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