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<br />9/27/06 les <br /> <br />RESOLUTION <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE <br />REFUNDING BONDS BY THE HOUSING AUTHORITY OF THE CITY OF <br />SANTA ANA FOR THE PURPOSE OF REFINANCING THE <br />ACQUISITION AND REHABILITATION OF CITY GARDENS <br />APARTMENTS <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 "Authority") is authorized <br />by Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of <br />the State of California (the "Law"), to issue and sell refunding revenue bonds for the <br />purpose of refunding outstanding bonds of the Authority, and the Law provides a <br />complete, additional and alternative method for such financing, <br /> <br />B. The Authority has previously issued its Housing Authority of the City of Santa <br />Ana Multifamily Housing Revenue Bonds (City Gardens Apartments, 1996 Series C in <br />the original principal amount of $10,425,000 (the "Prior Bonds") for the purpose of <br />providing financing for the acquisition and rehabilitation of a 274-unit multifamily <br />residential rental project and underlying land and related and appurtenant facilities <br />located at 2901 N. Bristol Avenue in the City of Santa Ana, California and known as City <br />Gardens Apartments (the "Project"), located within the area of operation of the <br />Authority. <br /> <br />C. L1NC-Bristol Associates I L.P., a California limited partnership (the "Owner") <br />has requested the Authority to issue and sell refunding revenue bonds (the "Bonds") <br />pursuant to the procedures specified in the Law for the purpose of refunding the Prior <br />Bonds. <br /> <br />D. The Bonds will be considered to be "qualified exempt facility bonds" under <br />Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), and <br />Section 147(f) of the Code requires that the "applicable elected representatives" with <br />respect to the Authority hold a public hearing with respect to the issuance of the Bonds. <br /> <br />E. The Authority has determined that the City Council of the City of Santa Ana is <br />the "applicable elected representatives" to hold said public hearing. <br /> <br />F. Notice of said public hearing has been duly given as required by the Code, <br />and this City Council has heretofore held such public hearing at which all interested <br />persons were given an opportunity to be heard on all matters relative to the financing <br />and operation of the Project and the Authority's issuance of the Bonds. <br /> <br />1 <br />75E-4 <br />