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RESOLUTION NO. 2011-011 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE OF BONDS BY THE HOUSING <br />AUTHORITY OF THE CITY OF SANTA ANA TO FINANCE <br />MULTIFAMILY RESIDENTIAL RENTAL FACILITIES FOR SANTA ANA <br />WBBB, LP <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. Santa Ana WBBB, LP (the "Borrower"), a California limited partnership <br />formed by the Orange Housing Development Corporation and C&C <br />Development, has requested that the Housing Authority of the City of <br />Santa Ana (the "Authority") issue one or more series of revenue bonds in <br />an aggregate principal amount not to exceed $12,500,000 (the "Bonds"), <br />and lend the proceeds of the Bonds to the Borrower for the purpose of <br />financing the costs of the construction by the Borrower of 51 units of <br />multifamily residential rental housing at the following locations in the City <br />of Santa Ana (the "City"): 217-219 South Birch (5 units), 435-437 South <br />Birch (5 units), 2034-2038 North Bush (5 units), and 605-611 East <br />Washington (36 units) (collectively, the "Project'). <br />B. Section 147(f) of the Internal Revenue Code of 1986 (the "Code") requires <br />that an "applicable elected representative" with respect to the Project <br />approve the issuance of the Bonds by the Authority after a public hearing <br />has been held concerning the issuance of the Bonds and the financing of <br />the Project. <br />C. The City Council of the City of Santa Ana (the "City Council") is the <br />elected legislative body of the City and is an applicable elected <br />representative with respect to the Project under section 147(f) of the <br />Code, because the Project is located in the City. <br />D. The Authority has requested that the City Council approve the issuance of <br />the Bonds by the Authority in order to satisfy the public approval <br />requirement of section 147(f) of the Code; and <br />Resolution No. 2011-011 <br />Page 1 of 3