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RESOLUTION NO. 85-71 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING ISSUANCE OF MULTI- FAMILY MORTGAGE REVENUE BONDS BY THE CITY OF SANTA ANA HOUSING AUTHORITY WHEREAS, the Authority has determined to engage in a multi-family rental housing revenue bond financing program (the "Program") pursuant to Chapter 1 commencing with Section 34200 of Part 2 of Division 24 of the Health & Safety Code of the State of California (the "Act") for persons and families of lower income and wishes to issue revenue bonds pursuant to the Act to provide funds for the program; and WHEREAS, the City has duly published notices of public hearings regarding the issuance of revenue bonds for the Program in accordance with the requirements of Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, the members of the City Council are the applicable elected representatives to conduct public hearings regarding the issuance of the revenue bonds for the Program; and WHEREAS, the City Council has conducted public hearings regarding the issuance of the revenue bonds for the Program and determines it to be in the public interest to approve the issuance of such bonds; and WHEREAS, the City Council has previously adopted a resolution declaring its intention to issue bonds for the purpose of providing financing for a multi-family housing project to be constructed by Pulliam Properties, Inc., a California corporation, and now desires that such financing be provided by the City of Santa Ana Housing Authority on substantially similar terms and conditions; NOW, THEREFORE, the City Council of the City of Santa Aha resolves as follows: Section 1. and correct. The above recitals and each of them are true Section 2. The issuance of the multi-family mortgage revenue bonds, by the City of Santa Ana Housing Authority in the approximate aggregate principal amount of not to exceed $4,000,000 is hereby approved.