Laserfiche WebLink
<br />RESOLUTION NO. HA 2006-002 <br /> <br />RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE ISSUANCE <br />AND DELIVERY OF MULTIFAMILY HOUSING REVENUE <br />BONDS, AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A PLEDGE AND ASSIGNMENT <br />AGREEMENT, AN AGENCY AGREEMENT AND A <br />REGULATORY AGREEMENT, AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AND APPROVING <br />OTHER RELATED DOCUMENTS AND APPROVING <br />OTHER RELATED ACTIONS IN CONNECTION <br />THEREWITH <br /> <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA, AS FOLLOWS: <br /> <br />Section 1: The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br /> <br />A. The Housing Authority of the City of Santa Ana (the "Authority") is <br />authorized by Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the <br />State of California (the "Act"), to (a) to issue revenue bonds for the purpose of financing <br />the acquisition, construction/rehabilitation and development of multifamily rental <br />housing; (b) to enter into agreements for the purpose of providing revenues to pay such <br />revenue bonds upon such terms and conditions as the Authority may deem advisable; <br />and (c) to secure the payment of such revenue bonds. <br /> <br />B. Ross & Durant, L.P., a California limited partnership (the "Borrower") has <br />requested that the Authority issue multifamily housing revenue bonds (the "Bonds") <br />under the Act for the purpose of financing the Borrower's acquisition and rehabilitation <br />of two 24-unit multifamily housing rental projects (the "Project") located in the City of <br />Santa Ana, California (hereinafter referred to as the "Program"). <br /> <br />C. The City Council of the City of Santa Ana, following a properly noticed <br />public hearing, previously authorized issuance of the Bonds by the Authority, subject to <br />subsequent approval by the Authority of the various documents related to the financing. <br /> <br />D. The Borrower has requested that the Authority authorize by resolution (the <br />"Resolution") the issuance and delivery of the Bonds in an aggregate principal amount <br />not to exceed $7,343,904 and designated as the "Housing Authority of the City of Santa <br />Ana Multifamily Housing Revenue Bond (Ross & Durant Apartments) 2006 Series A". <br /> <br />E. The Borrower has requested that the Authority execute and deliver a <br />pledge and assignment agreement, an agency agreement and a regulatory agreement <br />and declaration of restrictive in connection with the issuance and delivery of the Bonds. <br /> <br />F. The Authority hereby finds and declares that this Resolution is being <br />adopted pursuant to the powers granted by the Act. <br /> <br />Resolution No. HA 2006-002 <br />Page 1 of4 <br />