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<br />11/22/05 LES <br /> <br />RESOLUTION NO. HA 2005-001 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA DECLARING ITS INTENTION TO <br />REIMBURSE EXPENDITURES FROM THE PROCEEDS OF <br />TAX-EXEMPT OBLIGATIONS AND DIRECTING CERTAIN ACTIONS <br /> <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />Section 1: The Board of the Housing Authority of the City of Santa Ana hereby finds, <br />determines and declares as follows: <br /> <br />A. The Housing Authority of the City of Santa Ana (the "Authority") intends to issue <br />tax-exempt obligations (the "Obligations") for the purpose, among other things, of making a <br />loan to Ross & Durant, L.P., a partnership of Orange Housing Development Corporation <br />(OHDC) and C&C R&D, LLC, the Limited Tax Credit Equity Partner (the "Developer"), the <br />proceeds of which shall be used by the Developer to finance the acquisition and <br />rehabilitation of two multifamily properties located at 1501 N. Ross,1401 and 1411 N. <br />Durant (Exhibit 1), in the Willard Neighborhood (the "Project"). The effect of the rehabilitation <br />will be increased larger family units (18 one-bedroom units, 16 two-bedroom units and 15 <br />three-bedroom units) and reduced overall density. <br /> <br />B. United States Income Tax Regulations section 1.103-18 provides generally that <br />proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used <br />for reimbursement of expenditures made prior to the date of issuance of such debt unless <br />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 <br />intention to reimburse such expenditure; and <br /> <br />C. It is in the public interest and for the public benefit that the Authority declares its <br />official intent to reimburse the expenditures referenced herein; <br /> <br />Section 2. 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 />Section 3. 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 and <br />delivery of the Obligations. <br /> <br />Section 4. The maximum amount of proceeds of the Obligations to be used for <br />reimbursement of expenditures for the acquisition, rehabilitation and development of the Project <br />