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RESOLUTION NO. 85-164 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING ISSUANCE OF NOT TO EXCEED $12,300,000 PRINCIPAL AMOUNT OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (MERCURY SAVINGS AND LOAN ASSOCIATION/VILLA VERDE APARTMENTS PROJECT), 1985 SERIES B, BY THE HOUSING AtrfHORITY 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 Variable Rate Demand Multifsm~ily Housing Revenue Bonds (Mercury Savings and Loan Association/Villa Verde Apartments Project), 1985 Series B (the "Bonds"), in the aggregate principal amount of not to exceed $12,300,000, under and pursuant to Chapter 1, Part 2 of Division 24 of the California Health and Safety Code, in order to provide financing to Samuel A. Hardage, an individual (the "Developer") for the acquisition and construction of an approximately 210- unit multifamily residential rental project (the "Project") to be located at 4210 West First Street in the City of Santa Ana (the "City"); and WHEREAS, ~ne 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, THEREFORE, 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 from the proceeds of the bonds as described herein serves the public purposes of assisting persons and families of low and moderate incc~e 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 from and after its adoption.