05 -RESOLUTION HA2010-003 - Laserfiche WebLink

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• RESOLUTION NO. 2010-003 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA SETTING FORTH THE AUTHORITY'S OFFICIAL INTENT TO ISSUE REVENUE BONDS TO FINANCE THE ACQUISITION OF 52 RENTAL HOUSING UNITS ON PROPERTIES LOCATED AT 1207, 1213, 1221, 1227, 1235 AND 1239 W. BROOK STREET IN THE CITY OF SANTA ANA AND AUTHORIZING RELATED ACTIONS BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The Housing Authority of the City of Santa Ana hereby finds, determines and declares as follows: A. The Authority is authorized and empowered by Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code (the "Housing Act") to • issue revenue bonds for the purpose of financing the acquisition, construction, rehabilitation and improvement of multifamily rental housing facilities. B. Orange Housing Development Corporation and C&C Development (collectively, the "Borrower") has requested that the Authority consider the issuance and sale of tax-exempt revenue bonds (the "Bonds") pursuant to the Housing Act for the purpose of financing the acquisition by the Borrower of 52 rental housing units on properties located at 1207, 1213, 1221, 1227, 1235 and 1239 W. Brook Street in the City of Santa Ana (the "Project"). C. The Borrower has requested an expression of this Authority's willingness to authorize the issuance of the Bonds at a future date after the documentation relating to the financing has been prepared and completed, and the Authority's requirements for the issuance of such Bonds have been satisfied. D. The Authority wishes to declare its intention to authorize the issuance of the Bonds, provided certain conditions are met, for the purpose of financing costs of the Project, in an aggregate principal amount not to exceed $8,000,000. HA Resolution No. 2010-003 Page 1 of 3