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8 8 8 RESOLUTION NO. 2001-04 RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA REAUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE, A FINANCING AGREEMENT, A REGULATORY AGREEMENT, A PRELIMINARY OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED 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 of the Health and Safety Code of the State of California (the "Act"), to (a) to issue revenue bonds for the purpose of financing the construction, development or rehabilitation of multifamily rental housing; (b) to enter into agreements for the purpose of providing revenues to pay such revenue bonds upon such terms and conditions as the Authority may deem advisable; and (c) to secure the payment of such revenue bonds; and WHEREAS, Wakeham-Grant Apartments, L.P" a California limited partnership (the "Borrower') has requested that the Authority issue the bonds described in the following clause (the "Bonds") under the Act for the purpose (hereinafter referred to as the "Program") of financing the Borrower's acquisition, development and rehabilitation of a 127-unit multifamily housing rental project (the "Project") located in the City of Santa Ana, California; and WHEREAS, on March 5, 2001, the City Council of the City of Santa Ana, following a properly noticed public hearing, authorized issuance of the Bonds by the Authority, subject to subsequent approval by the Authority of the various documents related to the financing; and WHEREAS, the Authority on July 16, 2001 authorized by resolution (the "Original Resolution") the issuance and delivery of the Bonds in an aggregate principal amount not to exceed $8,155,000, and designated as the "Housing Authority of the City of Santa Ana Multifamily Housing Revenue Bond (Cornerstone Village Apartments) 2001 Series B" (the "Bonds"); and WHEREAS, the Borrower has requested that the Authority proceed with a financing structure that is substantially different than the financing structure approved by the Authority in the Original Resolution, which financing structure requires the execution and delivery of a trust indenture and a bond purchase agreement and the preparation of a preliminary official statement; and