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<br />10/31/06 les <br /> <br />RESOLUTION NO, 2006-003 <br /> <br />RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE ISSUANCE <br />AND DELIVERY OF MULTIFAMILY HOUSING REVENUE <br />REFUNDING BONDS, AUTHORIZING THE EXECUTION <br />AND DELIVERY OF AN INDENTURE, A FINANCING <br />AGREEMENT, A REGULATORY AGREEMENT, A BOND <br />PURCHASE AGREEMENT AND AN OFFICIAL <br />STATEMENT, AND AUTHORIZING THE EXECUTION AND <br />DELIVERY OF AND APPROVING OTHER RELATED <br />DOCUMENTS AND APPROVING OTHER RELATED <br />ACTIONS IN CONNECTION THEREWITH <br /> <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA AS FOLLOWS: <br /> <br />Section 1, The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines 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 of the Health and Safety <br />Code of the State of California (the "Act"), to (a) to issue revenue bonds <br />for the purpose of financing and refinancing the acquisition, <br />construction/rehabilitation and development of multifamily rental housing; <br />(b) to enter into agreements for the purpose of providing revenues to pay <br />such revenue bonds upon such terms and conditions as the Authority may <br />deem advisable; and (c) to secure the payment of such revenue bonds. <br /> <br />B, L1NC-Bristol Associates I, a California Limited Partnership (the "Borrower), <br />has requested that the Authority issue multifamily housing revenue <br />refunding bonds (the "Bonds") under the Act for the purpose of refinancing <br />the Borrower's acquisition and rehabilitation of a 274-unit multifamily <br />housing rental project located at 2901 North Bristol Avenue in the City of <br />Santa Ana, California (the "Project") (hereinafter referred to as the <br />"Program"), <br /> <br />C, The City Council of the City of Santa Ana, following a properly noticed <br />public hearing, previously authorized issuance of the Bonds by the <br />Authority, subject to subsequent approval by the Authority of the various <br />documents related to the financing, <br /> <br />Resolution No, 2006-003 <br />Page 1 of 5 <br />