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6!20108 les <br />RESOLUTION NO. 2008-054 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE ISSUANCE OF <br />MULTIFAMILY HOUSING REVENUE BONDS BY THE <br />HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION <br />AND REHABILITATION OF MULTIFAMILY RENTAL <br />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 <br />authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section <br />34200) of the Health and Safety Code of the State of California (the <br />"Law"), to issue and sell revenue bonds for the purpose of financing the <br />acquisition, construction, rehabilitation and development of multifamily <br />rental housing for families and 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 <br />in an expected principal amount of $23,000,000 (the "Bonds") pursuant to <br />the procedures specified in the Law for the purpose of providing financing <br />for the acquisition and rehabilitation of 200 units of multifamily rental <br />housing commonly known as the Rosswood Villa Apartments located at <br />100 North Ross Street in the City of Santa Ana, California (the "Project"), <br />located within the area of 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 <br />"Code"), and Section 147(f) of the Code requires that the "applicable <br />elected representatives" with respect to the Authority hold a public hearing <br />with respect to the issuance of the Bonds. <br />D. The Authority has determined that the City Council of the City of Santa <br />Ana is 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 <br />Resolution No. 2008-054 <br />Page 1 of 3 <br />