RESOLUTION 2001-01 BONDS - Laserfiche WebLink

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. . . . . , . RESOLUTION NO. 2001-01 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA DECLARING ITS IN'rEN'rION TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS AND DIRECTING CERTAIN ACTIONS WHEREAS, 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 rnaking a loan to Civic Center Barrio Housing Corporation and Avalon Communities, or a lirnited partnership or a limited liability company to be forrned by such entities (the "Developer"), the proceeds of which shall be used by the Developer to finance the acquisition, rehabilitation and developrnent of a l27-unit multifarnily housing facility to be located at 805, 810, 815, 816, 825, 828, 835 and 904 South Minnie Street, Santa Ana, California and to be commonly known as Cornerstone Village Apartments (the "Project"); and WHEREAS, United States Income Tax Regulations section 1.103-18 provides generally that proceeds of tax-exernpt 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, arnong which is a requirernent that (with certain exceptions), prior to the payment of any such expenditure, the issuer must declare an intention to reimburse such expenditure; and WHEREAS, it is in the pUblic that the Authority declare its expenditures referenced herein; interest and for the public benefit official intent to reimburse the NOW, THEREFORE, BE IT RESOLVED that the Housing Authority of the City of Santa Ana DECLARES and ORDERS as follows: 1. The Authority intends to issue the Obligations for the purpose of paying the costs of financing the acquisition, rehabilitation and development of the Project. 2. 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. 3. The rnaxirnum 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 $8,300,000.