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<br />RESOLUTION NO. HA 2006-004 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA DECLARING ITS INTENTION TO <br />REIMBURSE EXPENDITURES FROM THE PROCEEDS <br />OF TAX-EXEMPT OBLIGATIONS AND DIRECTING <br />CERTAIN ACTIONS WITH REGARD TO FINANCING THE <br />ACQUISITION AND REHABILITATION OF SEVENTEEN <br />PROPERTIES LOCATED AT 1201, 1209, 1213, 1221, <br />1225,1229, AND 1233 E. WILSHIRE AVENUE AND 1401, <br />1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439 <br />S. MINNIE STREET IN THE CITY OF SANTA ANA <br /> <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA, AS FOLLOWS: <br /> <br />Section 1: The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br /> <br />A. The Housing Authority of the City of Santa Ana (the "Authority") intends to <br />issue tax-exempt obligations (the "Obligations") for the purpose, among other <br />things, of making a loan to Wilshire/Minnie, L.P., a California limited <br />partnership (the "Developer"), formed by Orange Housing Development <br />Corporation, a California nonprofit public benefit corporation and C&C <br />Development Company, LLC, the proceeds of which shall be used by the <br />Developer to finance the acquisition, rehabilitation and development of <br />seventeen apartment buildings with multifamily rental housing located at <br />1201, 1209, 1213, 1221, 1225, 1229, and 1233 E. Wilshire Avenue and <br />1401,1403,1409,1413,1421,1425,1429,1433,1437, and 1439 S. Minnie <br />Street in the City of Santa Ana in the City of Santa Ana, California (the <br />"Project"). <br /> <br />B. United States Income Tax Regulations section 1.103-18 provides generally <br />that proceeds of tax-exempt debt are not deemed to be expended when such <br />proceeds are used for reimbursement of expenditures made prior to the date <br />of issuance of such debt unless certain procedures are followed, among <br />which is a requirement that (with certain exceptions), prior to the payment of <br />any such expenditure, the issuer must declare an intention to reimburse such <br />expenditure. <br /> <br />C It is in the public interest and for the public benefit that the Authority declares <br />its official intent to reimburse the expenditures referenced herein. <br /> <br />Section 2: The Authority intends to issue the Obligations for the purpose of <br />paying the costs of financing the acquisition, rehabilitation and development of the <br />Project. <br /> <br />Section 3: The Authority hereby declares that it reasonably expects that a <br />portion of the proceeds of the Obligations will be used for reimbursement of <br />Resolution No. HA 2006-004 <br />Page 1 of 3 <br />