The payment of the principal,
redemption premium, if any, and purchase price of and interest on the Obligations shall
be solely the responsibility of the Developer. The Obligations shall not constitute a debt
or obligation of the Authority.
Section 7. The law firm of Jones Hall, A Professional Law Corporation, is
hereby named as bond counsel to the Authority in connection with the issuance of the
Obligations. The fees and expenses of bond counsel and any financial advisor
employed by the Authority in connection with the issuance of the Obligations are to be
paid solely from the proceeds of the Obligations or directly by the Developer.
Section 8. 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 9. The adoption of this Resolution shall not obligate (i) the Authority to
provide financing to the Developer for the acquisition, rehabilitation and development of
the Project or to issue the Obligations for purposes of such financing; or (ii) the
Authority, of or any department or agency of the Authority or the City of Santa Ana to
approve any application or request for, or take any other action in connection with, any
environmental, General Plan, zoning or any other permit or other action necessary for
the acquisition, rehabilitation, development or operation of the Project.
Section 10. This Resolution shall take effect immediately upon its adoption by
the Authority Board, and the Recording Secretary for the Authority shall attest to and
certify the vote adopting this Resolution.
ADOPTED this 16th day of April, 2007.
Resolution No. HA 2007-002
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APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
BY:,~~, r ~
Lisa E. Storck
Assistant Counsel
AYES: Authority Members:
NOES: Authority Members:
ABSTAIN: Authority Members:
NOT PRESENT: Authority Members:
Alvarez. Benavides. Bustamante, Martinez,
Pulido. Sarmiento Tinaiero (7)
None (0)
None (0)
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. 2007-002 to be the original resolution adopted by the Housing
Authority of the City of Santa Ana on ADril16. 2007.
Date:
rPr/e 7
ecording Secretary
Housing Authority
City of Santa Ana
Resolution No. HA 2007-002
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