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P. H. - Issuance of Tax Exempt <br />Bonds for City Gardens Apartments <br />October 16, 2006 <br />Page 2 <br />refunding of the bonds, the existing affordability requirement will be <br />extended to December 19, 2011, and will help preserve this affordable <br />housing option. <br />Prior to bonds being sold, the legislative body within the jurisdiction <br />where the project is located must hold a public hearing at which time the <br />public may discuss the project and the issuance of the bonds. On October <br />1, 2006, notification of the public hearing was published in the Orange <br />County Register. <br />FISCAL IMPACT <br />There are no fiscal or economic liabilities or obligations assumed or <br />imposed upon the City of Santa Ana as a result of the public hearing or <br />the adoption of the resolution. <br />,/ <br />Stephen G. H rding <br />Deputy City anager for <br />Development Services <br />SGH/TG/mlr <br />H: \ACTIONS\2006 CC\PH - IssuTaxExBOnds CityGardens 10-16-06.doc <br />75E-2 <br />