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<br />. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Housing <br />Authority of the city of Santa Ana, as follows: <br /> <br />l. The Authority hereby authorizes the issuance and <br />sale of the Bonds pursuant to the procedures specified in the <br />Law in an aggregate principal amount not to exceed the maximum <br />principal amount set forth in Exhibit A for the purposes of <br />providing financing for the acquisition and rehabilitation of <br />the Project. <br /> <br />2. The issuance and sale of the Bonds shall be upon <br />such terms and conditions as may be mutually agreed upon by <br />the Authority, the Developer and the purchaser of said Bonds, <br />and shall be authorized by resolution of the Authority at a <br />meetinq duly held and conducted for such purpose. <br /> <br />3. The proceeds of the Bonds shall include such related <br />and necessary issuance expenses, administrative costs and debt <br />service reserves as may be required to accomplish successfully <br />the financing. <br /> <br />.. <br /> <br />4. The Authority declares the issuance of the <br />be an emergency matter within the meaning of Section <br />the California Health and Safety Code. <br /> <br />5. The Authority hereby finds that the issuance of the <br />Bonds is a substantial inducement to the Developer to acquire <br />and rehabilitate the Project. <br /> <br />Bonds to <br />34292 of <br /> <br />6. The Developer shall be responsible for the payment <br />of all present and future costs in connection with the <br />issuance of the Bonds, including, but not limited to, any fees <br />and expenses incurred by the Authority in anticipation of the <br />issuance of the Bonds, the costs of printing an official <br />statement, rating agency costs, bonds counsel fees and <br />expenses, underwriting discount and costs, trustee fees and <br />expenses, and the cost of printing the Bonds. <br /> <br />7. The payment of the principal, redemption premium, if <br />any, and purchase price of and interest on the Bonds shall be <br />the sole responsibility of the Developer, and the payment of <br />such amounts shall be insured by bond insurance provided by an <br />insurance company acceptable to the Authority, secured by a <br />letter of credit issued by a financial institution acceptable <br />to the Authority, or secured by such other instruments or <br />amounts as may be acceptable to the Authority. The Bonds <br />shall not constitute a debt or obligation of the Authority. <br /> <br />. <br /> <br />-2- <br /> <br />J <br />