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395 RESOLUTION NO. 96-012 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE FINANCING OF MULTIFAMILY HOUSING FACILITIES BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is authorized by Article 11 of Chapter 3 of Part 1 of Division 2 of the Government Code of the State of California, (the "Law"), to issue and sell its revenue bonds for the purpose of refinancing multifamily housing facilities located within the area of operation of the Authority; and WHEREAS, the Authority intends to issue its multifamily housing revenue refunding bonds (the "Bonds") under the Law for the purpose of refinancing a multifamily housing facility to be located at 3820 W. Fifth Street in the City of Santa Ana, California (the "Project"); and WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds" under Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the "applicable elected representatives" with respect to the Authority hold a public hearing on the issuance of the Bonds; and WHEREAS, the Authority has determined that the City Council of the City of Santa Ana is the "applicable elected representatives" to hold said public hearing; and WHEREAS, said public hearing has been held by the City Council of the City of Santa Ana. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: 1. The city Council hereby finds and determines that the foregoing recitals are true and correct. 2. The City Council hereby approves the refinancing of the Project by the Authority under the Law. 3. The issuance of the Bonds shall be subject to approval by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Bonds by the Authority to the underwriter thereof.