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2002-055
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Last modified
1/3/2012 12:29:25 PM
Creation date
6/26/2003 10:47:03 AM
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City Clerk
Doc Type
Resolution
Doc #
2002-055
Date
6/17/2002
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RESOLUTION NO. 2002-055 <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 II <br />APARTMENTS ("CORNERSTONE VILLAGE") <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 <br />Section 34200) of the Health and Safety Code of the State of California <br />(the "Law"), to issue and sell its revenue bonds for the purpose of <br />financing the acquisition, construction, rehabilitation or development of <br />multifamily rental housing for families and individuals of Iow and very Iow <br />income; and <br /> <br />Orange Housing Development Corporation (the "Developer") has <br />requested the Authority to issue and sell revenue bonds in a principal <br />amount not to exceed two million dollars ($2,000,000) (the "Bonds") <br />pursuant to the procedures specified in the Law for the purpose of <br />financing the acquisition and rehabilitation by the Developer of certain <br />land and facilities consisting of 45-units of multifamily residential rental <br />located at 935, 1006, 1010, 1014 and 1018 South Minnie Street in the <br />City of Santa Ana, California (the "Project"); and <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(f) 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; and <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 />and <br /> <br />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 <br /> <br />Resolution No. 2002-055 <br /> Page lof3 <br /> <br /> <br />
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