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<br />RESOLUTION NO. HA 2007-002 <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 <br /> <br />BE IT RESOLVED BY THE MEMBERS OF THE HOUSING AUTHORITY OF <br />THE CITY 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") intends to <br />issue tax-exempt obligations (the "Obligations") for the purpose, among <br />other things, of making a loan to Northwood Associates, L.P., a California <br />limited partnership, or such other limited partnership or a limited liability <br />company to be formed by WNC and Associates (the "Developer"), the <br />proceeds of which shall be used by the Developer to finance the <br />acquisition, rehabilitation and development of 200-units of multifamily <br />rental housing commonly known as the Rosswood Villa Apartments <br />located at 100 North Ross Street in the City of Santa Ana, California (the <br />"Project"). <br /> <br />B. United States Income Tax Regulations section 1.103-18 provides <br />generally that proceeds of tax-exempt debt are not deemed to be <br />expended when such proceeds are used for reimbursement of <br />expenditures made prior to the date of issuance of such debt unless <br />certain procedures are followed, among which is a requirement that (with <br />certain exceptions), prior to the payment of any such expenditure, the <br />issuer must declare an intention to reimburse such expenditure. <br /> <br />C. It is in the public interest and for the public benefit that the Authority <br />declare 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 />expenditures for the acquisition, rehabilitation and development of the Project that are <br />paid before the date of initial execution and delivery of the Obligations. <br /> <br />Section 4. The maximum amount of proceeds of the Obligations to be used <br />for reimbursement of expenditures for the acquisition, rehabilitation and development of <br />the Project that are paid before the date of initial execution and delivery of the <br />Obligations is not to exceed $23,000,000. <br /> <br />Resolution No. HA 2007-002 <br />Page 1 of 3 <br />