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RESOLUTION NO. 2001-020 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE OF <br />MULTIFAMILY HOUSING REVENUE BONDS BY THE <br />HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION <br />AND REHABILITATION OF HENINGER VILLAGE <br />APARTMENTS <br /> <br /> WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is <br />authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of <br />the Health and Safety Code of the State of California (the "Law"), to issue and sell its <br />revenue bonds for the purpose of financing the acquisition, construction, rehabilitation <br />or development of multifamily rental housing for families and individuals of Iow and very <br />Iow income; and <br /> <br /> WHEREAS, KDF Communities and Foundation For Human Resources (the <br />"Developers") have requested the Authority to issue and sell revenue bonds in a <br />principal amount not to exceed Four Million Five Hundred Thousand Dollars <br />($4,500,000) (the "Bonds") pursuant to the procedures specified in the Law for the <br />purpose of financing the acquisition and rehabilitation by the Developers (or a limited <br />partnership or limited liability company to be formed by the Developers) of certain land <br />and facilities consisting of a 58-unit multifamily residential rental located at 200 S. <br />Sycamore Street in the City of Santa Ana, California (the "Project"); and <br /> <br /> WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds" <br />under Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), <br />and Section 147(f) of the Code requires that the "applicable elected representatives" <br />with respect to the Authority hold a public hearing with respect to the issuance of the <br />Bonds; and <br /> <br /> WHEREAS, the Authority has determined that the City Council of the City of <br />Santa Ana is the "applicable elected representatives" to hold said public hearing; and <br /> <br /> WHEREAS, notice of said public hearing has been duly given as required by the <br />Code, and this City Council has heretofore held such public hearing at which all <br />interested persons were given an opportunity to be heard on all matters relative to the <br />financing and operation of the Project and the Authority's issuance of the Bonds <br />therefor; and <br /> <br /> WHEREAS, the City Council of the City of Santa Ana, as the "applicable elected <br />representative" of the Authority, approves of the issuance of the Bonds as in the public <br />interests of the Authority. <br /> <br /> Page 1 of 2 <br />Resolution No. 2001-020 <br /> <br /> <br />