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<br />11/21/05LES <br /> <br />RESOLUTION NO. 2005-120 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA APPROVING THE ISSUANCE <br />OF MULTIFAMILY HOUSING REVENUE BONDS BY <br />THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA FOR THE PURPOSE OF FINANCING THE <br />ACQUISITION AND REHABILITATION OF MULTIFAMILY <br />RENTAL HOUSING FACILITIES <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br /> <br />A. The Housing Authority of the City of Santa Ana (the <br />"Authority") is authorized by Chapter 1 of Part 2 of Division 24 <br />(commencing with Section 34200) of the Health and Safety <br />Code of the State of California (the "Law"), to issue and sell <br />its revenue bonds for the purpose of financing the acquisition, <br />construction, rehabilitation or development of multifamily rental <br />housing for families and individuals of low and very low <br />income. <br /> <br />B. Ross & Durant, L.P., a California limited partnership, or a <br />limited partnership or a limited liability company to be formed <br />by Orange Housing Development Corporation, a California <br />nonprofit public benefit corporation (the "Developer"), has <br />requested the Authority to issue and sell revenue bonds in a <br />principal amount not to exceed ten million dollars <br />($10,000,000) (the "Bonds") pursuant to the procedures <br />specified in the Law for the purpose of financing the <br />acquisition and rehabilitation by the Developer of certain land <br />and facilities consisting of a 30-unit multifamily rental housing <br />development located at 1501 N. Ross Street, Santa Ana, <br />California, a 35-unit multifamily rental housing development <br />located at 1411 N. Durant Street, Santa Ana, California and a <br />single family structure located at 1401 N. Durant Street, Santa <br />Ana, California (collectively, the "Project"). <br /> <br />C. The Bonds will be considered to be "qualified exempt facility <br />bonds" under Section 142 (a) of the Internal Revenue Code of <br />1986, as amended (the "Code"), and Section 147(f) of the <br />Code requires that the "applicable elected representatives" <br /> <br />Resolution No. 2005-120 <br />Page 1 of 3 <br />