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RESOLUTION NO. 2001-040 <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 MINNIE STREET <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, Orange Housing Development Corporation (the "Developer") have <br />requested the Authority to issue and sell revenue bonds in a principal amount not to <br />exceed six million dollars ($6,000,000) (the "Bonds") pursuant to the procedures <br />specified in the Law for the purpose of financing the acquisition and rehabilitation by the <br />Developer of certain land and facilities consisting of a 150-unit multifamily residential <br />rental located at 1002, 1006, 1010, 1014, 1018, 1022, 1026, 1114, 1115, 1021, 1025, <br />1030, 1102, 1121, and 1125 South Minnie Street in the City of Santa Ana, California <br />(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 />Resolution No. 2001-040 <br /> Page 1 of 2 <br /> <br /> <br />