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<br />e <br /> <br />. <br /> <br />- <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. <br /> <br />86-1 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA RELATING TO THE ISSUANCE <br />OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION <br />AND CONSTRUCTION OF VARIOUS MULTI-FAMILY RESIDENTIAL <br />RENTAL PROJECTS AND RELATED FACILITIES <br /> <br />WHEREAS, the Housing Authority of the City of <br />Santa Ana (the "Authority") is authorized to issue bonds <br />pursuant to the provisions of California Health and Safety <br />Code, Division 24, Part 2, Chapter 1 and, in particular, <br />Section 34312.3 of said Code (the "Law") for the purpose of <br />providing financing for the acquisition, construction and <br />development of multi-family residential rental projects <br />located within the Authority; <br /> <br />WHEREAS, the various property owners and/or developers <br />listed in Exhibit A hereto (collectively, the "Developers") <br />have requested the Authority to issue and sell its revenue <br />bonds pursuant to the procedures specified in the Law for <br />the purpose of financing the acquisition and construction of <br />certain land and facilities consisting of multi-family <br />residential rental projects and underlying land and related <br />and appurtenant facilities located at the respective addresses <br />set forth in Exhibit A (collectively, the "Projects") to be <br />acquired and constructed by the Developers within the Authority, <br />and the Authority wishes to induce the Developers to acquire, <br />construct and develop the Projects within the Authority; and <br /> <br />WHEREAS, it is in the public interest, for the <br />public benefit and in furtherance of the public purposes of <br />the Authority that the Authority authorize the Bonds for the <br />aforesaid purposes; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Housing <br />Authority of the City of Santa Ana, as follows: <br /> <br />1. The Authority hereby authorized the issuance <br />and sale of the Bonds pursuant to the procedures specified <br />in the Law in and aggregate principal amount not to exceed <br />$3,000,000.00 for the purposes of providing financing for <br />the acquisition, construction and improvement of the Projects <br />as set forth in Exhibit A. Such authorization shall be for <br />the purposed of inducing the Developers to undertake the <br />Projects and, in particular, to do so at the aforesaid <br />respective locations. <br />