HomeMy WebLinkAbout2012-037 - Multifamily Housing Revenue Bonds By the Housing Authority of the City of Santa AnaRESOLUTION NO. 2012-037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
FOR THE PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF MULTIFAMILY RENTAL HOUSING
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS
FOLLOWS:
Section 1: The City Council of the City of Santa Ana hereby 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 (commencing with Section 34200) of the Health and
Safety Code of the State of California (the "Law"), to issue and sell revenue bonds for the
purpose of financing the acquisition, construction, rehabilitation and development of
multifamily rental housing for families and individuals of low and very low income.
B. Washington Place Partners, LP, a California limited partnership, or such
other limited partnership or a limited liability company to be formed by Vitus Development,
LLC, has requested the Authority to issue and sell revenue obligations in an expected
principal amount of $30,000,000 (the "Obligations") pursuant to the procedures specified
in the Law for the purpose of providing financing for the acquisition and rehabilitation of a
200-units of multifamily rental housing facility located at 1401 N. Flower Street in the City
of Santa Ana, California (the "Project"), and located within the area of operation of the
Authority.
C. The Bonds will be considered to be "qualified exempt facility bonds" under
Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
Section 147(f) of the Code requires that the "applicable elected representatives" with
respect to the Authority hold a public hearing with respect to the issuance of the Bonds.
D. The Authority has determined that the City Council of the City of Santa Ana
is the "applicable elected representatives" to hold said public hearing.
E. Notice of said public hearing has been duly given as required by the Code,
and this City Council has heretofore held such public hearing at which all interested
persons were given an opportunity to be heard on all matters relative to the financing and
operation of the Project and the Authority's issuance of the Obligations therefore.
F. The Project is located wholly within the geographic jurisdiction of the City.
G. The City Council of the City of Santa Ana, as the "applicable elected
representative" of the Authority, approves of the issuance of the Obligations as in the
public interests of the Authority.
Resolution No. 2012-037
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 2. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 3. Pursuant to the Code, the City Council hereby approves the issuance
of the Obligations by the Authority to finance the Project. It is the purpose and intent of
this City Council that this resolution constitutes approval of the issuance of the Obligations
by the applicable elected representative of the governmental unit having jurisdiction over
the area in which the Project is located, in accordance with the Code.
Section 4. The issuance of the Obligations shall be subject to approval by the
Authority of all financing documents relating thereto to which the Authority is a party and
subject to the sale of the Bonds by the Authority to the underwriter thereof.
Section 5. This resolution shall take effect immediately.
Resolution No. 2012-037
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ADOPTED this 6th day of August 2012.
APPROVED AS TO FORM:
Sonia R. Carvalho, City Attorney
By:,-,
-
Lisa E. Storck
Assistant City Attorney
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
Alvarez, Benavides, Martinez, Pulido (4)
None (0)
ABSTAIN: COUNCILMEMBERS None (0)
NOT PRESENT: COUNCILMEMBERS Bustamante, Sarmiento, Tinajero (3)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, Maria D. Huizar, Clerk of Council, do hereby attest to and certify the attached
Resolution No. 2012-037 to be the original resolution adopted by the City Council of
the City of Santa Ana on Ana.
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-Wl Date:
a P""K_ ,D' /X4 Clerk of Council
City of Santa Ana
Resolution No. 2012-037
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