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PUBLIC HEARINGS Public hearing to consider approval of the issuance by the Housing Authority of the City of Santa Ana (the "Authority") of multifamily housing revenue bonds (the "Bonds") in a principal amount not to exceed Six Million Dollars ($6,000,000) to assist in the permanent financing of the acquisition and rehabilitation of a 170-units of multifamily rental housing development known as Minnie Street Apartments (the "Project"). The Project is to be located at 1002, 1006, 1010, 1014, 1018, 1022, 1026, 1114, 1118, 1021, 1025, 1030, 1102, 1121 and 1125 South Minnie Street The owner of the Project will be Orange Housing Development Corporation, a nonprofit corporation. The Bonds will not constitute an indebtedness or obligation, or a pledge of the faith and credit of, the City or the Authority. The Bonds are limited obligations of the Authority, payable solely from the revenues of the Project Legal Notice published in the Orange County Reqister on June 3 and 8, 2001 Presentation of staff report by John Reekstin, Executive Director, Community Development Agency Presentation of written communications by the Clerk of the Council: None Public Hearing: No Speakers; public hearing closed Motion: Adopt resolution. RESOLUTION NO. 2001-040 - A resolution of the City Council of the City of Santa Ana approving the issuance of multifamily housing revenue Bonds by the Housing Authority of the City of Santa Ana for the purpose of financing the acquisition and rehabilitation of Minnie Street Apartments - Community Development Agency MOTION: Alvarez SECOND: Christy VOTE: AYES: Alvarez, Christy, Franklin,McGuigan, Solorio (5) NOES: None (0) ABSENT: Bist, Pulido (2) Mayor Pulido returned to the meeting at 7:25 p.m. COUNCIL RECESSED TO THE COMMUNITY REDEVELOPMENT AGENCY AT 7:25 P.M. AND RECONVENED AT 7:28 WITH THE SAME COUNCILMEMBERS PRESENT CITY COUNCIL MINUTES 241 JUNE 18, 2001