HomeMy WebLinkAboutRESOLUTION 2001-07 MINNIE
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RESOLUTION NO. 2001-07
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
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
WHEREAS, 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; and
WHEREAS, Orange Housing Development Corporation, a California nonprofit public
benefit corporation (the "Borrower") has requested that the Authority issue the revenue 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 110-unit multifamily housing rental project (the "Project") located in the City of
Santa Ana, California; and
WHEREAS, 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; and
WHEREAS, 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 $3,500,000, and designated as the "Housing Authority of the City of Santa Ana
Multifamily Housing Revenue Bond (Minnie Street Apartments) 2001 Series Coo; and
WHEREAS, the Borrower has requested that the Authority execute and deliver a
financing agreement and a regulatory agreement and declaration of restrictive in connection
with the issuance and delivery of the Bonds; and
WHEREAS, the Authority hereby finds and declares that this resolution is being adopted
pursuant to the powers granted by the Act; and
WHEREAS, 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.
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WHEREAS, the Authority has determined pursuant to Section 34292 of the Health and
Safety Code of the State of Califomia (the "Housing Authorities Law") that the issuance and
delivery of the bonds and the execution and delivery of related documents, and the adoption of
this resolution is an "emergency matter" within the meaning of the Housing Authorities Law
without benefit of the review by or recommendations of the Redevelopment and Housing
Commission,
Section 1. Pursuant to the Act and the Financing Agreement (hereinafter defined),
revenue bonds of the Authority, designated as "Housing Authority of the City of Santa Ana
Multifamily Housing Revenue Bonds (Minnie Street Apartments) 2001 Series C" in an
aggregate principal amount not to exceed $3,500,000 (the "Bonds"), are hereby authorized to
be remarketed, The Bonds shall be executed by the manual or facsimile signature of the
Chairperson, Vice Chairperson, Executive Director or Treasurer of the Authority, 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 Financing Agreement (as hereinafter defined),
Section 2. A Financing Agreement (the "Financing Agreement") among the Authority,
the Borrower and Washington Mutual Bank, FA, as originator of the Mortgage Loan and owner
of the Bonds, in the form presented to this meeting, is hereby approved, The Chairperson, Vice
Chairperson, Executive Director and Treasurer of the Authority, or any authorized deputy of any
of them (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 Financing
Agreement, and the Secretary or any authorized deputy thereof is hereby authorized, for and in
the name and on behalf of the Authority, to attest the Designated Officer's signature on the
Financing 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 4 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 $3,500,000, the approval of such additions or changes to be conclusively
evidenced by the execution and delivery by the Authority of the Financing 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 Financing as finally executed,
Section 3. A Regulatory Agreement and Declaration of Restrictive Covenants with
respect to each Project (the "Regulatory Agreement") between the Authority and the Borrower,
in the form presented to 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 4 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 4. 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 remarketing 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
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and all certificates, agreements and other documents which they, or any of them, may deem
necessary or advisable in order to consummate the lawful remarketing 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 Financing 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 9. This resolution shall take effect immediately upon its adoption,
ADOPTED this 5th day of
November, 2001
ATTEST:
\~~~::.~~ca~':'~
~. Miguel A, Pulido
Chair
~Reekstin,
Executive Director
Housing Authority
APPROVED AS TO FORM:
Joseph W, Fletcher,
General Counsel
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I certify that this resolution was adopted by the Governing Board of the Housing
Authority of the City of Santa Ana, California, at its meeting of November 5, 2001, by the
following vote:
Ayes:
Boardmembers:
6
Noes:
Boardmembers:
0
Abstain: 0
Boardmembers:
Absent: 1
Boardmembers:
4
Alvarez, Bis!. Christy. Franklin.
McGuiaan, Solorio
Pulido