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12/09/03LES <br />RESOLUTION NO. <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br />AUTHORIZING THE ISSUANCE, EXECUTION AND DELIVERY OF MULTIFAMILY <br />HOUSING REVENUE REFUNDING BONDS, AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A MASTER PLEDGE AND ASSIGNMENT, A MASTER AGENCY <br />AGREEMENT, A SECOND AMENDED AND RESTATED REGULATORY <br />AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS AND OTHER <br />DOCUMENTS RELATING THERETO, AND APPROVING OTHER ACTIONS AND <br />MATTERS RELATING THERETO, ALL WITH RESPECT TO THE CORNERSTONE <br />VILLAGE APARTMENTS <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA, AS FOLLOWS: <br />Section 1: The Board of the Housing Authority of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br />A. The Housing Authority of the City of Santa Ana (the "Authority ") is <br />granted the authority, pursuant to Chapter 1 of Part 2 of Division 24 of the Health <br />and Safety Code of the State of California (the "Act'), to issue bonds and loan <br />the proceeds thereof to qualified borrowers for the purpose of refinancing the <br />acquisition, rehabilitation and development of multifamily housing projects for <br />persons and families of low and very low income residing within the jurisdiction of <br />the Authority; and <br />B. Wakeham -Grant Apartments, L.P., a California limited partnership (the <br />"Borrower ") has requested the Authority to issue revenue bonds designated <br />Housing Authority of the City of Santa Ana Multifamily Housing Revenue <br />Refunding Bonds (Cornerstone Village Apartments) 2004 Series A (the `Bonds ") <br />and to loan the proceeds from the sale thereof to the Borrower to refinance the <br />acquisition and rehabilitation of a 267 -unit multifamily rental housing <br />development located in the City of Santa Ana, California, known as the <br />Cornerstone Village Apartments (the "Project'); and <br />C. The Authority hereby finds and declares that it is necessary, essential <br />and a public purpose for the Authority to engage in a program (the "Program ") of <br />financing and refinancing the acquisition and rehabilitation of multifamily rental <br />housing; and <br />