HomeMy WebLinkAbout2001-040 - Rehabilitation of Minnie Street ApartmentsRESOLUTION NO. 2001-040
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 MINNIE STREET
APARTMENTS
WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") is
authorized by Chapter 1 of Part 2 of Division 24 (commencing 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
Iow income; and
WHEREAS, Orange Housing Development Corporation (the "Developer") have
requested the Authority to issue and sell revenue bonds in a principal amount not to
exceed six million dollars ($6,000,000) (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 150-unit multifamily residential
rental located at 1002, 1006, 1010, 1014, 1018, 1022, 1026, 1114, 1115, 1021, 1025,
1030, 1102, 1121, and 1125 South Minnie 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 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 representatives" 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
therefor; and
WHEREAS, the City Council of the City of Santa Ana, as the "applicable elected
representative" of the Authority, approves of the issuance of the Bonds as in the public
interests of the Authority.
Resolution No. 2001-040
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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 financing through the issuance of
multifamily housing revenue bonds for the purpose of the acquisition and rehabilitation
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.
4. This Resolution shall take effect immediately upon its adoption by the City
Council, and the City Clerk shall certify the vote adopting this Resolution.
ADOPTED this 18th day of June, 2001
ATTEST:
Patricia E. Healy Patricia A. Mc(~uigan X,
Clerk of the Council Mayor Pro Tern
COUNCILMEMBERS:
Pulido Absent *
McGuigan Aye
Alvarez Aye
Bist Absent
Christy Aye
Franklin Aye
Solorio Aye
*REFER TO MINUTES
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:
~nj~l~n k~'f~ma n
~h~f Assistant City A~orney
CERTIFICATE OF ORIGINALI~
I, PATRICIA E. HEALY, Clerk of the Council, do hereby certify the attached Resolution
No. 2001-040 to be the original resolution adopted by the City Council c~f'the City of
Date:Santa Ana on June 18, 2001, ~,/c~q-~/~) / / ~e C~ouJ~n~l (~~ ~___%~// ~
City of Santa Aha
Resolution No, 2001-040
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