HomeMy WebLinkAboutRESOLUTION 2000-03 CSV
L-
t: "
. '
.
RESOLUTION NO, 2000-03
RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
RELATING TO THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND REHABILITATION OF A MULTIF AMIL Y RESIDENTIAL
RENTAL PROJECTS AND RELATED FACILITIES
WHEREAS, the Housing Authority of the City of Santa Ana (the" Authority") is authorized to issue
bonds pursuant to the provision of Division 24 of Part 2 of Chapter 1 of the California Health and Safety
Code (the "Law") for the purpose of providing financing for the acquisition and development of multifamily
residential rental projects located within the Authority's jurisdiction; and
WHEREAS, the Authority may issue and sell its revenue bonds (the "Bonds") pursuant to the
procedures specified in the Law for the purpose of financing and/or reimbursing one or more limited
partnerships (collectively, the "Developer") of which Orange Housing Development Corporation, a
California nonprofit public benefit corporation (the "Corporation") will be a general partner, for the
acquisition and rehabilitation of certain land and facilities consisting of a 267 -unit multifamily residential
rental project and underlying land and related and appurtenant facilities with units located at 810, 816,
.828,904,805,815,825,835,924,935,1118,1002,1006, 1010, 1014, 1018, 1022, 1026, 1114, 1105, 1109,
S, Minnie in the City of Santa Ana and a 40-unit multifamily residential rental project and underlying land
and related and appurtenant facilities with units located at 1121, 1125, 1021, 1025 S, Miunie in the City of
Santa Ana (collectively, the "Project"); and
WHEREAS, the Authority, in the course of assisting the Developer in the financing of the Project
expects that the Corporation and/or the Developer has paid or may pay certain expenditures (the
"Reimbursement Expenditures") in connection with the Project within 60 days prior to the adoption of this
Resolution and prior to the issuance ofthe Bonds for the purpose of financing costs associated with the
Project on a long tenn basis; and
WHEREAS, in order for the interest on the Bonds to be excluded from the gross incomes of the
purchasers thereof for purposes of federal income taxation, it will be necessary for the Executive Director of
the Authority to submit a request for allocation for the Bonds to the California Debt Limit Allocation
Committee ("CDLAC"), and for the Executive Director of the Authority to obtain and hold a deposit in the
amount required by CDLAC; and
WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes
of the Authority that the Authority authorize the Bonds for the aforesaid purpose, including reimbursement
of the Reimbursement Expenditures, and the application to the State for an allocation for the Bonds; and
. WHEREAS, the United States Treasury Regulations require the Authority to declare its reasonable
official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing.
02125/00 8:09 AM
.'
.
.
.
'. .". ,
NOW, THEREFORE, be it resolved by the Housing Authority of the City of Santa Ana as follows:
2.
3,
4,
5,
6,
9.
1.
The Authority hereby declares its present intention to issue the Bond pursuant to the
procedures specified in the Law in an aggregate principal amount not to exceed $25,000,000
for the purposes of providing financing for the acquisition and rehabilitation of the Project.
The issuance and sale of the Bonds shall be upon such tenns and conditions as may be
mutually agreed upon by the Authority, the Developer and the purchaser of said Bonds, and
shall be authorized by resolution of the Authority at a meeting duly held and conducted for
such purposes,
The proceeds of the Bonds shall include such related and necessary issuance expenses,
administrative costs and debt service reserves as may be required to accomplish successfully
the financing,
The Authority declares the issuance of the Bonds to be an emergency matter within the
meaning of Section 34292 of the California Health and Safety Code,
The Authority hereby finds that the issuance of the Bonds is a substantial inducement to the
Developer to acquire and rehabilitate the Project.
The Developer shall be responsible for the payment of all present and future costs in
connection with the issuance of the Bonds, including, but not limited to, any fees and
expenses incurred by the Authority in anticipation ofthe issuance of the Bonds, the costs of
printing an official statement, rating agency costs, bond counsel fees and expenses, financial
advisor fees and expenses, underwriting discount and costs, trustee fees and expenses, and the
cost of printing the Bonds,
7,
The payment of the principal, redemption premium, if any, and purchase price of and interest
on the Bonds shall be the sole responsibility of the Developer.
8,
The Executive Director and 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 project and to execute and deliver an appropriate agreement with the Developer with
respect to any deposit required in connection therewith,
The Authority hereby declares its official intent to use proceeds of Bonds to reimburse the
Reimbursement Expenditures.
10,
This Resolution shall take effect immediately,
02/25/00 8:09 AM
...
:,.. .
~
Notwithstanding the foregoing, this Resolution does not obligate (i) the Authority to make
any expenditure, incur any indebtedness, or proceed with the financing of the Project, or (ii) the
Authority, the City of Santa Ana (the "City"), the Planning Commission of the City or any other
department of the City to approve any application or request for, or take any other action in
connection with, any pennit or other action necessary for the acquisition, rehabilitation or operation
of the Project.
Adopted this 6th
day of Marc!} 2000 by the following vote:
ATTEST:
1
Executive Director
Housing Authority
.
AUTHORITY MEMBERS
Pulido
Bist
Christy
Franklin
Lutz
Moreno
McGuigan
~
A
--A....-
A
A
~
A
h W, Fletcher
ousing Authority Attorney
Note:
"Pu~s~rli to the Minutes of the Housing Authority of the City
of Santa Ana the vote on the above item is as follows:
Ayes: Bist, Christy, Franklin, Lutz, McGuigan, Moreno
Noes: None
Absent: Pulido
3/22/01
.
02/25/00 8:09 AM