HomeMy WebLinkAbout96-098 - Approving the Issuance of Multifamily Housing RevenueRESOLUTION NO. 96-098
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA
FOR THE PURPOSE OF FINANCING THE ACQUISITION
AND REHABILITATION OF CITY GARDENS APARTMENTS
WHEREAS, the Housing Authority of the City of Santa Ana (the
"Authority") is authorized by Chapter 1 of Part 2 of Division 24
(con~mencing with Section 34200) of the Health and Safety Code of the
State of California (the "Law"), to issue and sell its revenue bonds
for the purpose of financing the acquisition, construction,
rehabilitation or development of multifamily rental housing for
families and individuals of iow- and very-low income; and
WHEREAS, Bristol Associates I, A California Limited Partnership
{the "Developer") has requested the Authority to issue and sell
revenue bonds (the "Bonds") pursuant to the procedures specified in
the Law for the purpose of financing the acquisition and
rehabilitation by the Developer of certain land and facilities
consisting of a 274-unit multifamily residential rental project and
underlying land and related and appurtenant facilities located at
2901 N. Bristol Avenue 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 representative" with respect to
the Authority hold a public hearing with respect to 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 representative" to
hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as
required by the Code, and this City Council has heretofore held such
public hearing at which all interested persons were given an
opportunity to be heard on all matters relative to the financing and
operation of the Project and the Authority's issuance of the Bonds
therefore; and
WHEREAS, the City Council of the City of Santa Aha, as the
"applicable elected representative" of the Authority, approves of the
issuance of the Bonds as in the public interests of the Authority.
11/6/96 10:52 AM
RESOLUTION 96-098
Page 2
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA BNA DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
The City Council hereby finds and determines that the
foregoing recitals are true and correct.
The City Council hereby approves the financing of the
acquisition and rehabilitation of the Project by the
Authority under the Law.
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.
4. This resolution shall take effect immediately.
Adopted this 18rl~ day of November, 1996 by the following vote:
AYES: MEMBERS: Espinoza, Lutz, McGuigan,
Pulido, Richardson
NOES: MEMBERS: None
Moreno,
ABSENT: MEMBERS: Mills
ATTEST:
~t6rney ,~-n~qseph Fletcher
11/5/96 3:22 PM
442
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~Sfi~ ~ O qoC/ to be the original resolution adopted by the City Council of the
City of Santa Ana on
Date:
Clerk of the Co/u~c~4~
City of Santa Ana