HomeMy WebLinkAbout1986-06 HA
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RESOLUTION NO. 86-6
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA RELATING TO THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION
AND CONSTRUCTION OF A MULTI-FAMILY RESIDENTIAL
RENTAL PROJECT AND RELATED FACILITIES
WHEREAS, the Housinq Authority of the city of Santa Ana
(the "Authority") is authorized to issue bonds pursuant to the
provisions of California Health and Safety Code, Division 24,
Part 2 Chapter 1 and, in particular, Section 34312.3 of said
Code (the "Law") for the purpose of providinq financinq for the
acquisition, construction and development of multi-family
residential rental projects located within the Authority
jurisdiction:
WHEREAS, the property owner and/or developer listed in
Exhibit A hereto (the "Developer") has requested the Authority
to issue and sell its revenue bonds pursuant to the procedures
specified in the Law for the purpose of financinq the
acquisition and construction of certain land and facilities
consistinq of a mUlti-family residential rental project and
underlyinq land and related and appurtenant facilities located
at the address set forth in Exhibit A (the "Project") to be
acquired and constructed by the Developer within the Authoritys'
jurisdiction, and the Authority wishes to induce the Developer
to acquire, construct and develop the Projects within the
Authority.' jurisdiction: and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the
Authority that the Authority authorize the Bonds for the
aforesaid purpose:
NOW, THEREFORE, BE IT RESOLVED by the Housinq Authority
of the City of Santa Ana, as follows:
1. The Authority hereby authorized the issuance and
sale of the Bonds pursuant to the procedures specified in the
Law in and aqqreqate principal amount not to exceed
$6,000,000.00 for the purposes ofprovidinq financinq for the
acquisition, construction and improvement of the Projects .s set
forth in Exhibit A. Such authorization shall be for the purpose
of inducinq the Developer to undertake the Projects and, in
particular, to do so at the aforesaid respective location.
2. The issuance and sale of the Bonds shall be upon
such terms and conditions as may be mutually aqreed upon by the
Authority, the Developers and the purchase of said Bonds and
shall be authorized by resolution of the Authority at a meetinq
duly held and conducted for such purpose.
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3. The proceeds of the bonds shall include such
related and necessary issuance expenses, administrative costs,
debt service reserves and interest payments as may be required
to accomplish successfully the financing.
4. The Authority declares the issuance of the Bonds to
be an emergency matter within the meaning of section 34292 of
the California Health and Safety Code.
ADOPTED, this l6th
1986, by the following vote:
day of
June
AYES: MEMBERS:
NOES: MEMBERS:
ABSENT: MEMBERS:
Griset, Johnson, Acosta, Young,
Luxembourger
Hart, McGuigan
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CHAIRMAN
Executive Di ector of
Housing Authority
APPROVED AS TO FORM: