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7/03 LS <br /> <br />RESOLUTION NO. 2003-074 <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 ANAFOR <br />THE PURPOSE OF FINANCING THE ACQUISITION AND <br />REHABILITATION OF FAIRVIEW GARDENS SENIOR <br />HOUSING <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 and <br />declares as follows: <br /> <br />A. The Housing Authority of the City of Santa Ana (the "Authority") is authorized <br />by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of the <br />Health and Safety Code of the State of California (the "Law"), to issue and sell <br />its revenue bonds for the purpose of financing the acquisition, construction, <br />rehabilitation or development of multifamily rental housing for families and <br />individuals of Iow and very Iow income; and <br /> <br />B. The Authority has been requested to issue and sell revenue bonds in a <br />principal amount not to exceed Thirty-Three Million Dollars ($33,000,000) (the <br />"Bonds") by 1901 Fairview Partners, LLC, a California limited liability company, <br />or a limited partnership or a limited liability company to be formed by such entity <br />or Frank and Catherine Jao (the "Developer"), pursuant to the procedures <br />specified in the Law for the purpose of financing the acquisition and rehabilitation <br />by the Developer of certain land and facilities to consist of an approximately 250- <br />unit multifamily senior housing facility to be located at 1901 and 1919 Fairview <br />Street, Santa Ana, California and to be commonly known as Fairview Gardens <br />Senior Housing (the "Project"); and <br /> <br />C. 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 "Code"), <br />and Section 147(f) of the Code requires that the "applicable elected <br />representatives" with respect to the Authority hold a public hearing with respect <br />to the issuance of the Bonds; and <br /> <br />D. The Authority has determined that the City Council of the City of Santa Ana is <br />the "applicable elected representatives" to hold said public hearing; and notice of <br />said public hearing has been duly given as required by the Code, and this City <br />Council has heretofore held such public hearing at which all interested persons <br /> <br />Resolution No. 2003-074 <br /> Page 1 of 3 <br /> <br /> <br />