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2001-05 HA
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Last modified
1/3/2012 12:20:00 PM
Creation date
2/28/2005 4:08:08 PM
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City Clerk
Doc Type
Resolution
Doc #
HA 2001-05
Date
10/1/2001
Destruction Year
PERM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 2001-05 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY <br />OF SANTA ANA DECLARING ITS INTENTION TO REIMBURSE <br />EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT <br />OBLIGATIONS AND DIRECTING CERTAIN ACTIONS <br /> <br />WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") intends to <br />issue tax-exempt obligations (the "Obligations") for the purpose, among other things, of making <br />a loan to Providence Housing L.L.C" or a limited partnership or a limited liability company to be <br />formed by such entity (the "Developer"), the proceeds of which shall be used by the Developer <br />to finance the acquisition, rehabilitation and development of a 200-unit multifamily housing <br />facility to be located at 1401 North Flower Street, Santa Ana, Califomia and to be commonly <br />known as Wycliffe Plaza Apartments (the "Project"); and <br /> <br />WHEREAS, United States Income Tax Regulations section 1,103-18 provides generally <br />that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are <br />used for reimbursement of expenditures made prior to the date of issuance of such debt <br />unless certain procedures are followed, among which is a requirement that (with certain <br />exceptions), prior to the payment of any such expenditure, the issuer must declare an intention <br />to reimburse such expenditure; and <br /> <br />WHEREAS, it is in the public interest and for the public benefit that the Authority <br />declare its official intent to reimburse the expenditures referenced herein; <br /> <br />WHEREAS, the Authority has determined, pursuant to Section 34292 of the Health and <br />Safety Code of the State of California (the "Housing Authorities Law") that the issuance and <br />delivery of the bonds and the execution and delivery of related documents, and the adoption of <br />this resolution is an "emergency matter" within the meaning of the Housing Authorities Law <br />without benefit of the review by or recommendations of the Redevelopment and Housing <br />Commission, . <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the Housing Authority of the City of Santa <br />Ana DECLARES and ORDERS as follows: <br /> <br />1, The Authority intends to issue the Obligations for the purpose of paying the <br />costs of financing the acquisition, rehabilitation and development of the Project. <br /> <br />2, The Authority hereby declares that it reasonably expects that a portion of the <br />proceeds of the Obligations will be used for reimbursement of expenditures for the acquisition, <br />rehabilitation and development of the Project that are paid before the date of initial execution <br />and delivery of the Obligations. <br /> <br />3, The maximum amount of proceeds of the Obligations to be used for <br />reimbursement of expenditures for the acquisition, rehabilitation and development of the <br />Project that are paid before the date of initial execution and delivery of the Obligations is not to <br />exceed $17,000,000. <br />
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