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RESOLUTION NO. 85-162 P~gOLUTION OF T~E CITY COJNCIL OF T~E CITY OF SANTA ANA APPROVING ISSUANCE OF NOT TO EXCEED $11,000,000 PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING REVENUE B(~NDS (RI~ERVIEW CO~UNITY) 1985 SERIES D, BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA WHEREAS, The Housing Authority of the City of Santa Ana (the "Authority") proposes to issues its Housing Authority of the City of Santa Ana Multifamily Housing l~mvenue Bonds (Riverview Ommunity), 1985 Series D (the "Bonds"), in the aggregate principal ~ount of not to exceed $11,000,000, under and pursuant to Chapter 1, Part 2 of Division 24 of the California Health and Safety Code, in order to provide financing to Rampart-General Corporation, a California corporation, (the "Developer") for the acquisition and construction of an approximately 220-unit multifamily residential rental project (the "Project") to be located at the west side of Susan Street between First Street and Fifth Street in the City of Santa Ana (the "City"); and WHEREAS, The City Council has heretofore called and conducted a public hearing on the issuance of the Bonds for the purpose of financing the Project as required by Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, the City approves of said transactions in the public interests of the City; NOW, I~HEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana as follows: Section 1. Findings and Declarations. The City Council hereby finds and declares that the financing of the Project fromthe proceeds of the bonds as described herein serves the public purposes of assisting persons and families of low and moderate income within the City to afford the costs of decent, safe and sanitary housing. Section 2. Approval of Issuance and Sale of Bonds. The City Council hereby authorizes the issuance of the Bonds by the Authority as hereinabove contemplated. Section 3. Effective Date. This resolution shall take effect frcm and after its adoption.