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RESQLUTION N0. HA 2007-042 <br />~ ~EOLIJTION OF THE HO~INO AUTHORITI~ OF THE <br />CITY ~F SANTA ANA ~ELA~I NO ITS INTENTION TO <br />REIII~IBUE EPEN~ITURES F~OI THE POEE~ <br />OF TAB-EENIPT OBLIOATI~N ANA DIRETIN <br />E~TAIN ANION <br />BE lT ~EOLE~ ~ THE IUIEIEE~ OF THE HOUINO AUTHORITI~ OF <br />TI-IE ITI~ OF SANTA ANA, A FOLLOW: <br />Section ~ , The Housing Authority of the pity of Santa Ana conclusively finds, <br />determines and d ecl Ares ~~ follows: <br />A. The Housing Authority of the pity of Santa Ana {the "Authority"~ intends to <br />issue tax~eerr~pt obligations {the "Obligations"~ for the purpose, among <br />other things, of malting ~ loan to Northwood Associates, L, P., ~ California <br />limited partnership, or such other limited partnership or a limited liability <br />company to be formed by 1lVN and Associates the "~eveloper''~, the <br />proceeds of which shall be used by the developer to finance the <br />acquisition, rehabilitation and developrr~er~t of 4~-units of multifamily <br />rental housing commonly Known a the Rossood Villa Aperkrner~ts <br />located at ~ ag North doss street in the pity of Santa Aria, California the <br />"Project"}. <br />B. l~nited Mates Income Tai regulations section ~ .1 ~-~ provides <br />generally that proceeds of tax-exempt debt are nat deemed to be <br />upended v~hen such proceeds are used for reimbursement of <br />expenditures nude prior to the date of issuance of such debt unless <br />certain procedures ere followed, among which i a requirement that ~uwrith <br />certain exceptions}, prior to the payment of any such expenditure, the <br />issuer must declare an intention to reimburse such expenditure. <br />I# 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 />Section ~. The Authority intends to issue the Obligations for the purpose of <br />pa}~ing the costs of financing the acquisition, rehabilitation and development of the <br />Project. <br />Seution The Authority hereby declares that it reasonably expects that a <br />portion of the proceeds of the Obligations will be used for reimburserr~ent of <br />e~cpenditures 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 />Section 4. The mairnurn 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 e~cceed ,~~~,~oo. <br />R~~~1u~ian IVa. ~~ ~~~~-~~~ <br />Page ~ ~f 3 <br />