HomeMy WebLinkAbout85-071RESOLUTION NO. 85-71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA APPROVING ISSUANCE OF MULTI-
FAMILY MORTGAGE REVENUE BONDS BY THE CITY OF
SANTA ANA HOUSING AUTHORITY
WHEREAS, the Authority has determined to engage in a
multi-family rental housing revenue bond financing program (the
"Program") pursuant to Chapter 1 commencing with Section 34200
of Part 2 of Division 24 of the Health & Safety Code of the
State of California (the "Act") for persons and families of
lower income and wishes to issue revenue bonds pursuant to the
Act to provide funds for the program; and
WHEREAS, the City has duly published notices of public
hearings regarding the issuance of revenue bonds for the
Program in accordance with the requirements of Section 103(k)
of the Internal Revenue Code of 1954, as amended; and
WHEREAS, the members of the City Council are the applicable
elected representatives to conduct public hearings regarding
the issuance of the revenue bonds for the Program; and
WHEREAS, the City Council has conducted public hearings
regarding the issuance of the revenue bonds for the Program and
determines it to be in the public interest to approve the
issuance of such bonds; and
WHEREAS, the City Council has previously adopted a
resolution declaring its intention to issue bonds for the
purpose of providing financing for a multi-family housing
project to be constructed by Pulliam Properties, Inc., a
California corporation, and now desires that such financing be
provided by the City of Santa Ana Housing Authority on
substantially similar terms and conditions;
NOW, THEREFORE, the City Council of the City of Santa Aha
resolves as follows:
Section 1.
and correct.
The above recitals and each of them are true
Section 2. The issuance of the multi-family mortgage
revenue bonds, by the City of Santa Ana Housing Authority in
the approximate aggregate principal amount of not to exceed
$4,000,000 is hereby approved.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council of the City of Santa Aha on June 3, 1985 by the
following vote:
AYES:
Acosta, Griset, Hart, Johnson, /uxembour§er, McGuigan
NOES: None
ABSENT: Young
~)an~el E. Griset~ Mayor
ATTEST
APPROVED AS TO FORM:
05-22-85
5315p/2105/05