HomeMy WebLinkAbout2010-002 HARESOLUTION NO. 2010-002
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA SETTING FORTH THE
AUTHORITY'S OFFICIAL INTENT TO ISSUE REVENUE
BONDS TO FINANCE THE CONSTRUCTION BY THE
BORROWER OF 53 RENTAL HOUSING UNITS ON
AGENCY OWNED PROPERTIES LOCATED AT 217-219 S.
BIRCH, 435-437 S. BIRCH, 2034-2038 N. BUSH, 2035-2111
N. SPURGEON, AND 605-611 E. WASHINGTON STREET
IN THE CITY OF SANTA ANA AND AUTHORIZING
RELATED ACTIONS
BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA
ANA AS FOLLOWS:
Section 1. The Housing Authority of the City of Santa Ana hereby finds,
determines and declares as follows:
A. The Authority is authorized and empowered by Chapter 7 of Part 5 of
Division 31 of the California Health and Safety Code (the "Housing Act") to
issue revenue bonds for the purpose of financing the acquisition,
construction, rehabilitation and improvement of multifamily rental housing
facilities.
B. Orange Housing Development Corporation and C&C Development
(collectively, the "Borrower") has requested that the Authority consider the
issuance and sale of tax-exempt revenue bonds (the "Bonds") pursuant to
the Housing Act for the purpose of financing the construction by the
Borrower of 53 rental housing units on Agency owned properties located
at 217-219 S. Birch, 435-437 S. Birch, 2034-2038 N. Bush, 2035-2111 N.
Spurgeon, and 605-611 E. Washington Street in the City of Santa Ana
(the "Project").
C. The Borrower has requested an expression of this Authority's willingness
to authorize the issuance of the Bonds at a future date after the
documentation relating to the financing has been prepared and completed,
and the Authority's requirements for the issuance of such Bonds have
been satisfied.
D. The Authority wishes to declare its intention to authorize the issuance of
the Bonds, provided certain conditions are met, for the purpose of
HA Resolution No. 2010-002
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financing costs of the Project, in an aggregate principal amount not to
exceed $12,500,000.
Section 2. The Authority finds and determines that the above recitals are true
and correct.
Section 3. The Authority finds and hereby determines that it is necessary and
desirable and a public purpose for the Authority to provide financing for the Project and
hereby expresses its official intent to issue and sell the Bonds pursuant to the Housing
Act, at one time or from time to time, subject to the conditions set forth herein. This
Resolution does not bind the Authority to make any expenditure, incur any
indebtedness, or proceed with the financing of the Project.
Section 4. The Bonds will be payable solely from the revenues to be received
by the Authority pursuant to a loan agreement or other agreements to be entered into
between the Authority and the Borrower in connection with the financing of the Project.
The issuance of the Bonds is subject to the following conditions: (a) the Authority and
the Borrower shall have first agreed to mutually acceptable terms for the Bonds and of
the sale and delivery thereof, and mutually acceptable terms and conditions of the Bond
indenture, loan agreement, regulatory agreement and other related documents for the
financing of the Project; (b) all requisite governmental approvals for the Bonds shall
have been obtained; and (c) a resolution approving the financing documents to which
the Authority will be a party shall have been adopted by the Authority.
Section 5. This resolution is a Declaration of Official Intent under U.S.
Treasury Regulations for purposes of Sections 103 and 141 to 150 of the Internal
Revenue Code of 1986, as amended (the "Code"). Based upon the representations of
the Borrower, the Authority reasonably expects that certain of the costs of the Project
will be reimbursed with the proceeds of the Bonds. The expected maximum principal
amount of the Bonds is $12,500,000.
Section 6. The officers of and the financial advisors to the Authority are hereby
authorized and directed to take any and all actions as may be necessary or appropriate
in connection with (a) an application to the California Debt Limit Allocation Committee
for an allocation of the State's private activity bond volume cap under Section 146 of the
Code and Section 8869.85 of the California Government Code, and (b) compliance with
the requirements of Section 147(f) of the Code relating to public approval of the Bonds.
Any such actions heretofore taken by such officers and financial advisors with respect
thereto are hereby ratified, approved and confirmed.
Section 7. This Resolution shall take effect immediately upon its adoption by
the Authority, and the Secretary of the Authority shall attest to and certify the vote
adopting this Resolution.
HA Resolution No. 2010-002
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ADOPTED this 7th day of September, 2010.
Chair
APPROVED AS TO FORM:
Joseph W. Fletcher
Authority Counsel
Lisa E. Storck
Assistant Counsel
AYES: Authority Members: Alvarez, Benavides, Bustamante,
Martinez, Pulido, Sarmiento, Tinaiero (7)
NOES: Authority Members: None 0
ABSTAIN: Authority Members: None (0)
NOT PRESENT: Authority Members: None (0)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Secretary of the Housing Authority of the City of Santa Ana, do
hereby attest to and certify that HA Resolution No. 2010-002 to be the original
resolution adopted by the Housing Authority of the City of Santa Ana on September 7,
2010.
Date: '
Secretary
Housing Authority of the City of Santa Ana
HA Resolution No. 2010-002
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