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<br />e <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of <br />Santa Ana, as follows: <br /> <br />1 , The Authority hereby declares its present intention to issue the Bonds <br />pursuant to the procedures specified in the Law in an aggregate principal amount not to <br />exceed $19,000,000 for the purposes of providing financing for the acquisition and <br />rehabilitation of the Project. <br /> <br />2, The issuance and sale of the Bonds shall be upon such terms and <br />conditions as may be mutually agreed upon by the Authority, the Developer and the <br />purchaser of said Bonds, and shall be authorized by resolution of the Authority at a meeting <br />duly held and conducted for such purpose, <br /> <br />3. The proceeds of the Bonds shall include such related and necessary <br />issuance expenses, administrative costs and debt service reserves as may be required to <br />accomplish successfully the financing, <br /> <br />4, The Authority declares the issuance of the Bonds to be an emergency <br />matter within the meaning of Section 34292 of the California Health and Safety Code. <br /> <br />5, The Authority hereby finds that the issuance of the Bonds is a <br />substantial inducement to the Developer to acquire and rehabilitate the Project. <br /> <br />6, The Developer shall be responsible for the payment of all present and <br />future costs in connection with the issuance of the Bonds, including, but not limited to, any <br />fees and expenses incurred by the Authority in anticipation of the issuance of the Bonds, the <br />costs of printing an official statement, rating agency costs, bond counsel fees and expenses, <br />financial advisor fees and expenses, underwriting discount and costs, trustee fees and <br />expenses, and the cost of printing the Bonds. <br /> <br />7, The payment ofthe principal, redemption premium, if any, and purchase <br />price of and interest on the Bonds shall be the sole responsibility of the Developer, and the <br />payment of such amounts shall be insured by bond insurance provided by an insurance <br />company acceptable to the Authority or secured by a letter of credit issued by a financial <br />institution acceptable to the Authority or other third party credit enhancement. 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 the Authority <br />are hereby authorized, for and in the name of and on behalf of the Authority, to make an <br />application to the California Debt Limit Allocation Committee for an allocation of private <br />activity bonds for a multifamily rental housing bond project and to execute and deliver an <br />appropriate agreement with the Developer with respect to any deposit required in connection <br />therewith, <br /> <br />9, This resolution is being adopted by the Authority solely for purposes <br />of establishing compliance with the requirements of Section 1,1 03-8(a)(5) and <br />Section 1,150-2 of the Treasury Regulations, In that regard, the Authority hereby declares <br />its official intent to use proceeds of Bonds to reimburse the Reimbursement Expenditures, <br /> <br />LA 1.89670.1 <br /> <br />2 <br />