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55A - AGMT LEGACY APARTMENTS
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12/15/2020
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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iW:c11:311F:3 <br />WHEREAS, the Authority is also requesting that the City Council approve the issuance of <br />any refunding bonds hereafter issued by the Authority for the purpose of refinancing the Bonds <br />which financed the Project (the "Refunding Bonds"), but only in such cases where federal tax laws <br />would not require additional consideration or approval by the City Council; and <br />WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of <br />the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement; <br />NOW. THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AS FOLLOWS: <br />Section 1. The above recitals are true and correct. <br />Section 2. The City Council hereby approves the issuance of the Bonds and the <br />Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this resolution <br />constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section <br />147(f) of the Code by the applicable elected representative of the governmental unit having <br />jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and <br />(b) Section 9 of the Agreement. <br />Section 3. The issuance of the Bonds shall be subject to approval of the Authority of all <br />financing documents relating thereto to which the Authority is a party. The City shall have no <br />responsibility or liability whatsoever with respect to repayment or administration of the Bonds. <br />Section 4. The adoption of this Resolution shall not obligate the City or any department <br />thereof to: (i) provide any financing with respect to the Project; (ii) approve any application or request <br />for or take any other action in connection with any planning approval, permit or other action <br />necessary with respect to the Project; (iii) make any contribution or advance any funds whatsoever <br />to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. <br />Section 5. The City Manager and applicable Executive Directors of the City are hereby <br />authorized and directed, jointly and severally, to do any and all things and to execute and deliver any <br />and all documents that they deem necessary or advisable in order to carry out, give effect to and <br />comply with the terms and intent of this resolution and the financing approved hereby. <br />Section 6. This resolution shall take effect immediately upon adoption. <br />2 <br />55A-138 <br />
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