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. . e RESOLUTION NO. 96-05 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF CITY GARDENS APARTMENTS, APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND APPROVING ACTIONS IN CONNECTION THEREWITH WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of the Health and Safety Code of the State of California (the "Act"), to issue and sell its revenue bonds for the purpose of financing the acquisition, construction, rehabilitation or development of multifamily rental housing for farnilies and individuals of low- and very-low income; and WHEREAS, Bristol Associates I, A California Lirnited Partnership (the "Developer") has requested the Authority to issue and sell revenue bonds (the "Bonds") pursuant to the procedures specified in the Act for the purpose of providing for permanent financing of the acquisition and rehabilitation by the Developer 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 N. Bristol Avenue in the city of Santa Ana, California (the "Project"); and WHEREAS, the proceeds of the Bonds will be used to provide funds for a mortgage loan by Washington Capital DUS, Inc. (the "Lender") to the Developer; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed under the Act precedent to and in the issuance of the Bonds and the financing of the acquisition and rehabilitation of the Project as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the state of California, including the Act, and the Authority now desires to approve the issuance of the Bonds and related documents and actions as set forth below. NOW, THEREFORE, the Governing Board of the Housing Authority of the City of Santa Ana resolves as follows: Section 1. The Authority hereby finds and declares that the above recitals are true and correct. Section 2. Pursuant to the Act and the Indenture (hereinafter defined), revenue bonds of the Authority, designated as "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bonds (City Gardens Apartments) 1996 Series "C" in an aggregate principal 11/7/96 10:35 AM