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<br />," <br /> <br />. <br /> <br />REL:mb 8/l3/9l. <br />RESOLUTION NO. 92-07 <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 />.. <br /> <br />WHEREAS, the Housing Authority of the City of Santa <br />Ana (the "Authority") is authorized to issue bonds pursuant to <br />the provisions of California Health and Safety Code, Division <br />24, Part 2, Chapter 1 (the "Law") for the purpose of providing <br />financing for the acquisition and development of multifamily <br />residential rental projects located within the Authority's <br />jurisdiction; and <br /> <br />WHEREAS, the property owner and/or developer listed <br />in Exhibit A hereto (the "Developer") has requested the <br />Authority to issue and sell its revenue bonds (the "Bondsll) <br />pursuant to the procedures specified in the Law for the <br />purpose of financing the acquisition and rehabilitation of <br />certain land and facilities consisting of a multifamily <br />residential rental project and underlyinq land and related and <br />appurtenant facilities located at the address set forth in <br />Exhibit A (the IIproject") to be acquired and rehabilitated by <br />the Developer within the Authority's jurisdiction, and the <br />Authority wishes to induce the Developer to acquire, construct <br />and develop the Project within the Authority's jurisdiction; <br />and <br /> <br />WHEREAS, in order for the interest on the Bonds to <br />be excluded from the gross incomes of the purchases thereof <br />for purposes of federal income taxation, it will be necessary <br />for the City Manager of the City of Santa Ana (the "City <br />Manager") to submit a request for allocation for the Bonds to <br />the California Debt Limit Allocation Committee (CDLAC), and <br />for the Executive Director of the Authority to obtain and hold <br />a deposit from the Developer in the amount required by CDLAC; <br />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 purpose and the application to the state for an <br />allocation for the Bonds. <br /> <br />. <br />