Laserfiche WebLink
<br />. <br /> <br />8 <br /> <br />. <br /> <br />'/ . <br /> <br />4. The foregoing declaration is consistent with the budgetary <br />and financial circumstances of the Authority in that there are no <br />funds (other than proceeds of the Obligations) that are reasonably <br />expected to be (i) reserved, (ii) allocated or (iii) otherwise set <br />aside, on a long-term basis, by or on behalf of the Authority, or any <br />public entity controlled by the Authority, for the expenditures for <br />the acquisition and rehabilitation of the Project that are expected to <br />be reimbursed from the proceeds of the Obligations. <br /> <br />5. The Developer shall be responsible for the payment of all <br />present and future costs in connection with the issuance of the <br />Obligations, including, but not limited to, any fees and expenses <br />incurred by the Authority in anticipation of the issuance of the <br />Obligations, the cost of printing any official staternent, rating <br />agency costs, bond counsel fees and expenses, underwriting discount <br />and costs, trustee fees and expense, and the costs of printing the <br />Obligations. The payment of the principal, redemption prernium, if <br />any, and purchase price of and interest on the Obligations shall be <br />solely the responsibility of the Developer. The Obligations shall not <br />constitute a debt or obligation of the Authority. <br /> <br />6. The law firm of Jones Hall, A Professional Law Corporation, <br />is hereby named as bond counsel to the Authority in connection with <br />the issuance of the Obligations. The fees and expense of bond <br />counsel and any financial advisor employed by the Authority in <br />connection with the issuance of the Obligations are to be paid solely <br />frorn the proceeds of the Obligations or directly by the Developer. <br /> <br />7. The appropriate officers or staff of the Authority are <br />hereby authorized, for and in the name of and on behalf of the <br />Authority, to rnake an application to the California Debt Lirnit <br />Allocation Conunittee for an allocation of private activity bonds for <br />the financing of the Project. <br /> <br />8. The adoption of this Resolution shall not obligate (i) the <br />Authority to provide financing to the Developer for the acquisition, <br />rehabilitation and development of the Project or to issue the <br />Obligations for purposes of such financing; or (ii) the Authority, of <br />or any department of the Authority or the City of Santa Ana to approve <br />any application or request for, or take any other action in connection <br />with, any environmental, General Plan, zoning or any other permit or <br />other action necessary for the acquisition, rehabilitation, <br />development or operation of the Project. <br /> <br />-2- <br />