1996-03 HA - Laserfiche WebLink

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. . - " , . . RESOLUTION NO. 96-03 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA RELATING TO THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT AND RELATED FACILITIES WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is authorized to issue bonds pursuant to the provisions of California Health and Safety Code, Division 24, Part 2, Chapter I (the "Law") for the purpose of providing financing for the acquisition and development of multifamily residential rental projects located within the Authority's jurisdiction; and WHEREAS, Bristol Associates I, a California limited partnership, and its successors and assigns (the "Developer"), has requested the Authority to issue and sell its revenue bonds (the "Bonds") pursuant to the procedures specified in the Law for the purpose of financing and I or reimbursing the Developer for the acquisition and rehabilitation of certain land and facilities consisting of a 274-unit multifamily residential rental project and underlying land and related and appurtenant facilities located at 2901 North Bristol Avenue in the City of Santa Ana (the "Project"); and WHEREAS, the Authority, in the course of assisting the Developer in the financing of the Project expects that the Developer has paid or may pay certain expenditures (the "Reimbursement Expenditures") in connection with the Project witlUn 60 days prior to the adoption of this Resolution and prior to the issuance of the Bonds for the purpose of fmancing costs associated with the Project on a long-tenn basis; and WHEREAS, in order for the interest on the Bonds to be excluded from the gross incomes of the purchasers thereof for purposes of federal income taxation, it will be necessary for the Executive Director of the Authority to submit a request for allocation for the Bonds to the California Debt Limit Allocation ConmúUee ("CDLAC"), and for the Executive Director of the Authority to obtain and hold a deposit nom the Developer in the amount required by CDLAC; and "'.- 'I WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes of the Authority that the Authority authorize the Bonds for the aforesaid purpose, including reimbursement of the Reimbursement Expenditures, and the application to the State for an allocation for the Bonds; and WHEREAS, Section 1.103-8(a)(5) and Section 1.105-2 of the Treaswy Regulations require the Authority to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent bOITowing, NOW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of Santa Ana, as follows: