HomeMy WebLinkAbout96-012 - Approving the Financing of Multifamily Housing Facilities395
RESOLUTION NO. 96-012
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
ANA APPROVING THE FINANCING OF MULTIFAMILY
HOUSING FACILITIES BY THE HOUSING AUTHORITY OF
THE CITY OF SANTA ANA
WHEREAS, the Housing Authority of the City of Santa Ana (the
"Authority") is authorized by Article 11 of Chapter 3 of Part 1
of Division 2 of the Government Code of the State of California,
(the "Law"), to issue and sell its revenue bonds for the purpose
of refinancing multifamily housing facilities located within the
area of operation of the Authority; and
WHEREAS, the Authority intends to issue its multifamily
housing revenue refunding bonds (the "Bonds") under the Law for
the purpose of refinancing a multifamily housing facility to be
located at 3820 W. Fifth Street in the City of Santa Ana,
California (the "Project"); and
WHEREAS, the Bonds will be considered to be "qualified
exempt facility bonds" under Section 142 (a) of the Internal
Revenue Code of 1986, as amended (the "Code"), and Section 147(f)
of the Code requires that the "applicable elected
representatives" with respect to the Authority hold a public
hearing on the issuance of the Bonds; and
WHEREAS, the Authority has determined that the City Council
of the City of Santa Ana is the "applicable elected
representatives" to hold said public hearing; and
WHEREAS, said public hearing has been held by the City
Council of the City of Santa Ana.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
1. The city Council hereby finds and determines that the
foregoing recitals are true and correct.
2. The City Council hereby approves the refinancing of the
Project by the Authority under the Law.
3. The issuance of the Bonds shall be subject to approval
by the Authority of all financing documents relating thereto to
which the Authority is a party and subject to the sale of the
Bonds by the Authority to the underwriter thereof.
RESOLUTION 96-012
Page 2
4. This resolution shall take effect immediately.
ADOPTED, this 5th day of February , 1996 by the
following vote:
AYES: MEMBERS: Espinoza, Lutz, McGuigan, Mills,
Moreno, Pulido, Richardson
NOES: MEMBERS: None
ABSENT: MEMBERS:
None
.~uel A. Pulido
~9or
ATTEST:
APPROVED AS TO FORM:
City
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~ 6 -~9/,p._ to be the original resolution adopted by the City Council of the
City of Santa Aaa on ~/O~"/~·
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