1997-06 HA - Laserfiche WebLink

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. NOW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of Santa Ana, as follows: 1. The Authority hereby declares its present intention to Bonds pursuant to the procedures specified in the Law in an principal amount not to exceed $8,000,000 for the purposes of financing for the acquisition and rehabilitation of the Project. issue the aggregate providing 2. The issuance and sale of the Bonds shall be upon such terrns and conditions as rnay be rnutually agreed upon by the Authority, the Developer and the purchasers of said Bonds, and shall be authorized by resolution of the Authority at a meeting duly held and conducted for such purposes. 3. issuance required The proceeds of the Bonds shall include such related and necessary expenses, administrative costs and debt service reserves as rnay be to accomplish successfully the financing. 4. The Authority declares the issuance of matter within the meaning of Section 34292 of the Code. the Bonds to be an emergency California Health and Safety 5. The Authority hereby substantial inducement to the Project. 6. The Developer shall be responsible for the payment of all present and future costs in connection with the issuance of the Bonds, including, but not limited to, any fees and expenses incurred by the Authority in . anticipation of the issuance of the Bonds, the costs of printing an official staternent, rating agency costs, bond counsel fees and expenses, financial advisor fees and expenses, underwriting discount and costs, trustee fees and expenses, and the cost of printing the Bonds. finds that the issuance of the Bonds in a Developer to acquire and rehabilitate the 7. The payment of the principal, redernption premium, if any, and purchase price of and interest on the Bonds shall be the sole responsibility of the Developer, and the payment of such amounts shall be insured by bond insurance provided by an insurance cornpany acceptable to the Authority or secured by a letter of credit issued by a financial institution acceptable to the Authority or other third-party credit enhancement. The Bond shall not constitute a debt or obligation of the Authority. 8. The Executive Director and the appropriate officers or staff of the Authority are hereby authorized for and in the name of and on behalf of the Authority, to make an application to the California Debt Limit Allocation Committee for an allocation of private activity bonds for the project and to execute and deliver an appropriate agreement with the Developer with respect to any deposit required in connection therewith. 9. This resolution is being adopted by the Authority for purposes of establishing cornpliance with the requirernents of Section 1.103-8 (a) (5) and Section 1.105-2 of the Treasury Regulations. In that regard, the Authority hereby declares its official intent to use proceeds of Bonds to reimburse the Reimbursement Expenditures. .