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HA RESOLUTION NO. 2011-001 <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF <br />MULTI-FAMILY HOUSING REVENUE BONDS IN A <br />PRINCIPAL AMOUNT NOT TO EXCEED $10,615,700 TO <br />FINANCE THE CONSTRUCTION OF VARIOUS <br />MULTIFAMILY RENTAL HOUSING FACILITIES BY SANTA <br />ANA WBBB, LP, AND AUTHORIZING OTHER MATTERS <br />RELATING THERETO <br />BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA <br />ANA AS FOLLOWS: <br />Section 1. The Housing Authority of the City of Santa Ana (the "Authority") <br />hereby finds, determines and declares as follows: <br />A. The Authority is authorized by Chapter 1 of Part 2 of Division 24 of the <br />Health and Safety Code of the State of California (the "Act"), to engage in <br />a program of issuing revenue bonds for the purpose of financing the <br />acquisition, construction and development of multifamily rental housing, <br />and to enter into agreements for the purpose of providing revenues to pay <br />such revenue bonds upon such terms and conditions as the Authority may <br />deem advisable (the "Program"). <br />B. Santa Ana WBBB, LP, a California limited partnership (the "Borrower") has <br />requested that the Authority issue multifamily housing revenue bonds (the <br />"Bonds") under the Act for the purpose of financing costs of the Borrower <br />related to the construction of 51 units of multifamily rental housing in the <br />City of Santa Ana (collectively, the "Project"), with such units to be located <br />at 217-219 South Birch Street (5 units), 435-437 South Birch Street (5 <br />units), 2034-2038 North Bush Street (5 units) and 605-611 East <br />Washington Avenue (36 units). <br />C. On March 7, 2011, the City Council of the City of Santa Ana, following a <br />properly noticed public hearing held on that date, authorized the issuance <br />of the Bonds by the Authority, subject to subsequent approval by the <br />Authority of the various documents related to the financing. <br />D. On July 20, 2011, the California Debt Limit Allocation Committee adopted <br />two resolutions allocating a total of $10,615,700 of the State of California <br />ceiling on private activity bonds to the Authority for the Bonds. <br />HA Resolution 2011-001 <br />Page 1 of 4