AHA-2001-001RESOLUTION NO. AI-I~2001-1
RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY
REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT
OBLIGATIONS
WHEREAS, the Anaheim Housing Authority (the "Issuer") has the authority to finance the
acquisition, rehabilitation, construction and development of a 65-unit multifamily rental housing
development known as "Westchester Apartments," located at 125 Westchester Drive, Anaheim,
California 92804 (the "Project"); and
WltEREAS, the Issuer intends to finance the acquisition of the Pr~ect by BDP-Westchester,
LLC, a California limited liability company, or its affiliates or their assigns (the "Developer"), with
the proceeds of the sale ofmultifamily housing mortgage revenue bonds, the interest on whict~ is
excluded from gross income for federal income tax purposes (the "Obligations"); and
WHEREAS, vrior to the issuance of the Obligations, the Developer has incurred or will
incur certain expenditures with respect to the Project from available moneys of the Developer, which
expenditures are desired to be reimbursable from a portion of the proceeds of the sale of the
Obligations;
NOW, THEREFORE, THE ANAHEIM HOUSING AUTHORITY DOES HEREBY
RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The Issuer hereby states its intentic, n and reasonably expects to reimburse the
Developer for acquisition, rehabilitation, improvement and associated costs or'the Project inc~trred
prior to the issuance of the Obligations with proceeds of the Obligations.
SECTION 2. The reasonably expected principal amount of tl'.e Obligations tot' the F'roject
is $4,950,000.
SECTION 3. This Resolution is being adopted no later t'han sixts.' (60) days after the date
(~he "Expenditure Date or Dates") that the Issuer, upon request ef the Developer, will expend
moneys for the portion of Project costs to be reimbt~rsed ~:om vroceeds of the Obligatiov. s.
SECTION 4. The expected date of issue of the Obligations will be within eigk, teen (!8)
months of the later of the Expenditure Date or Dates and the first date the Project is placed in service
and, in no event, later than three years after the Expenditure Date or Dates.
SECTION 5. Proceeds of the Obligations to be used to reimburse the Developer for Project
costs are not expected to be used directly or indirectly to pay debl service with respect to any
obligation (other than to pay' current deb~. service coming due within the next succeeding one year
period on any tax-exempt obligation of the Issuer (other than the Obligations)) or to be held as a
reasonably required reserve or replacement fi~nd witl'~ respect to an obligation of the Issuer or any
F: DOCS\.'xDMIN~ RESOLU'i ,'b,'.BRR 130~A DOC I
entity related in any manner to the Issuer, or to reimburse any expenditure that was originally paid
with the proceeds of any obligation, or to replace funds that are or will be used in such manner.
SECTION 6. No moneys from sources other than the Obligations are, or are reasonably
expected to be reserved, allocated on a long-term basis, or otherwise set aside by the Issuer (or any
related party) with respect to Project costs. To the best of its knowledge, the Issuer is not aware of
the previous adoption of official intents by the Issuer that have been made as a matter of course for
the purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued
or were not intended to be so issued at the time of adoption.
SECTION 7. This Resolution is adopted as official action of the Issuer in order to comply
with Treasury Regulation § 1.150-2 and any other regulations of the Internal Revenue Service
relating to the qualification for reimbursement of expenditures incurred prior to the date of issue of
the Obligations, is part of the Issuer's official proceedings, and will be available for inspection by
the general public at the main administrative office of the Issuer.
SECTION 8. The proper officers of the Issuer are hereby authorized and directed to take
whatever further action relating to the aforesaid financial assistance may be deemed reasonable and
desirable, provided that in no event shall this Resolution bind the Issuer in any way, shape or form to
proceed with the Project and shall be subject in all respects to the unfettered discretion of the Issuer
with respect to the issuance of Obligations for the Project. Moreover, the issuance of any
Obligations shall be subject to compliance in all respects with all environmental, regulatory and
other requirements which the Issuer is subject to or may reasonably impose.
SECTION 9. All the recitals in this Resolution are tree and correct and this governing body
of the Issuer so finds, determines and represents.
PASSED, APPROVED AND ADOPTED, this 20th day of March, 2001.
ATTEST:
ANAHEIM HOUSING AUTHORITY
~hairman ~ ~/
By:
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH,
as Bond Counsel
By:
2
DOCSOC\806016v 1 X29999.0000
STATE Of CALIFORNIA )
COUNTY Of ORANGE )
CITY Of ANAHEIM )
I, SHERYLL SCHROEDER, Secretary of the Anaheim Housing Authority, do hereby certify that
the foregoing Resolution No. AHA2001-1 was passed and adopted at a regular meeting of the
Anaheim Housing Authority held on the 20th day of March, 2001 by the following vote of the
members thereof:
AYES:
CHAIRMAN/AUTHORITY MEMBERS:
Feldhaus, Kring, Tait, McCracken, Daly
NOES: CHAIRMAN/AUTHORITY MEMBERS: None
ABSENT: CHAIRMAN/AUTHORITY MEMBERS: None
SEC-'~'TAR"~OF T~'E ANAHEIM HOUSING AUTHORITY
(SEAL)