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. . . . . . . Rm>liJl'ICN NO. 85-28 RF.!'I()T 1mCN OF '!HE IIXJSING AI11BJRITY OF '!HE CITY OF SAND'. ANA AUßÐRIZING SALE OF $7,500,000 PRINCIPAL HUm OF VARIABIE RATEI:ÐW[) MUUl'IElMILY IIXJSING REVENJE B:JSIDS (MEA::URY SAVJmS AND ID\N ASSOCIATICN/HMBOR POINl'E APAImÐn'S PROOEX:T), 1985 SERIES C, APPRJVING ID\N ŒIGINATICN AND SERVICING Þ.GREI!M!Nl', INDJ!Nl'URE OF TRIJST, ~'Þ.GREI!M!Nl', OOUATERAL PLEOOE AGREEMI!Nl', OFFICIAL S'l'A'l'I!MI!Nl, BCND PURCINE AGRE:IMNl' AND RErATED DOClMENl'S, AND AUßÐRIZING OFFICIAL J\Cl'ICN WHERI!'AS, the lÞming Authority of the City of Santa Ana (the "Authority") pwpIJses to issue its H:>using Authority of the City of Santa Ana Variable Rate DBIœnd "-ùtifamily lÞming Revenue Balds (Mercury Savings am Iœn A88OCia.tia1/Harbor ~ J\partmBntB Project), 1985 Series C (the "Bœda"), in the a':\J.eyð.ts principal aI'I1JIJnt of $7,500,000, un:ier and pursuant to the proviaials of 01apter 1 of Part 2 of Diviscn 24 of the Health and Safety Code of the State of California, as amended (the "lÞming Authorities I,aw"), in order to provide financing to SaIIuel A. Hardage, an individual (the "O::.rrpmy") for the acquisition am oanst.ructia1 of a nultifamily residential rental project (the "Project") to be located in the City of Santa Ana: WHERI!'AS, the Balds are to be issued un:ier am pursuant to an Indenture of Trust (the "Indenture"), dated as of DecehÐer 1, 1985, by and bet~ the Authority am Seattle-First Nati.œal Bank, as trustee (the "Trustee">: WHERI!'AS, pursuant to the teJ:1æ of a p1:'ì>OØed Regulatory ~_..enL and Declaratioo of Restrictive CoII'enant8 dated as of Dta...::oti-:" 1, 1985, by and anr:¡ng the Authority, the Trustee, the O:I\pInyam Mercury Savings am Iœn Association (the "Associatioo"), at least. 20% of the dwelling wits in the Project, are required to be leased or rented to persa1S or families of low or JOOderate :inoaœ: WHERI!'AS, the pxoceeds of the BŒIds are to be loaned to the Ocnpmy un:ier a Iœn Originatioo am Servicing ~ree......íL dated as of Dt...-ti-:" l, 1985, by am anr:¡ng the Authority, the .~I!''''''i..tion, the O::.rrpmy am the Trustee, (the "Iœn J\grea....uL") pursuant to 1oI1ich the Associ ation 00 behalf of the Authority will make a loan to the ~"y to finance the Project: WHERI!'AS, Bancroft, O'CaIn::Ir, O1i.ltcn & Lavell, Inc., as purchaser (the "Purchaser") has suJ:mitted an offer to purà1ase the BŒIds: and WHERI!'AS, the Authority approves of said transactiCX1S in the public interests of the Authority;