HomeMy WebLinkAbout1996-05 HA
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RESOLUTION NO. 96-05
A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE
OF FINANCING THE ACQUISITION AND REHABILITATION OF CITY
GARDENS APARTMENTS, APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND
APPROVING ACTIONS IN CONNECTION THEREWITH
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 "Act"), to issue and sell its revenue bonds
for the purpose of financing the acquisition, construction,
rehabilitation or development of multifamily rental housing for
farnilies and individuals of low- and very-low income; and
WHEREAS, Bristol Associates I, A California Lirnited Partnership
(the "Developer") has requested the Authority to issue and sell
revenue bonds (the "Bonds") pursuant to the procedures specified in
the Act for the purpose of providing for permanent financing of 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 proceeds of the Bonds will be used to provide funds
for a mortgage loan by Washington Capital DUS, Inc. (the "Lender") to
the Developer; and
WHEREAS, all conditions, things and acts required to exist, to
have happened and to have been performed under the Act precedent to
and in the issuance of the Bonds and the financing of the acquisition
and rehabilitation of the Project as contemplated by this resolution
and the documents referred to herein exist, have happened and have
been performed in due time, form and manner as required by the laws
of the state of California, including the Act, and the Authority now
desires to approve the issuance of the Bonds and related documents
and actions as set forth below.
NOW, THEREFORE, the Governing Board of the Housing Authority of
the City of Santa Ana resolves as follows:
Section 1. The Authority hereby finds and declares that the
above recitals are true and correct.
Section 2. Pursuant to the Act and the Indenture (hereinafter
defined), revenue bonds of the Authority, designated as "Housing
Authority of the City of Santa Ana Multifamily Housing Revenue Bonds
(City Gardens Apartments) 1996 Series "C" in an aggregate principal
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amount not to exceed $11,000,000 (the "Bonds"), are hereby authorized
to be issued. The Bonds shall be executed by the rnanual or facsimile
signature of the Chairman, and attested by the rnanual or facsirnile
signature of the Secretary, in the form set forth in and otherwise in
accordance with the Indenture (as hereinafter defined).
Section 3. The documents listed below relating to the Bonds, in the
respective forms on file with the Secretary, are hereby approved:
(a) Indenture of Trust (the "Indenture"), between the Authority
and the trustee identified therein (the "Trustee");
(b) Financing Agreement, among the Authority, the Trustee, the
Developer and the Lender;
(c) Regulatory Agreement, among the Authority, the Trustee, and
the Developer;
(d) Bond Purchase Contract)the Purchase Agreement (the
Contract"), among the Authority, the Developer and
paineWebber, Inc. (the "Underwriter"); and
"Purchase
(e) Official Statement of the Authority describing the Bond
offering (the "Official Statement");and
(f) Remarketing Agreement among the Authority, the Underwriter,
and the Developer.
The Chairman, the Executive Director, and the Finance Officer of
the Authority (the "Designated Officers") are, and each of thern
acting alone is, hereby authorized and directed, for and in the name
and on behalf of the Authority, to execute and deliver each of the
above-listed documents, and the Secretary is hereby authorized and
directed, for and in the name and on behalf of the Authority, to
attest the Designated Officer's signature on the documents which
provide for such attestation, in said forms, together with such
additions thereto or changes therein as are recommended or approved
by the Executive Director upon consultation with bond counsel to the
Authority and the City Attorney's Office, including such additions or
changes as are necessary or advisable in accordance with section 7
hereof (provided that no additions or changes shall authorize an
aggregate principal amount of Bonds in excess of $11,000,000, result
in an initial interest rate on the Bonds in excess of 8 percent per
annum or result in an underwriter's discount or fee in excess of 2
percent of the aggregate principal amount of the Bonds), the approval
of such additions or changes to any of such documents to be
conclusively evidenced by the execution and delivery by the Authority
of the respective document, The date, maturity dates, interest rate
or rates, interest payment dates, denominations, form, registration
privileges, manner of execution, place of payment, terrns of
redernption and other terms of the Bonds shall be as provided in the
Indenture as finally executed.
section 4. The Underwriter is hereby authorized to distribute
copies of the Official Statement to persons who may be interested in
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the purchase of the Bonds and is directed to deliver such copies to
all actual purchasers of the Bonds. Distribution by the Underwriter
of a preliminary official statement relating to the Bonds is hereby
approved and authorized. The Designated Officers are, and each of
them acting alone is, hereby authorized to execute a certificate to
the effect that such preliminary official statement and the Official
Statement, as of their respective dates, are deemed final by the
Authority for purposes of Rule 15c2-12 under the Securities Exchange
Act of 1934, as amended.
Section 5. The Bonds, when executed, shall be delivered to the
Trustee for authentication. The Trustee is hereby requested and
directed to authenticate the Bonds by executing the Trustee's
certificate of authentication and registration appearing thereon, and
to deliver the Bonds when duly executed and authenticated, to the
Underwriter is accordance with written instructions executed on
behalf of the Authority by one of the Designated Officers, which
instructions such officers are, and each of them is, hereby
authorized and directed, for and in the narne and on behalf of the
Authority, to execute and deliver to the Trustee. Such instructions
shall provide for the delivery of the Bonds to the Underwriter in
accordance with the Purchase Contract, upon payment of the purchase
price therefore.
Section 6. The law firm of Jones Hall Hill & White, A
Professional Law corporation, is hereby designated as bond counsel to
the Authority with respect to the Bonds. The fees and expenses of
said firm incurred in connection with their services related to the
Bonds shall be payable solely from proceeds of the Bonds or
contributions by or on behalf of the Developer and not frorn any
revenues or assets of the Authority.
Section 7. All actions heretofore taken by the officers and
agents of the Authority with respect to the issuance of the Bonds are
hereby approved, confirmed and ratified, and the proper officers of
the Authority, including but not limited to the Designated Officers,
are hereby authorized and directed, for and in the name and on behalf
of the Authority, to do any and all things and take any and all
actions and execute and deliver any and all certificates, agreements,
and other documents which they, or any of them, rnay deern necessary or
advisable in order to consummate the lawful issuance and delivery of
the Bonds in accordance with this Resolution, including but not
limited to those certificates, agreernents and other documents
described in the documents listed in section 3 above and any
certificates, agreements or documents as may be necessary to further
the purposes hereof, or evidence credit support or additional
security for the Bonds, but which shall not create any obligation or
liability of the Authority other than with respect to the revenues
and assets derived from the proceeds of the Bonds or the Project.
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section 8.
This resolution shall take effect immediately.
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Adopted this 18th day of November, 1996 by the following vote:
AYES: 6 MEMBERS: Espinoza, Lutz, ~rEmO
McGuigan, Pulido, Richardson
NOES: 0 MEMBERS:
ABSENT: 1 MEMBERS: Mills
ATTEST:
Agency
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Housing Authority
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