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RESOLUTION NO. 2001-080 <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 WYCLIFFE PLAZA <br />APARTMENTS <br /> <br />bk: 10/25/01 <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br /> Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br /> <br />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 <br />34200) of the Health and Safety Code of the State of California (the <br />"Law"), to issue and sell its revenue bonds for the purpose of financing the <br />acquisition, construction, rehabilitation or development of multifamily rental <br />housing for families and individuals of Iow and very Iow income. <br /> <br />Providance Housing L.L.C., or a limited partnership or a limited liability <br />company to be formed by such entity (the "Developers") have requested <br />the Authority to issue and sell revenue bonds in a principal amount not to <br />exceed seventeen million dollars ($17,000,000) (the "Bonds") pursuant to <br />the procedures specified in the Law for the purpose of financing the <br />acquisition and rehabilitation by the Developers (or a limited partnership or <br />limited liability company to be formed by the Developers) of certain land <br />and facilities consisting of a 200-unit multifamily residential rental located <br />at 1401 North Flower Street in the City of Santa Ana, California (the <br />"Project"). <br /> <br />The Bonds will be considered to be "qualified exempt facility bonds" under <br />Section 142 (a) of the Internal Revenue Code of 1986, as amended (the <br />"Code"), and Section 147(0 of the Code requires that the "applicable <br />elected representatives" with respect to the Authority hold a public hearing <br />with respect to the issuance of the Bonds. <br /> <br />The Authority has determined that the City Council of the City of Santa <br />Ana is the "applicable elected representatives" to hold said public hearing. <br /> <br /> <br />