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RESOLUTION 87:-54 <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />AUTHORIZING APPLICATION TO MORTGAGE BOND ALLOCATION COMMITTEE <br />ON BEHALF OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br /> <br /> WHEREAS, the Housing Authority of the City of Santa Ana (the <br />"Authority") proposes to issue its Multifamily Housing Revenue Bonds <br />in an aggregate principal amount of not to exceed $3,350,000 (the <br />"Bonds") for the purpose of providing financing to Sycamore <br />Retirement Apartments, Ltd. for a multifamily rental housing <br />development to be located in the City of Santa Ana (the "City"); and <br /> <br /> WHEREAS, in order that interest on the Bonds be excluded from <br />gross income for federal income tax purposes under the Internal <br />Revenue Code of 1986, as amended, it is required that a portion of <br />the annual volume allocation to the State of California in respect of <br />bonds such as the Bonds be designated to the Bonds; and <br /> <br /> WHEREAS, pursuant to a Proclamation of the Governor of the State <br />of California, such allocation for the Bonds is to be made by the <br />Mortgage Bond Allocation committee ("MBAC") upon application of the <br />City on behalf of the Authority; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City <br />of Santa Aha, as follows: <br /> <br /> 1. Any appropriate officer of the City shall be and hereby is <br />authorized in the name and on behalf of the City to file an <br />application with MBAC for an allocation for the Bonds, and that upon <br />award thereof, such allocation shall without further action by this <br />Council be deemed transferred to the Authority for the purpose of <br />issuing the Bonds. <br /> <br /> 2. This resolution shall take effect from and after its <br />adoption. <br /> <br />ADOPTED this 7th day of <br /> <br />July , 1987. <br /> <br />AYES: MEMBERS: <br />NOES: MEMBERS: <br /> <br />Acosta, Griset, Hart, May, McGuigan, Pulido, <br />Young <br />None <br /> <br /> ABSENT: MEMBERS: <br />ATTEST <br /> <br />None <br /> <br />APPROVED AS TO FORM: <br /> <br /> <br />