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HomeMy WebLinkAboutRESOLUTION 2011-001HA RESOLUTION NO. 2011-001 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $10,615,700 TO FINANCE THE CONSTRUCTION OF VARIOUS MULTIFAMILY RENTAL HOUSING FACILITIES BY SANTA ANA WBBB, LP, AND AUTHORIZING OTHER MATTERS RELATING THERETO 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 (the "Authority") hereby finds, determines and declares as follows: A. 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 engage in a program of issuing revenue bonds for the purpose of financing the acquisition, construction and development of multifamily rental housing, and 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 (the "Program"). B. Santa Ana WBBB, 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 costs of the Borrower related to the construction of 51 units of multifamily rental housing in the City of Santa Ana (collectively, the "Project"), with such units to be located at 217-219 South Birch Street (5 units), 435-437 South Birch Street (5 units), 2034-2038 North Bush Street (5 units) and 605-611 East Washington Avenue (36 units). C. On March 7, 2011, the City Council of the City of Santa Ana, following a properly noticed public hearing held on that date, authorized the issuance of the Bonds by the Authority, subject to subsequent approval by the Authority of the various documents related to the financing. D. On July 20, 2011, the California Debt Limit Allocation Committee adopted two resolutions allocating a total of $10,615,700 of the State of California ceiling on private activity bonds to the Authority for the Bonds. HA Resolution 2011-001 Page 1 of 4 E. The Borrower has now requested that the Authority authorize the issuance and delivery of the Bonds in an aggregate principal amount not to exceed $10,615,700 and to approve various documents related to the Bonds. F. The Authority hereby finds and declares that this Resolution is being adopted to approve various documents related to the Bonds 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. The Authority finds and ;determines that the above recitals are true and correct. Section 3. Pursuant to the Act and the Indenture (hereafter defined), revenue bonds of the Authority, designated as "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bonds (Infill Projects) Series 2011A" in an aggregate principal amount not to exceed $10,615,700 (referred to in this Resolution as the "Bonds"), are hereby authorized to be issued and delivered. The Bonds shall be executed by the manual or facsimile signature of the Chairperson, Vice Chairperson, Executive Director or Treasurer of the Authority (each an "Authorized Officer'), and attested by the manual or facsimile signature of the Secretary, or any deputy thereof, in the form set forth in and otherwise in accordance with the Indenture. Section 4. The Indenture of Trust (the "Indenture"), by and between the Authority and Bank of America, N.A., as the initial Bondowner Representative, in the form on file with the Secretary, is hereby approved. The Authorized 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 Indenture, and the Secretary or any authorized deputy thereof is hereby authorized to attest the Authorized Officer's signature on the Indenture, in said form, together with such additions thereto or changes therein as are recommended or approved by the Authorized Officer who executes the Indenture upon consultation with bond counsel to the Authority, including such additions or changes as are necessary or advisable in accordance with Section 7 hereof (provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $10,615,700), the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Indenture. The date, maturity date or 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 Indenture as finally executed. HA Resolution 2011-001 Page 2 of 4 Section 5. The Loan Agreement (the "Loan Agreement") between the Authority and the Borrower, in the form on file with the Secretary, is hereby approved. The Authorized Officers 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 the Loan Agreement in said form, with such additions thereto or changes therein as are recommended or approved by the Authorized Officer that executes the Loan Agreement upon consultation with bond counsel to the Authority, including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Loan Agreement. Section 6. The Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") between the Authority and the Borrower, in the form on file with the Secretary, is hereby approved. The Authorized Officers 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 set of contiguous sites for units comprising the Project (four such agreements in total) in said form, with such additions thereto or changes therein as are recommended or approved by the Authorized Officer that executes the Regulatory Agreements upon consultation with bond counsel to the Authority, including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Authority of the Regulatory Agreements. Section 7. 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 Authorized 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 Indenture, the Loan Agreement, the Regulatory Agreements 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 an 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 or otherwise pledge to the repayment of the Bonds under the Indenture. HA Resolution 2011-001 Page 3 of 4 Section 8. This Resolution shall take effect immediately upon its adoption by the Authority, and the Secretary shall attest to and certify the vote adopting this Resolution. ADOPTED this 3rd day of October 2011. APPROVED AS TO FORM: Joseph Straka Interim General Counsel Chi ?. ? • - Lisa E. Storck Assistant Counsel AYES: Authority Members: Alvarez, Benavides, Bustamante, Martinez, Pulido, Sarmiento, Tinaiero (7) NOES: Authority Members: None (0) ABSTAIN: Authority Members: None 0 NOT PRESENT: Authority Members: None (0) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Secretary of the Housing Authority of the City of Santa Ana, do hereby attest to and certify the attached HA Resolution No. 2011-001 to be the original resolution adopted by the Housing Authority of the City of Santa Ana on October 3, 2011. Date: l' Dh /'k) // aiD Secretary Housing Authority of the City of Santa Ana HA Resolution 2011-001 Page 4 of 4