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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />amount set forth in Exhibit A for the purposes of providing <br />financing for the acquisition and rehabilitation of the Project. <br /> <br />2. The issuance and sale of the Bonds shall be upon such <br />terms and conditions as may be mutually agreed upon by the <br />Authority, the Developer and the purchaser of said Bonds, and shall <br />be authorized by resolution of the Authority at a meeting duly held <br />and conducted for such purpose. <br /> <br />3. The proceeds of the Bonds shall include such related and <br />necessary issuance expenses, administrative costs and debt service <br />reserves as may be required to accomplish successfully the <br />financing. <br /> <br />4. The Authority declares the issuance of the Bonds to be an <br />emerqency matter within the meaning of section 34292 of the <br />California Health and Safety Code. <br /> <br />5. The Authority hereby finds that the issuance of the Bonds <br />is a substantial inducement to the Developer to acquire and <br />rehabilitate the Project. <br /> <br />6. The Developer shall be responsible for the payment of all <br />present and future costs in connection with the issuance of the <br />Bonds, including, but not limi ted to, any fees and expenses <br />incurred by the Authority in anticipation of the issuance of the <br />Bonds, the costs of printing an official statement, rating agency <br />costs, bond counsel fees and expenses, underwriting discount and <br />costs, trustee fees and expenses, and the cost of printing the <br />Bonds. <br /> <br />7. The payment of the principal, redemption premium, if any, <br />and purchase price of and interest on the Bonds shall be the sole <br />responsibility of the Developer, and the payment of such amounts <br />shall be insured by bond insurance provided by an insurance company <br />acceptable to the Authority or secured by a letter of credit issued <br />by a financial institution acceptable to the Authority. The Bonds <br />shall not constitute a debt or obligation of the Authority. <br /> <br />8. The City Manager and the appropriate officers or staff of <br />the Authority are hereby authorized, for and in the name of and on <br />behalf of the Authority, to make an application to the California <br />Debt Limit Allocation Committee for an allocation of private <br />activity bonds for a multifamily rental housinq bond project and to <br />execute and deliver an appropriate agreement with the Developer <br />with respect to any deposit required in connection therewith. <br /> <br />9. The adoption of this Resolution shall not obligate (i) <br />the Authority to provide financing to the Developer for the <br />acquisition and rehabilitation of the Project or to issue the Bonds <br />for purposes of such financing; or (ii) the authority, the city of <br />Santa Ana (the "city"), the Planning commission of the city or any <br /> <br />2 <br />