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RESOLUTION NO. 2015 -011 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL <br />FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN <br />AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $16,000,000 <br />FOR THE PURPOSE OF FINANCING OR REFINANCING THE <br />ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING <br />OF 815 N. HARBOR APARTMENTS AND OTHER MATTERS RELATING <br />THERETO <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. C &C Development Co., LLC, a California limited liability company, or <br />entities related thereto (the 'Borrower "), has requested that the California Municipal <br />Finance Authority (the "Authority ") participate in the issuance of one or more series of <br />revenue bonds issued from time to time, including bonds issued to refund such revenue <br />bonds in one or more series from time to time, in an aggregate principal amount not to <br />exceed $16,000,000 (the 'Bonds ") for the acquisition, construction, improvement and <br />equipping of a 70 -unit multifamily affordable rental housing project located at 803 -815 <br />North Harbor Boulevard, Santa Ana, California, generally known as 815 N. Harbor <br />Apartments (the `Project') and operated by Advanced Property Services, LLC. <br />B. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the <br />"Code "), the issuance of the Bonds by the Authority must be approved by the City of <br />Santa Ana (the "City") because the Project is to be located within the territorial limits of <br />the City. <br />C. The City Council of the City (the "City Council ") is the elected legislative <br />body of the City and is one of the "applicable elected representatives" required to <br />approve the issuance of the Bonds under Section 147(f) of the Code. <br />D. The Authority has requested that the City Council approve the issuance of <br />the Bonds by the Authority in order to satisfy the public approval requirement of Section <br />147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers <br />Agreement Relating to the California Municipal Finance Authority, dated as of January <br />1, 2004 (the "Agreement'), among certain local agencies, including the City; and <br />E. Pursuant to Section 147(f) of the Code, the City Council has, following <br />notice duly given, held a public hearing regarding the issuance of the Bonds, and now <br />desires to approve the issuance of the Bonds by the Authority. <br />Resolution No. 2015 -011 <br />Page 1 of 3 <br />