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6/20/08 les <br />RESOLUTION NO. 2008- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE OF MULTIFAMILY <br />HOUSING REVENUE BONDS BY THE HOUSING AUTHORITY <br />OF THE CITY OF SANTA ANA FOR THE PURPOSE OF <br />FINANCING THE ACQUISITION AND REHABILITATION OF <br />MULTIFAMILY RENTAL HOUSING <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS <br />FOLLOWS: <br />Section 1: The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <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 sell <br />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 />B. Northwood Associates, L.P., a California limited partnership, or such other <br />limited partnership or a limited liability company to be formed by WNC and <br />Associates, has requested the Authority to issue and sell revenue bonds in an <br />expected principal amount of $23,000,000 (the "Bonds") pursuant to the <br />procedures specified in the Law for the purpose of providing financing for the <br />acquisition and rehabilitation of 200 units of multifamily rental housing commonly <br />known as the Rosswood Villa Apartments located at 100 North Ross Street in <br />the City of Santa Ana, California (the "Project"), located within the area of <br />operation of the Authority. <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 "Code"), <br />and Section 147(f) of the Code requires that the "applicable elected <br />representatives" with respect to the Authority hold a public hearing with respect <br />to the issuance of the Bonds. <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 />E. Notice of said public hearing has been duly given as required by the Code, <br />and this City Council has heretofore held such public hearing at which all <br />interested persons were given an opportunity to be heard on all matters relative <br />75D-4 <br />