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RESOLUTION NO. 2016- <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC <br />FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE <br />BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br />$15,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING <br />THE ACQUISITION AND REHABILITATION OF GUEST HOUSE <br />APARTMENTS AND CERTAIN OTHER MATTERS RELATING <br />THERETO, AND AUTHORIZING THE EXECUTION OF THE JOINT <br />EXERCISE OF POWERS AGREEMENT RELATING TO THE <br />CALIFORNIA PUBLIC FINANCE AUTHORITY TO BECOME AN <br />ADDITIONAL MEMBER FOR THE PURPOSE OF APPROVING BONDS <br />FOR THE GUEST HOUSE APARTMENTS PROJECT LOCATED AT <br />2151 EAST FIRST STREET, SANTA ANA <br />WHEREAS, Guest House LP, a California limited partnership (the "Borrower "), has <br />requested that the California Public Finance Authority (the "Authority ") participate in the issuance of <br />one or more series of revenue bonds issued from time to time, including bonds issued to refund such <br />revenue bonds in one or more series from time to time, in an aggregate principal amount not to <br />exceed $15,000,000 (the `Bonds ") for the acquisition, rehabilitation, improvement and equipping of <br />a 72 -unit multifamily rental housing project located at 2151 E. First Street, Santa Ana, California, <br />generally lanown as Guest House Apartments (the "Project ") and operated by Solari Enterprises; and <br />WHEREAS, the Project is located within the City of Santa Ana (the "City "); and <br />WHEREAS, the City proposes to become an Additional Member of the Authority pursuant to <br />Section 12 of the Joint Exercise of Powers Agreement (the "Agreement ") relating to the Califomia <br />Public Finance Authority only for the limited scope and purpose ofproviding local government approval <br />of the issuance of the Bonds to the Borrower by the Authority for the Project; and <br />WHEREAS, pursuant to Section t47(f) of the Internal Revenue Code of 1986, as amended <br />(the "Code "), the issuance of the Bonds by the Authority must be approved by the City because the <br />Project is located within the territorial limits of the City; and <br />WHEREAS, the City Council of the City (the "City Council') is the elected legislative body <br />of th.e City and is the applicable elected representative under Section 147(f) of the Code; and <br />WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice <br />duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the <br />issuance of the Bonds by the Authority; and <br />WHEREAS, the City Council understands that its actions in holding this public hearing and <br />in approving this Resolution do not obligate the City in any manner for payment of the principal, <br />interest, fees or any other costs associated with the issuance of the Bonds, and said City Council <br />expressly conditions its approval of this Resolution on that understanding. <br />Exhibit 3 <br />75A -7 <br />