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3437B JHHW:PNL:sc 05/20/81 <br /> <br />RESOLUTION NO. 81 - 84 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OF <br />RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1981, <br />SERIES A, (PARTICIPATION PURCHASE AND LOAN TO LENDER <br />PROGRAJ4), IN A PRINCIPAL A~IOUNT OF $15,730,000 <br /> <br /> WHEREAS, the Community Redevelopment Agency of the City of Santa Ann has <br />undertaken, and is carrying out, a redevelopment program in the City of Santa <br />Ana in accordance with the provisions of the California Community <br />Redevelopment Law; and <br /> <br /> WHEREAS, by the enactment of Chapter 8 of Part 1, commencing with <br />Section 33750 of Division 24 of the Health and Safety Code of the State of <br />California, the Legislature of the State has authorized redevelopment agencies <br />to make long-term, low interest loans to finance residential construction in <br />redevelopment project areas, in order to encourage investment and upgrade such <br />areas, and to use bonds for the purpose of financing such residential <br />construction (a "Residential Mortgage Financing Program" or "Mortgage Loan <br />Program"); <br /> <br /> WHEREAS, the Community Redevelopment Agency of the City of Santa Ana has <br />determined to implement a Mortgage Loan Program and to provide for the <br />issuance of Residential Mortgage Revenue Bonds, Issue of 1981, Series A <br />(Participation Purchase and Loan to Lender Program), the proceeds of which are <br />to be used to carry out such program; and <br /> <br /> WHEREAS, Section 33640 of the Health and Safety Code requires the Agency <br />to obtain the approval of the City Council of the City of Santa Ana, prior to <br />issuance of such bonds; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA <br />ANA: <br /> <br /> That the Community Redevelopment Agency of the City of Santa Ann is <br />hereby given approval to issue said Residential Mortgage Revenue Bonds, Issue <br />of 1981, Series A (Participation Purchase and Loan to Lender Program), in a <br /> <br /> <br />