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RESOLUTION N0. 2419-003 <br />RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA AUTHORIZING THE ISSUANCE AND DELIVERY OF MULTIFAMILY <br />HOUSING REVENUE BANDS IN AN AGGREGATE PRINCIPAL AMOUNT <br />NOT TO EXCEED $4,50fl,flOt} FOR THE FINANCING OF TWO <br />MULTIFAMILY RENTAL HOUSING PROJECTS GENERALLY KNOWN AS <br />THE LACY APARTMENTS AND THE RAITT APARTMENTS; <br />DETERMINING AND PRESCRIBING CERTAIN MATTERS AND <br />APPROVING AND AUTHORIZING THE EXECUTION OF AND DELIVERY <br />OF VARIOUS DOCUMENTS RELATED THERETO; RATIFYING ANY <br />ACTION HERETOFORE TAKEN AND APPROVING RELATED MATTERS <br />IN CONNECTION WITH THE BONDS <br />BE IT RESOLVED BY THE MEMBERS OF THE HOUSING AUTHORITY <br />OF THE CITY 41= SANTA ANA, AS FOLLOWS: <br />Section 1. The Housing Authority of the City of Santa Ana conclusively <br />finds, determines 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 of the Health and Safety <br />Code of the State of California (the "Act"), to (a} to issue revenue bonds fiar <br />the purpose of financing the acquisition, constructionlrehabilitation and <br />development of multifamily rental housing; (b} to enter into agreements far <br />the purpose of providing revenues to pay such revenue bands upon such <br />terms and conditions as the Authority may deem advisable; and (c} to <br />secure the payment of such revenue bands. <br />B. Lacy & Rait#, L.P., a California limited partnership (the "Borrower"} has <br />requested that the Authority issue multifamily housing revenue bonds (the <br />"Bonds"} under the Act for the purpose of financing the Borrower's <br />acquisition and rehabilitation of a 27-unit multifamily housing rental project <br />located at 7fl3 N. Lacy Street and a 10-unit multifamily pausing rental <br />project, which will be re-configured to become an eight (8} unit project, <br />located at 702 S. Raitt Street (collectively, the "Project"}, each in the City of <br />Santa Ana, California (hereinafter referred to as the uProgram"}. <br />C, The City Council of the City of Santa Ana, folbwing a properly noticed <br />puhlic hearing, previously authorized issuance of the Bonds by the Au#hori#y, <br />subject to subsequent approval by the Authority of the various documents <br />related to the financing. <br />D. The Borrower has requested #hat the Authority authorize by resolution <br />(the "Resolution") the issuance and delivery of revenue bonds, in series, in <br />an aggregate principal amount not to exceed $4,SIJ0,000 and designated as <br />the "Housing Authority of the City of Santa Ana Multifamily Housing <br />Revenue Bond (LacylRaitt Apartments) 2009 Series A". <br />HA Resolution No. 2009-003 <br />Page i of ~ <br />