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. I . . I . . . . RESOImION NO. 85-27 RESOImION OF THE HOUSING AurHORITY OF THE CITY OF SANTA ANA AurHORIZING SAIE OF $12,500,000 PRINCIPAL AMOUNT OF VARIABLE RATE IEMAND MULTIFAMILY HOUSING REVENUE BONœ (MERCURY SAVINGS AND !DAN ASSOCIATION/VIlLA VERŒ APARIMENTS PROJECT), 1985 SERIES B, APPROVING !DAN ORIGINATION AND SERVICING AGREDIENl', INœNTURE OF TRUST, REGUIATORY AGREEMENT, COlLATERAL PLEDGE AGREEMENT, OFFICIAL STATEMENT, BOND PURCHASE AGREEMENT AND REIATED ooet:MENl'S, AND AurHORIZING OFFICIAL ACTION WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") proposes to issue its Housing Authority of the City of Santa Ana Variable Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and loan Association,IVilla Verde Aparbnents Project), 1985 Series B (the "Bonds"), in the aggregate principal amount of $12,500,000, under and pursuant to the provisions of Chapter 1 of Part 2 of Divison 24 of the Health and Safety Code of the State of California, as amended (the "Housing Authorities Law"), in order to provide financing to Sarmlel A. Hardage, an individual (the "Company") for the acquisition and construction of a multifamily residential rental project (the "Project") to be located in the City of Santa Ana; WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust (the "Indenture"), dated as of December 1, 1985, by and between the Authority and Seattle-First National Bank, as trustee (the "Trustee"); WHEREAS, pursuant to the tenns of a proposed Regulatory 1!greement and Declaration of Restrictive Covenants dated as of December 1, 1985, by and aJOOng the Authority, the Trustee, the Company and Mercury Savings and loan Association (the "Association"), at least 20% of the dwelling units in the Project are required to be leased or rented to persons or families of low or JOOderate incane; WHEREAS, the proceeds of the Bonds are to be loaned to the Cœpany under a loan Origination and Servicing 1!greement dated as of December 1, 1985, by and among the Authority, the Association, the Cœpany and the Trustee (the "loan 1!greement") pursuant to which the Association on behalf of the Authority will make a loan to the Cœpany to finance the Project; WHEREAS, Bancroft, O'Connor, Chilton & Lavell, Inc., as purchaser (the "Purchaser") has subnitted an offer to purchase the Bonds; and WHEREAS, the Authority approves of said transactions in the public interests of the Authority;