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<br />12/11/06 les <br /> <br />RESOLUTION NO. 2006-_ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA OF MULTIFAMILY HOUSING REVENUE BONDS <br />IN AN AMOUNT NOT TO EXCEED FIFTEEN MILLION FIVE HUNDRED <br />THOUSAND DOLLARS FOR THE PURPOSE OF FINANCING THE <br />ACQUISITION AND REHABILITATION OF SEVENTEEN BUILDINGS OF <br />MULTIFAMILY RENTAL HOUSING BY WILSHIRE/MINNIE, L.P. <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 Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of the Health <br />and Safety Code of the State of California (the "Law"), to issue and sell revenue bonds <br />for the purpose of financing the acquisition, construction, rehabilitation and <br />development of multifamily rental housing for families and individuals of low and very <br />low income. <br /> <br />B. Orange Housing Development Corporation, a California nonprofit public <br />benefit corporation, on behalf of Wilshire/Minnie, L.P., a California limited partnership, <br />formed by Orange Housing Development Corporation and C&C Development Company <br />LLC, has requested the Authority to issue and sell revenue bonds in an expected <br />principal amount of $15,500,000 (the "Bonds") pursuant to the procedures specified in <br />the Law for the purpose of providing financing for the acquisition and rehabilitation of <br />164-units of multifamily rental housing located at 1201,1209,1213,1221,1225,1229, <br />and 1233 E. Wilshire Avenue and 1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, <br />1437, and 1439 S. Minnie Street in the City of Santa Ana, California (the "Project"), <br />located within the area of operation of the Authority. <br /> <br />C. 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 />D. The Authority has determined that the City Council of the City of Santa Ana <br />is the "applicable elected representatives" to hold said public hearing. <br /> <br />E. 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 therefore. <br /> <br />F. The Project is located wholly within the geographic jurisdiction of the City. <br /> <br />808-8 <br />