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<br />- <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 95-Q! <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY <br />OF SANTA ANA RELATING TO THE ISSUANCE OF BONDS <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION AND <br />REHABILITATION OF A MULTIFAMILY RESIDENTIAL RENTAL <br />PROJECT AND RELATED FACILITIES <br /> <br />WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") <br />is authorized to issue bonds pursuant to the provisions of California Health and Safety Code, <br />Division 24, Part 2, Chapter 1 (the "Law") for the purpose of providing financing for the <br />acquisition and development of multifamily residential rental projects located within the <br />Authority's jurisdiction; and <br /> <br />WHEREAS, Advanced Group 94-55, a California limited partnership, and its <br />successors and assigns (the "Developer"). has requested the Authority to issue and sell its <br />revenue bonds (the "Bonds") pursuant to the procedures specified in the Law for the purpose <br />of financing and/or reimbursing the Developer for the acquisition and rehabilitation of certain <br />land and facilities consisting of a 562-unit multifamily residential rental project and <br />underlying land and related and appurtenant facilities located at 811 South Fairview in the <br />City of Santa Ana (the "Project); and <br /> <br />WHEREAS, the Authority, in the course of assisting the Developer in the <br />financing of the Project expects that the Developer has paid or may pay certain expenditures <br />(the "Reimbursement Expenditures") in connection with the Project within 60 days prior to <br />the adoption of this Resolution and prior to the issuance of the Bonds for the purpose of <br />financing costs associated with the Project on a long-term basis; and <br /> <br />WHEREAS, in order for the interest on the Bonds to be excluded from the <br />gross incomes of the purchasers thereof for purposes of federal income taxation, it will be <br />necessary for the City Manager of the City of Santa Ana (the "City Manager") to submit a <br />request for allocation for the Bonds to the California Debt Limit Allocation Committee <br />("CDLAC"), and for the Executive Director of the Authority to obtain and hold a deposit from <br />the Developer in the amount required by CDLAC; and <br /> <br />WHEREAS, it is in the public interest. for the public benefit and in furtherance <br />of the public purposes of the Authority that the Authority authorize the Bonds for the <br />aforesaid purpose, including reimbursement of the Reimbursement Expenditures, and the <br />application to the State for an allocation for the Bonds; and <br /> <br />WHEREAS, Section 1,1 03-8(a)(5) and Section 1,150-2 of the Treasury <br />Regulations require the Authority to declare its reasonable official intent to reimburse prior <br />expenditures for the Project with proceeds of a subsequent borrowing; <br /> <br />LA 1.89670. 1 <br />