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<br />,. . <br /> <br />. <br /> <br />8 <br /> <br />. <br /> <br />RESOLUTION NO. 96-04 <br /> <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF <br />SANTA ANA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF <br />MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF <br />FINANCING THE ACQUISITION AND REHABILITATION OF VILLA DEL <br />SOL APARTMENTS BY ADVANCED GROUP 94-95, A CALIFORNIA <br />LIMITED PARTNERSHIP, APPROVING AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND APPROVING <br />ACTIONS IN CONNECTION THEREWITH <br /> <br />WHEREAS, the Housing Authority of the City of Santa Ana (the <br />"Authority") is authorized by Chapter 1 of Part 2 of Division 24 <br />(commencing with section 34200) of the Health and Safety Code of <br />the State of California (the "Act"), to issue and sell its revenue <br />bonds for the purpose of financing the acquisition, construction, <br />rehabilitation or development of multifamily rental housing for <br />families and individuals of low- and very-low-income; and <br /> <br />WHEREAS, Advanced Group 94-95, A California Limited <br />partnership (the "Developer") has requested the Authority to issue <br />and sell revenue bonds (the "Bonds") pursuant to the procedures <br />specified in the Act for the purpose of providing for permanent <br />financing of the acquisition and rehabilitation by the Developer of <br />certain land and facilities consisting of a 562-unit multifamily <br />residential rental project and underlying land and related and <br />appurtenant facilities located at 811 South Fairview in the City of <br />Santa Ana, California (the "project") ¡ and <br /> <br />WHEREAS, the proceeds of the Bonds will be used to provide <br />funds for a mortgage loan by The Patricia companies (the "Lender") <br />to the Developer¡ and <br /> <br />WHEREAS, all conditions, things and acts required to exist, to <br />have happened and to have been performed under the Act precedent to <br />and in the issuance of the Bonds and the financing of the <br />acquisition and rehabilitation of the Project as contemplated by <br />this resolution and the documents referred to herein exist, have <br />happened and have been performed in due time, form and manner as <br />required by the laws of the state of California, including the Act, <br />and the Authority now desires to approve the issuance of the Bonds <br />and related documents and actions as set forth below. <br /> <br />NOW, THEREFORE, the Governing Board of the Housing Authority <br />of the City of Santa Ana resolves as follows: <br /> <br />section 1. The Authority hereby finds and declares that the <br />above recitals are true and correct. <br /> <br />section 2. Pursuant to the Act and the Indenture (hereinafter <br />defined), revenue bonds of the Authority, designated as "Housing <br />Authority of the City of Santa ana Multifamily Housing Revenue <br />Bonds (Villa Del Sol Apartments) 1996 Series "B" in an aggregate <br />principal amount not to exceed $16,100,000 (the "Bonds"), are <br />