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1/IO/03LES <br /> <br />RESOLUTION NO. 2003-012 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE OF <br />MULTIFAMILY REVENUE HOUSING BONDS BY THE <br />HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION <br />AND REHABILITATION OF FOUNTAIN GARDENS <br />APARTMENTS <br /> <br /> BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA, AS FOLLOWS: <br /> <br /> Section 1: The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br /> <br />The Housing Authority of the City of Santa Ana (the "Authority") is <br />authorized by Chapter 1 of Part 2 of Division 24 (commencing with <br />Section 34200) of the Health and Safety Code of the State of California <br />(the "Law"), to issue and sell its revenue bonds for the purpose of <br />financing the acquisition, construction, rehabilitation or development of <br />multifamily rental housing for families and individuals of Iow and very Iow <br />income; and <br /> <br />Orange Housing Development Corporation, or a limited partnership or a <br />limited liability company to be formed by such entity (the "Developer"), has <br />requested the Authority to issue and sell revenue bonds in a principal <br />amount not to exceed six million dollars ($6,000,000) (the "Bonds") <br />pursuant to the procedures specified in the Law for the purpose of <br />financing the acquisition and rehabilitation by the Developer of certain <br />land and facilities consisting of a 83-unit multifamily residential rental <br />located at 939 E. Seventeenth Street in the City of Santa Ana, California <br />(the "Project"); and <br /> <br />The Bonds will be considered to be "qualified exempt facility bonds" under <br />Section 142 (a) of the Internal Revenue Code of 1986, as amended (the <br />"Code"), and Section 147(0 of the Code requires that the "applicable <br />elected representatives" with respect to the Authority hold a public hearing <br />with respect to the issuance of the Bonds; and <br /> <br />The Authority has determined that the City Council of the City of Santa <br />Ana is the "applicable elected representatives" to hold said public hearing; <br />and <br /> <br />Resolution No. 2003-012 <br /> Page 1 of 3 <br /> <br /> <br />