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<br />- <br /> <br />. <br /> <br />. <br /> <br />.. <br /> <br />< ~)- <br />, '---t'<'), <br />} / f...! <br />" <br />, <br /> <br />f <br /> <br />. <br /> <br />RESOLUTION NO. 96-02 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF <br />SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY <br />OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE <br />REFUNDING BONDS FOR THE VINTAGE APARTMENTS, APPROVING <br />AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED <br />DOCUMENTS AND APPROVING ACTIONS IN CONNECTION THEREWITH <br /> <br />WHEREAS, Article 11 of Chapter 3 of Part 1 of Division 2 of <br />Title 5 of the Government Code of the State of California <br />(the"Act") authorizes a local agency to incur indebtedness for <br />the purpose of refunding outstanding bonds of the local agency, <br />and the Act provides a complete, additional and alternative <br />method for such refinancing; <br /> <br />WHEREAS, the Housing Authority of the City of Santa Ana (the <br />"Authority") has heretofore issued its $8,400,000 Variable Rate <br />Demand Multifamily Housing Revenue Bonds, (Vintage Apartments <br />Project) 1986 Series A (the IIprior Bonds") to finance the <br />acquisition and construction of a multifamily rental housing <br />project known as Vintage Apartments located at 3820 West Fifth <br />Street in the City of Santa Ana, California (the Multifamily <br />Facilities"); <br /> <br />WHEREAS, Vintage Apartments, a California general <br />partnership (the IIBorrower") is the current owner of the <br />multifamily facilities, and has requested that the Authority <br />issue and sell the Bonds (hereinafter defined) for the purpose of <br />refunding the Prior Bonds and thereby refinancing the multifamily <br />facilities¡ and <br /> <br />WHEREAS, all conditions, things and acts required to exist, <br />to have happened and to have been performed under the Act <br />precedent to and in the issuance of the Bonds, the refunding of <br />the Prior Bonds and the refinancing of the multifamily facilities <br />as contemplated by this resolution and the documents referred to <br />herein exist, have happened and have been performed in due time, <br />form and rnanner as required by the laws of the State'of <br />California, including the Act, and the Authority now desires to <br />approve the issuance of the Bonds and related documents and <br />actions as set forth below. <br /> <br />NOW, THEREFORE, the Governing Board of the Housing Authority <br />of the City of Santa Ana resolves as follows: <br /> <br />section 1. The Authority hereby finds and declares that the <br />above recitals are true and correct. <br /> <br />section 2. Pursuant to the Act and the Indenture <br />(hereinafter defined), revenue bonds of the Authority, designated <br />as "Housing Authority of the City of Santa Ana Variable Rate <br />Demand Multifamily Housing Revenue Refunding Bonds, 1996 Series A <br />