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RESOLUTION NO. HA 2004-01 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE ISSUANCE, <br />EXECUTION AND DELIVERY OF MULTIFAMILY HOUSING <br />REVENUE REFUNDING BONDS, AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A MASTER PLEDGE <br />AND ASSIGNMENT, A MASTER AGENCY AGREEMENT, <br />A SECOND AMENDED AND RESTATED REGULATORY <br />AGREEMENT AND DECLARATION OF RESTRICTIVE <br />COVENANTS AND OTHER DOCUMENTS RELATING <br />THERETO, AND APPROVING OTHER ACTIONS AND <br />MATTERS RELATING THERETO, ALL WITH RESPECT TO <br />THE CORNERSTONE VILLAGE APARTMENTS <br /> <br /> BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA, AS FOLLOWS: <br /> <br /> Section 1: The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br /> <br /> A. The Housing Authority of the City of Santa Ana (the "Authority") is <br />granted the authority, pursuant to Chapter 1 of Part 2 of Division 24 of the Health <br />and Safety Code of the State of California (the "Act"), to issue bonds and loan <br />the proceeds thereof to qualified borrowers for the purpose of refinancing the <br />acquisition, rehabilitation and development of multifamily housing projects for <br />persons and families of Iow and very Iow income residing within the jurisdiction of <br />the Authority; and <br /> <br /> B. Wakeham-Grant Apartments, L.P., a California limited partnership (the <br />"Borrower") has requested the Authority to issue revenue bonds designated <br />Housing Authority of the City of Santa Aha Multifamily Housing Revenue <br />Refunding Bonds (Cornerstone Village Apartments) 2004 Series A (the "Bonds") <br />and to loan the proceeds from the sale thereof to the Borrower to refinance the <br />acquisition and rehabilitation of a 267~unit multifamily rental housing <br />development located in the City of Santa Ana, California, known as the <br />Cornerstone Village Apartments (the "Project"); and <br /> <br /> C. The Authority hereby finds and declares that it is necessary, essential <br />and a public purpose for the Authority to engage in a program (the "Program") of <br />financing and refinancing the acquisition and rehabilitation of multifamily rental <br />housing; and <br /> <br /> D. The proceeds of the Bonds will be advanced by U.S. Bank National <br />Association (the "Agent"), as agent for the account of the Authority, to the Borrower <br /> <br />Resolution No. HA 2004-001 <br /> Page 1 of 4 <br /> <br /> <br />