Laserfiche WebLink
RESOLUTION NO. gg-161 <br /> <br /> RESOLUTION OF THE CITY COUNCIL OF %~E CITY OF SANTA ANA <br />APPROVING ISSUANCE OF NOT TO EXCEED $6,100,000 PRINCIPAL AMOUNT OF <br />VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS <br />(MERCURY SAVINGS AND LOAN ASSOCIATION/HARBOR POINTE APARTMENTS <br />PROJECT), 1985 SERIES C, BY THE HOUSING AUTHORITY OF THE <br /> CITY OF SANTA ANA <br /> <br /> WHEREAS, The Housing Authority of the City of Santa Ana (the "Authority") <br />proposes to issues its Housing Authority of the City of Santa Ana Variable <br />Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan <br />Association/Harbor Pointe Apar~nents Project), 1985 Series C (the "Bonds"), <br />in the aggregate principal ~ount of not to exceed $6,100,000, under and <br />pursuant to Chapter 1, Part 2 of Division 24 of the California Health and <br />Safety Code, in order to provide financing to Harbor Pointe Apartments, a <br />California general partnership (the "Developer") for the acquisition and <br />construction of an approximately 130-unit multifamily residential rental <br />project (the "Project") to be located at 1500 North Harbor Boulevard in the <br />City of Santa Ana (the "City"); and <br /> <br /> WHEREAS, The City Council has heretofore called and conducted a public <br />hearing on the issuance of the Bonds for the purpose of financing the Project <br />as required by Section 103(k) of the Internal Revenue Code of 1954, as amended; <br />and <br /> <br /> WHEREAS, the City approves of said transactions in the public interests <br />of the City; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa <br />Ana as follows: <br /> <br /> Section 1. Findings and Declarations. The City Council hereby finds <br />and declares that the financing of the Project frc~ the proceeds of the <br />bonds as described herein serves the public purposes of assisting persons <br />and families of low and moderate income within the City to afford the costs <br />of decent, safe and sanitary housing. <br /> <br /> Section 2. Approval of Issuance and Sale of Bonds. The City Council <br />hereby authorizes the issuance of the Bonds by the Authority as hereinabove <br />contemplated. <br /> <br /> Section 3. Effective Date. This resolution shall take effect frc~ and <br />after its adoption. <br /> <br /> <br />