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<br />RESOLUTION NO. HA 2007-003 <br /> <br />RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE ISSUANCE <br />AND DELIVERY OF MULTIFAMilY HOUSING REVENUE <br />BONDS, AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A PLEDGE AND ASSIGNMENT <br />AGREEMENT, AN AGENCY AGREEMENT AND A <br />REGULATORY AGREEMENT, AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AND APPROVING <br />OTHER RELATED DOCUMENTS AND APPROVING <br />OTHER RELATED ACTIONS IN CONNECTION <br />THEREWITH <br /> <br />BE IT RESOLVED BY THE MEMBERS OF THE HOUSING AUTHORITY OF THE CITY <br />OF SANTA ANA, AS FOllOWS: <br /> <br />Section 1. The Housing Authority of the City of Santa Ana conclusively finds, <br />determines and declares as follows: <br /> <br />A. The Housing Authority of the City of Santa Ana (the "Authority") is authorized by <br />Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of <br />California (the "Act"), to (a) to issue revenue bonds for the purpose of financing the <br />acquisition, construction/rehabilitation and development of multifamily rental housing; <br />(b) to enter into agreements for the purpose of providing revenues to pay such revenue <br />bonds upon such terms and conditions as the Authority may deem advisable; and (c) to <br />secure the payment of such revenue bonds. <br /> <br />B. Wilshire & Minnie, lP, a California limited partnership (the "Borrower") has <br />requested that the Authority issue multifamily housing revenue bonds (the "Bonds") <br />under the Act for the purpose of financing the Borrower's acquisition and rehabilitation <br />of 144-units of multifamily housing rental facilities located at 1201-1233 Wilshire <br />Avenue and at 1401-1439 S. Minnie Street (the "Project"), in the City of Santa Ana, <br />California (hereinafter referred to as the "Program"). <br /> <br />C. The City Council of the City of Santa Ana, following a properly noticed public <br />hearing, previously authorized issuance of the Bonds by the Authority, subject to <br />subsequent approval by the Authority of the various documents related to the financing. <br /> <br />D. The Borrower has requested that the Authority authorize by resolution (the <br />"Resolution") the issuance and delivery of the Bonds in an aggregate principal amount <br />not to exceed $16,000,000 and designated as the "Housing Authority of the City of <br />Santa Ana Multifamily Housing Revenue Bond (Wilshire & Minnie Apartments) 2007 <br />Series A". <br /> <br />Resolution No. HA 2007-003 <br />Page 1 of4 <br />