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. . RESOLUTION 97-06 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 1 (the "Law") for the purpose of providing financing for the acquisition and development of rnultifamily residential rental projects located within the Authority's jurisdiction; and WHEREAS, PA Heritage Village, a California lirnited 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/or reimbursing the Developer for the acquisition and rehabilitation of certain land and facilities consisting of a 123-unit rnultifamily residential rental project and underlying land and related and appurtenant facilities located at 2833 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 rnay pay certain expenditures (the "Reimbursement Expenditures") in connection with the Project within 60 days prior to the adoption of this resolution and prior to . the issuance of the bonds for the purpose of financing costs associated with the Project on a long-term basis; and WHEREAS, in order for the interest on the Bonds to be excluded frorn the gross incornes of the purchasers thereof for purposes of federal incorne 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 Lirnit Allocation conunittee ("CDLAC"), and for the Executive Director of the Authority to obtain and hold a deposit frorn the Developer in the arnount required by CDLAC; and 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 Reimbursernent 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 Treasury Regulations require the Authority to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing; and WHEREAS, the Authority has determined, pursuant to Section 34292 of the Health and Safety Code of the State of California (the "Housing Authorities Law") that the issuance and delivery of the bonds and the execution and delivery of related documents, and the adoption of this resolution is an "ernergency rnatter" within the meaning of the Housing Authorities Law without . the need for the review by or reconunendations of the Redevelopment and Housing Conunission.