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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 85-29 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF <br />SANTA ANA AUTHORIZING SALE OF NOT TO EXCEED <br />$11,000,000 PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING <br />REVENUE BONDS (RIVERVIEW COMMUNITY), 1985 SERIES D, <br />APPROVING RELATED DOCUMENTS AND OFFICIAL STATEMENT, <br />AND AUTHORIZING OFFICIAL ACTION <br /> <br />WHEREAS, the Housing Authority of the City of Santa Ana <br />(the "Authority") proposes to issue its Housing Authority of <br />the City of Santa Ana Multifamily Housing Revenue Bonds <br />(Riverview Community), 1985 Sereies D, (the "Bonds") in the <br />aggregate principal amount of not to exceed $11,000,000 <br />pursuant to the provisions of Chapter 1 of Part 2 of Division <br />24 of the California Health and Safety Code, in order to pro- <br />vide financing to Rampart-General Corporation, a California <br />corporation (the "Developer"), for the acquisition and <br />construction of an approximately 240-unit multifamily resi- <br />dential rental project (the "Project") to be located on the <br />west side of Susan Street between First and Fifth Streets; and <br /> <br />The Bonds are to be issued pursuant to an Indenture of <br />Trust, dated as of December l, 1985, (the "Indenture") between <br />the Authority and Security Pacific National Bank, as trustee; <br />(the Trustee") and <br /> <br />Pursuant to the terms of a proposed Regulatory Agreement <br />and Declaration of Restrictive Covenants, dated as of December <br />1, 1985, (the "Regulatory Agreement") among the Authority, the <br />Trustee and the Developer, at least 20 percent of the dwelling <br />units in the Project are required to be leased or rented to <br />persons or families of low or moderate income; and <br /> <br />The proceeds of the Bonds are to be loaned to the Developer <br />under a Loan Agreement, dated as of December 1, 1985, (the <br />"Loan Agreement") by and between the Authority and the Developer, <br />pursuant to which the Authority has agreed to lend the proceeds <br />of the Bonds to the Developer to enable the Developer to finance <br />the Project; and <br /> <br />The obligations of the Developer under the <br />are to be secured in part by a letter of credit <br />Magnus Capital Corporation No. 8512; and <br /> <br />Loan Agreement <br />issued by <br />