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367 <br /> <br />RESOLU~?ON NO. 87-77 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA <br />ANA GIVING APPROVAL TO THE ISSUANCE OF VARIABLE RATE <br />DEMAND MULTIFAMILY HOUSING REVENUE BONDS (MERCURY SAVINGS <br />AND LOAN ASSOCIATION/SYCAMORE APARTMENTS PROJECT), 1987 <br />SERIES A, BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />FOR THE PURPOSE OF PROVIDING FINANCING TO SYCAMORE <br />RETIREMENT APARTMENTS, LTD., A CALIFORNIA LIMITED <br />PARTNERSHIP AND ASSIGNING ALLOCATION <br /> <br /> WHEREAS, the Housing Authority of the City of Santa Aha (the <br />"Authority") proposes to issue its Variable Rate Demand <br />Multifamily Housing Revenue Bonds (Mercury Savings and Loan <br />Association/Sycamore Apartments Project), 1987 Series A (the <br />"Bonds") for the purpose of financing the construction of a <br />multifamily rental housing development to be located at 200 S. <br />Sycamore in the City, and related and appurtenant facilities <br />(the "Project") by Sycamore Retirement Apartments, Ltd., A <br />California Limited Partnership (the "Developer"); and <br /> <br /> WHEREAS, it is intended that the interest paid on the Bonds <br />be excludable from gross income for the purposes of federal <br />income taxes; and <br /> <br /> WHEREAS, the City Council is the applicable elected <br />representative of the Authority and this City Council has held <br />on the date hereof a public hearing following reasonable public <br />notice on the question of whether this City Council should <br />approve the issuance of the Bonds by the Authority, and all <br />persons requesting to be heard on the matter have been heard; <br />and <br /> <br /> WHEREAS, the Mortgage Bond Allocation Committee of the State <br />of California has assigned a portion of the State of California <br />private activity bond allocation to the City for use in <br />connection with the issuance of the Bonds and the City now <br />desires to assign said allocation to the Authority. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY the City Council of the <br />City of Santa Ana as follows: <br /> <br /> 1. The City Council does hereby approve the issuance of <br />the Bonds in the principal amount of not to exceed $3,290,000 <br />for the purpose of providing financing to the Developer for the <br />Project. <br /> <br /> 2. The private activity bond allocation heretofore <br />assigned to the City by the Mortgage Bond Allocation Committee <br />of the State of California for use in connection with the <br />financing of the Project is hereby irrevocable assigned by the <br />City to the Authority for use in connection with the issuance of <br />the Bonds and the financing of the Project. <br /> <br /> <br />