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RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE <br />BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION AND <br />REHABILITATION OF MULTIFAMILY RENTAL HOUSING <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. The Housing Authority of the City of Santa Ana (the "Authority") is <br />authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of <br />the Health and Safety Code of the State of California (the "Law"), to issue and sell <br />revenue bonds for the purpose of financing the acquisition, construction, rehabilitation <br />and development of multifamily rental housing for families and individuals of low and <br />very low income. <br />B. Washington Place Partners, LP, a California limited partnership, or such <br />other limited partnership or a limited liability company to be formed by Vitus <br />Development, LLC, has requested the Authority to issue and sell revenue obligations in <br />an expected principal amount of $30,000,000 (the "Obligations") pursuant to the <br />procedures specified in the Law for the purpose of providing financing for the <br />acquisition and rehabilitation of a 200-units of multifamily rental housing facility located <br />at 1401 N. Flower Street in the City of Santa Ana, California (the "Project"), and located <br />within the area of operation of the Authority. <br />C. The Bonds will be considered to be "qualified exempt facility bonds" under <br />Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), and <br />Section 147(f) of the Code requires that the "applicable elected representatives" with <br />respect to the Authority hold a public hearing with respect to the issuance of the Bonds. <br />D. The Authority has determined that the City Council of the City of Santa <br />Ana is the "applicable elected representatives" to hold said public hearing. <br />E. Notice of said public hearing has been duly given as required by the <br />Code, and this City Council has heretofore held such public hearing at which all <br />interested persons were given an opportunity to be heard on all matters relative to the <br />financing and operation of the Project and the Authority's issuance of the Obligations <br />therefore. <br />F. The Project is located wholly within the geographic jurisdiction of the City. <br />EXHIBIT 2 QO w _7