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<br />9/27/06 les <br /> <br />RESOLUTION 2006-078 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE OF <br />MULTIFAMILY HOUSING REVENUE REFUNDING BONDS <br />BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />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 <br />authorized by Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government <br />Code of the State of California (the " Law") , to issue and sell refunding revenue bonds <br />for the 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 <br />Santa Ana Multifamily Housing Revenue Bonds (City Gardens Apartments, 1996 Series <br />C in 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 <br />"Owner") has requested the Authority to issue and sell refunding revenue bonds (the <br />"Bonds") pursuant to the procedures specified in the Law for the purpose of refunding <br />the Prior 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 <br />Ana is 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 <br />Code, and this City Council has heretofore held such public hearing at which all <br /> <br />Resolution No. 2006-078 <br />Page 1 of 3 <br />