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RESOLUTION 86:114 <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING ISSUANCE OF NOT TO EXCEED $8,400,000 PRINCIPAL AMOUNT <br />OF HOUSING AUTHORITY OF THE CITY OF SANTA ANA, CALIFORNIA <br />VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS <br />(VINTAGE APARTMENTS PROJECT), 1986 SERIES A <br /> <br /> WHEREAS, the city Council of the City of Santa Aha has <br />heretofore called and conducted a public hearing on the issuance <br />by the Authority of the Bonds for the purpose of financing the <br />Project as required by Section 147(f) of the Internal Revenue <br />Code of 1986; and <br /> <br /> WHEREAS, the City Council of the city of Santa Ana <br />approves of said transaction as in the public interest of the <br />city of Santa Aha; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the city of Santa Ana as follows: <br /> <br /> 1. Findings and Declarations. The City Council of <br />the city of Santa Aha hereby finds and declares that the <br />financing of the Project from the proceeds of the Bonds as <br />herein described serves the public purposes of assisting persons <br />and families of iow and moderate income within the City of Santa <br />Aha to afford the costs of decent, safe and sanitary housing. <br /> <br /> 2. Approval of Issuance of Bonds. The City Council <br />of the City of Santa Aha hereby approves the issuance of the <br />bonds by the Housing Authority of the city of Santa Aha as <br />hereinabove contemplated and approves the transfer of the <br />private activity bond allocation for the project to said <br />Authority. <br /> <br /> 3. Effective Date. This resolution shall take <br />effect from and after its adoption. <br /> <br /> <br />