HomeMy WebLinkAbout2009-004 - Approving the Issuance of Multifamily Housing Revenue Bonds
RESOLUTION NO. 2009-004
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 MULTI-FAMILY RENTAL
HOUSING
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. 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 revenue bonds for the purpose of financing
the acquisition, construction, rehabilitation and development of multifamily
rental housing for families and individuals of low and very low income.
B. Orange Housing Development Corporation, a California nonprofit public
benefit corporation, on behalf of Lacy & Raitt, L.P., a California limited
partnership, or such other limited partnership or a limited liability company
to be formed by Orange Housing Development Corporation, has
requested the Authority to issue and sell revenue bonds in an expected
principal amount of $4,500,000 (the "Bonds") pursuant to the procedures
specified in the Law for the purpose of providing financing for the
acquisition and rehabilitation of 38-units of multifamily rental housing
located at 703 N. Lacy Street and 702 S. Raitt Street in the City of Santa
Ana, California (the "Project"), located within the area of operation of the
Authority.
C. 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.
D. The Authority has determined that the City Council of the City of Santa
Ana is the "applicable elected representatives" to hold said public hearing.
E. Notice of said public hearing has been duly given as required by the
Code, and this City Council has held such public hearing at which all
interested persons were given an opportunity to be heard on all matters
Resolution No. 2009-004
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relative to the financing and operation of the Project and the Authority's
issuance of the Bonds.
F. The Project is located wholly within the geographic jurisdiction of the City.
G. 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.
Section 2. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 3. Pursuant to the Code, the City Council hereby approves the
issuance of the Bonds by the Authority to finance the Project. It is the purpose and
intent of this City Council that this resolution constitute approval of the issuance of the
Bonds by the applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in accordance with the Code.
Section 4. 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.
Section 5. This resolution shall take effect immediately.
ADOPTED this 5th day of Januarv, 2009.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:d~.' (.~
Lisa E. Storck
Assistant City Attorney
AYES: Councilmembers: Bustamante. Martinez. Sarmiento. Tinaiero
(4)
NOES: Councilmembers: None (0)
ABSTAIN: Councilmembers: Alvarez. Benavides. Pulido (3)
NOT PRESENT: Councilmembers: None (0)
Resolution No. 2009-004
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CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2009-004 to be the original resolution adopted by the City
Council of the City of Santa Ana on January 5. 2009.
Date:
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Patricia E. Healy
Clerk of the Council
City of Santa Ana
Resolution No. 2009-004
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