1985-29 HA - Laserfiche WebLink

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. . . . . Page 2 Resolution No. 85-29 The City Council has heretofore called and conducted a public hearing on the issuance of the Bonds as required by Section 103(k) of the Internal Revenue Code of 1954, as amended I and Cranston Securities Company, as underwriter, intends to submit an offer to purchase the Bonds I and WHEREAS, The Authority approves of said transactions in the public interests of the Authority, NOW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of Santa Ana as follows: SECTION 1. Findings and Declarations. The Authority hereby finds and declares that the financing of the Project from the proceeds of the Bonds, as herein described, serves the public purpose of assisting persons and families of low and moderate income within the City of Santa Ana to afford the costs of decent, safe and sanitary housing, and that it is not feasible to. reserve any units in the Project on a priority basis for persons or families whose income does not exceed 50 percent of the median adjusted gross income for the area. The Authority further finds and declares that this resolution is adopted pursuant to the powers granted by Chapter 1 of Part 2 of Division 24 of the California Health and Safety Code. SECTION 2. Issuance and Sale of Bonds. The Authority hereby authorizes the issuance of the Bonds pursuant to and in accordance with the terms and provisions of the Indenture, all of which terms and provisions are incorporated herein by reference. The Bonds are hereby authorized to be sold to the underwriter pursuant to and in accordance with the terms of an agreement in substantially the form on file with the Secretary of the Authority, by and among the Authority and the underwriter. The Chairman is hereby authorized and directed to approve the terms of and accept an offer to purchase the Bonds which is acceptable to the Chairman, subject to the approval of counsel to the Authority, and to execute the bond purchase agreement for and in the name of and on behalf of the Authority provided that the Bonds shall be sold to the underwriter for a price not less than 95 percent of the par amount thereof. SECTION 3. Indenture. The Indenture, in substantially the form presented to the Authority, together with any additions thereto or changes therein deemed necessary or advisable by the Chairman, upon the advice of bond counsel, is hereby approved.