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<br />8 <br /> <br />8 <br /> <br />8 <br /> <br />RESOLUTION NO. 2001-04 <br /> <br />RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF <br />SANTA ANA REAUTHORIZING THE ISSUANCE, SALE AND <br />DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS, <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST <br />INDENTURE, A FINANCING AGREEMENT, A REGULATORY <br />AGREEMENT, A PRELIMINARY OFFICIAL STATEMENT AND A <br />BOND PURCHASE AGREEMENT AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AND APPROVING OTHER <br />RELATED DOCUMENTS AND APPROVING OTHER RELATED <br />ACTIONS IN CONNECTION THEREWITH <br /> <br />WHEREAS, 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 Code of the <br />State of California (the "Act"), to (a) to issue revenue bonds for the purpose of financing <br />the construction, development or rehabilitation of multifamily rental housing; (b) to enter <br />into agreements for the purpose of providing revenues to pay such revenue bonds <br />upon such terms and conditions as the Authority may deem advisable; and (c) to <br />secure the payment of such revenue bonds; and <br /> <br />WHEREAS, Wakeham-Grant Apartments, L.P" a California limited partnership <br />(the "Borrower') has requested that the Authority issue the bonds described in the <br />following clause (the "Bonds") under the Act for the purpose (hereinafter referred to as <br />the "Program") of financing the Borrower's acquisition, development and rehabilitation <br />of a 127-unit multifamily housing rental project (the "Project") located in the City of <br />Santa Ana, California; and <br /> <br />WHEREAS, on March 5, 2001, the City Council of the City of Santa Ana, <br />following a properly noticed public hearing, authorized issuance of the Bonds by the <br />Authority, subject to subsequent approval by the Authority of the various documents <br />related to the financing; and <br /> <br />WHEREAS, the Authority on July 16, 2001 authorized by resolution (the <br />"Original Resolution") the issuance and delivery of the Bonds in an aggregate principal <br />amount not to exceed $8,155,000, and designated as the "Housing Authority of the City <br />of Santa Ana Multifamily Housing Revenue Bond (Cornerstone Village Apartments) <br />2001 Series B" (the "Bonds"); and <br /> <br />WHEREAS, the Borrower has requested that the Authority proceed with a <br />financing structure that is substantially different than the financing structure approved <br />by the Authority in the Original Resolution, which financing structure requires the <br />execution and delivery of a trust indenture and a bond purchase agreement and the <br />preparation of a preliminary official statement; and <br />