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<br />WHEREAS, the Authority has determined pursuant to Section 34292 of the Health and
<br />Safety Code of the State of Califomia (the "Housing Authorities Law") that the issuance and
<br />delivery of the bonds and the execution and delivery of related documents, and the adoption of
<br />this resolution is an "emergency matter" within the meaning of the Housing Authorities Law
<br />without benefit of the review by or recommendations of the Redevelopment and Housing
<br />Commission,
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<br />Section 1. Pursuant to the Act and the Financing Agreement (hereinafter defined),
<br />revenue bonds of the Authority, designated as "Housing Authority of the City of Santa Ana
<br />Multifamily Housing Revenue Bonds (Minnie Street Apartments) 2001 Series C" in an
<br />aggregate principal amount not to exceed $3,500,000 (the "Bonds"), are hereby authorized to
<br />be remarketed, The Bonds shall be executed by the manual or facsimile signature of the
<br />Chairperson, Vice Chairperson, Executive Director or Treasurer of the Authority, and attested
<br />by the manual or facsimile signature of the Secretary, or any deputy thereof, in the form set
<br />forth in and otherwise in accordance with the Financing Agreement (as hereinafter defined),
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<br />Section 2. A Financing Agreement (the "Financing Agreement") among the Authority,
<br />the Borrower and Washington Mutual Bank, FA, as originator of the Mortgage Loan and owner
<br />of the Bonds, in the form presented to this meeting, is hereby approved, The Chairperson, Vice
<br />Chairperson, Executive Director and Treasurer of the Authority, or any authorized deputy of any
<br />of them (the "Designated Officers") are, and each of them acting alone is, hereby authorized,
<br />for and in the name and on behalf of the Authority, to execute and deliver the Financing
<br />Agreement, and the Secretary or any authorized deputy thereof is hereby authorized, for and in
<br />the name and on behalf of the Authority, to attest the Designated Officer's signature on the
<br />Financing Agreement, in substantially said form, with such additions thereto or changes therein
<br />as are recommended or approved by the Executive Director upon consultation with bond
<br />counsel to the Authority, including such additions or changes as are necessary or advisable in
<br />accordance with Section 4 hereof, and which may be required in connection with providing
<br />alternate security for the payment of the principal of and interest on a portion of the Bonds,
<br />(provided that no additions or changes shall authorize an aggregate principal amount of Bonds
<br />in excess of $3,500,000, the approval of such additions or changes to be conclusively
<br />evidenced by the execution and delivery by the Authority of the Financing Agreement. The
<br />date, maturity dates, interest rate or rates, interest payment dates, denominations, form,
<br />registration provisions, manner of execution, place of payment, terms of redemption, and other
<br />terms of the Bonds shall be as provided in the Financing as finally executed,
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<br />Section 3. A Regulatory Agreement and Declaration of Restrictive Covenants with
<br />respect to each Project (the "Regulatory Agreement") between the Authority and the Borrower,
<br />in the form presented to this meeting, is hereby approved, The Designated Officers of the
<br />Authority are, and each of them acting alone is, hereby authorized, for and in the name of and
<br />on behalf of the Authority, to execute and deliver a Regulatory Agreement with respect to each
<br />Project in said form, with such additions thereto or changes therein as are recommended or
<br />approved by such officers upon consultation with bond counsel to the Authority including such
<br />additions or changes as are necessary or advisable in accordance with Section 4 hereof, the
<br />approval of such additions or changes to be conclusively evidenced by the execution and
<br />delivery by the Authority of the Regulatory Agreement.
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<br />Section 4. All actions heretofore taken by the officers and agents of the Authority with
<br />respect to the financing contemplated by this Resolution, the Program and the remarketing of
<br />the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Authority,
<br />including the Designated Officers, are hereby authorized, for and in the name and on behalf of
<br />the Authority, to do any and all things and take any and all actions and execute and deliver any
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