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<br />12/11/06 les <br /> <br />RESOLUTION NO. 2006-088 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE BY THE <br />HOUSING AUTHORITY OF THE CITY OF SANTA ANA OF <br />MULTIFAMILY HOUSING REVENUE BONDS IN AN <br />AMOUNT NOT TO EXCEED FIFTEEN MILLION FIVE <br />HUNDRED THOUSAND DOLLARS FOR THE PURPOSE <br />OF FINANCING THE ACQUISITION AND <br />REHABILITATION OF SEVENTEEN BUILDINGS OF <br />MULTIFAMILY RENTAL HOUSING BY WILSHIRE/MINNIE, <br />LP <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 <br />Health and Safety Code of the State of California (the "Law"), to issue and <br />sell revenue bonds for the purpose of financing the acquisition, construction, <br />rehabilitation and development of multifamily rental housing for families and <br />individuals of low and very low income. <br /> <br />B. Orange Housing Development Corporation, a California nonprofit public <br />benefit corporation, on behalf of Wilshire/Minnie, LP., a California limited <br />partnership, formed by Orange Housing Development Corporation and C&C <br />Development Company LLC, has requested the Authority to issue and sell <br />revenue bonds in an expected principal amount of $15,500,000 (the "Bonds") <br />pursuant to the procedures specified in the Law for the purpose of providing <br />financing for the acquisition and rehabilitation of 164-units of multifamily <br />rental housing located at 1201,1209,1213,1221,1225,1229, and 1233 E. <br />Wilshire Avenue and 1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, <br />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 <br />"Code"), and Section 147(f) of the Code requires that the "applicable elected <br />representatives" with respect to the Authority hold a public hearing with <br />respect to the issuance of the Bonds. <br /> <br />D. 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 />Resolution No. 2006-088 <br />Page 1 of 3 <br />