1987-04 HA - Laserfiche WebLink

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,--- . IIi.Á .. . . . . RESOLUTION NO. 87-4 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (MERCURY SAVING AND LOAN ASSOCIATION/SYCAMORE APARTMENTS PROJECT, 1987 SERIES A), ASSIGNING ALLOCATION AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS RESOLVED, by the Members of the Housing Authority of the City of Santa Ana that: WHEREAS, Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the "Act") authorizes housing authorities to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing within their area of operation and the Act provides a complete, additional and alternative method for doing the things authorized thereby; WHEREAS, the Housing Authority of the city of Santa Ana (the "Authority") hereby finds and declares that it is necessary, essential and a public purpose for the Authority to engage in a program (the "Proqram") of financing the construction and development of multifamily rental housing, and has determined to borrow money for such purpose by the issuance of revenue bonds as authorized by the Act; WHEREAS, the Authority hereby finds Resolution is being adopted pursuant to Act; and declares that this the powers granted by the WHEREAS, on september 15, 1986 the Authority adopted a resolution declaring its intent to issue bonds to provide financing for the multifamily rental housing development known as Sycamore Retirement Apartments (the "project") to be constructed in the City of Santa Ana, California (the "city"); WHEREAS, a notice of public hearing with respect to the proposed issuance of the Bonds (hereinafter defined) and the financing of the Project with the proceeds thereof has been published in a newspaper of general circulation in the city not less than fourteen days prior to the date of such hearing; WHEREAS, on this date, said public hearing was held before the City Council of the City, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds and the financing of the Project with the proceeds of the Bonds; WHEREAS, following said public hearing, the City council of the city adopted a resolution approving the issuance of Bonds by the Authority in connection with the financing of the Project and assigning private activity bond allocation (previously assigned to the City by the Mortgage Bond Allocation Committee of the State of California) to the Authority for use in connection with the Bonds; and ,~