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RE~LI~TI~~ l~+l~', ~f~ ~~~~-~~~ <br />~ ~EI,~TI~N F THE ~~~lH ~UTH~lTY ~F THE <br />lTY ~~ ~~~'~ ~ DEI~lf~ !T I~TEI~Tl~N T <br />I~EtM~I~E EPEN~IT~R~ ~~ THE ~~~~ <br />~F T~~EEl~II~T ~~LI~TI~~ ~hl~ ~1RETIN <br />ERT~1N TIH <br />Blr lT ~~~~'~~~ B THE I~~~lBl;l~ ~F THE M~~ ~HTH~1T~ ~F <br />THE !T'~ ~>~iT~ N~, ~ FLL~I: <br />ectie~ ~ ~ Tf~e ~l~usin~ ~uth~rlt ~f the i ~f Santa Ana ee~l~sie!}~ finds, <br />deterrn~nes and dealat ~ fe~~~~: <br />t ~`he Heus~n~ ~uthorit~ of the its of a~t~ Ana ~th~ "Auth~~t~„} inter~d~ t~ <br />issue tai-~~~ ~~I~at~es {the "~l~li~atiens"} fir the ~urese, a~men~ <br />ether thin~~, o~ ~~l~i~ lean t~ Nert~v~~~d ss~~iats, L,P., ~ aliferr~ia <br />li~it~ ~~~ners~~x or such etf~er lir~itd ~art~~rhip er ~ l~rnited lial~ili <br />~~~a~ t~ be fer~ned ~~ N aid Ass~~ites the '~D~~re~e~er"~, the <br />~ra~eeds of v~hih sha~~ b~ used ~~ the l~e~r~le~er t~ finar~~e the <br />aui~tien~ r~ha~ilitatien end de~~la~mer~t ~ ~~O~~anits of ~ultifamil~ <br />rental heuin~ ar~rnanly kn~rr the l~~ss~aed 1~i1la ~~~n~~nt <br />I~aated at 'I ~~ ~rth Ross tr~et ~~ t>~ its of Santa n~, alife~~ia the <br />t~l~r~je~t"~. <br />~, l~nited states lne~r~~ Tax ~egulatian eetien ~ ,1 ~~~ ~ ~~~vides <br />~e~erali~ that ~ra~ee~ e~ tai exempt deft a~~ r~~t deemed to ~ <br />ex~~nded Shen such ~ra~eed~ are ~s~d fer reirnhursernent of <br />ex~er~ditures ~e drier to the date of isua~ of such debt unless <br />rertai~ ~roeedures are folleed, ameng hieh is a r~~uirer~ent that kith <br />certain exe~ti~r~~, prier ~~ the ~ayrn~nt of and rah ~~enditure, the <br />issuer rnustdeelre an ir~tentien t~ rein~hurse such expenditure. <br />~. It is in the ~u~lie interest and fer the p~~li~ her~e~t that the ~utharit~ <br />~eelare its ef~i~ie! ir~t~nt to reirnbure the e~pendltures refere~eed herein; <br />eatien The ,~utherit~ intend t~ issue the bli~atien fay the purpose of <br />paint the Bests of financing the ae~ui~tien, r~habilitatien ar~d developr~er~t ~f fhe <br />~r~je~t. <br />e~ti~r~ The utherit hereby deala~es that it rea~r~a~l~ ex~eats that a <br />pertion of the preeeed of the ~bligatiens gill be used fer rei~hurserr~ent of <br />expenditures fQr the auisitien, reha~ilitativ~ aid de~el~~ent of the Prejeat that are <br />p~i~ ~efere the date ~f initial exeeutien and delivery of the ~hli~atiens. <br />5eatien ~. ~'he rnaxirnur~ ar~eur~t of preeeeds ~f the ~iigtio~s t~ he used <br />fir r~eir~~ursernent ~f expenditure for the ae~uisiti~n, rehabilitation ar~d de~ele~r~ent f <br />the Project that are paid hefer the date of initial exe~utien and deliver ~f the <br />~l~~l~~ti~~ ! nit t~ ~~~~ ~,~~~,~~~~ <br />~~o~uti~~ N~. I ~~~~-~0~ <br />fag ~ ~f ~ <br />