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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />REL:mb 8/13/91 <br /> <br />RESOLUTION NO. 91- 11 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA RELATING TO THE ISSUANCE OF <br />BONDS FOR THE PURPOSE OF FINANCING THE <br />ACQUISITION AND REHABILITATION OF A <br />MULTIFAMILY RESIDENTIAL RENTAL PROJECT AND <br />RELATED FACILITIES. <br /> <br />WHEREAS, the Housing Authority of the city of Santa Ana <br />(the "Authority") is authorized to issue bonds pursuant to the <br />provisions of California Health and Safety Code, Division 24, Part <br />2, Chapter 1 (the "Law") for the purpose of providing financing for <br />the acquisition and development of multifamily residential rental <br />projects located within the Authority's jurisdiction; and <br /> <br />WHEREAS, the property owner and/or developer listed in <br />Exhibit A hereto (the "Developer") has requested the Authority to <br />issue and sell its revenue bonds (the "Bonds") pursuant to the <br />procedures specified in the Law for the purpose of financing the <br />acquisition and rehabilitation of certain land and facilities <br />consistinq of a multifamily residential rental project and <br />underlying land and related and appurtenant facilities located at <br />the address set forth in Exhibit A (the IIproject") to be acquired <br />and' rehabilitated by the Developer within the Authority's <br />jurisdiction, and the Authority wishes to induce the Developer to <br />acquire, construct and develop the Project within the Authority's <br />jurisdiction; and <br /> <br />WHEREAS, in order for the interest on the Bonds to be <br />excluded from the gross incomes of the purchasers thereof for <br />purposes of federal income taxation, it will be necessary for the <br />City Manager of the City of Santa Ana (the "City Manager") to <br />submit a request for allocation for the Bonds to the California <br />Debt Limit Allocation Committee (CDLAC"), and for the Executive <br />Director of the Authority to obtain and hold a deposit from the <br />Developer in the amount required by CDLAC; and <br /> <br />WHEREAS, it is in the public interest, for the public <br />benefit and in furtherance of the public purposes of the Authority <br />that the Authority authorize the Bonds for the aforesaid purpose <br />and the application to the State for an allocation for the Bonds. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Housing Authority <br />of the City of Santa Ana, as follows: <br /> <br />1. <br />the Bonds <br />aggregate <br /> <br />The Authority hereby authorizes the issuance and sale of <br />pursuant to the procedures specified in the Law in an <br />principal amount not to exceed the maximum principal <br /> <br />1 <br />