04 - RESOLUTION HA 2003-03 - Laserfiche WebLink

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RESOLUTION NO. HA 2003-03 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA DECLARING ITS INTENTION TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS AND DIRECTING CERTAIN ACTIONS THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA hereby finds, determines and declares as follows: Section 1. The Housing Authority of the City of Santa Ana (the "Authority") intends to issue tax-exempt obligations (the "Obligations") for the purpose, among other things, of making a loan to 1901 Fairview Partners, LLC, a California limited liability company, or a limited partnership or a limited liability company to be formed by such entity or Frank and Catherine Jao (the "Developer"), the proceeds of which shall be used by the Developer to finance the acquisition, rehabilitation and development of an approximately 250-unit multifamily senior housing facility to be located at 1901 and 1919 Fairview Street, Santa Ana, California and to be commonly known as Fairview Gardens Senior Housing (the "Project"); and Section2. United States Income Tax Regulations section 1.103-18 provides generally that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for reimbursement of expenditures made prior to the date of issuance of such debt unless certain procedures are followed, among which is a requirement that (with certain exceptions), prior to the payment of any such expenditure, the issuer must declare an intention to reimburse such expenditure; and Section 3. it is in the public interest and for the public benefit that the Authority declares its official intent to reimburse the expenditures referenced herein, as the Authority intends to issue the Obligations for the purpose of paying the costs of financing the acquisition, rehabilitation and development of the Project. Section 4. The Authority hereby declares that it reasonably expects that a portion of the proceeds of the Obligations will be used for reimbursement of expenditures for the acquisition, rehabilitation and development of the Project that are paid before the date of initial execution and delivery of the Obligations. Section 5. The maximum amount of proceeds of the Obligations to be used for reimbursement of expenditures for the acquisition, rehabilitation and development of the Project that are paid before the date of initial execution and delivery of the Obligations is not to exceed $33,000,000.