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<br />RESOLUTION NO. 2009-004 <br /> <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 MULTI-FAMILY RENTAL <br />HOUSING <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br /> <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 <br />Section 34200) of the Health and Safety Code of the State of California <br />(the "Law"), to issue and sell revenue bonds for the purpose of financing <br />the acquisition, construction, rehabilitation and development of multifamily <br />rental housing for families and individuals of low and very low income. <br /> <br />B. Orange Housing Development Corporation, a California nonprofit public <br />benefit corporation, on behalf of Lacy & Raitt, L.P., a California limited <br />partnership, or such other limited partnership or a limited liability company <br />to be formed by Orange Housing Development Corporation, has <br />requested the Authority to issue and sell revenue bonds in an expected <br />principal amount of $4,500,000 (the "Bonds") pursuant to the procedures <br />specified in the Law for the purpose of providing financing for the <br />acquisition and rehabilitation of 38-units of multifamily rental housing <br />located at 703 N. Lacy Street and 702 S. Raitt Street in the City of Santa <br />Ana, California (the "Project"), located within the area of operation of the <br />Authority. <br /> <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 /> <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 /> <br />E. Notice of said public hearing has been duly given as required by the <br />Code, and this City Council has held such public hearing at which all <br />interested persons were given an opportunity to be heard on all matters <br /> <br />Resolution No. 2009-004 <br />Page 1 of 3 <br />