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AHA-2001-003RESOLUTION NO. AI~2001-3 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 WHEREAS, the Issuer intends to finance the acquisition of the Project by BDP Westchester, LLC, a California limited liability company, or its affiliates or assigns (the "Developer"), with the proceeds of the sale of multifamily housing mortgage revenue bonds, the interest on which is excluded from gross income for federal income tax purposes (the "Obligations"); and WHEREAS, prior 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 intention and reasonably expects to reimburse the Developer for acquisition, rehabilitation, improvement and associated costs of the Project incurred prior to the issuance of the Obligations with proceeds of the Obligations. SECTION 2. The reasonably expected principal amount of the Obligations for the Project is $5,400,000. SECTION 3. This Resolution is being adopted no later than sixty (60) days after the date (the "Expenditure Date or Dates") that the Issuer, upon request of the Developer, will expend moneys for the portion of Project costs to be reimbursed from proceeds of the Obligations. SECTION 4. The expected date of issue of the Obligations will be within eighteen (18) 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 debt service with respect to any obligation (other than to pay current debt 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 fund with respect to an obligation of the Issuer or any 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. DOCSOC\825187v1\22620.0017 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 pa~y) 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. This Resolution modifies an earlier resolution of the Authority adopted on March 20, 2001 on a similar subject, related to the proposed project. 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 true and correct and this governing body of the Issuer so finds, determines and represents. 2 DOCSOC\825187v1\22620.0017 PASSED, APPROVED AND ADOPTED, this 19th day of June, 2001. ATTEST: ~_~/~.. "~ e ~et alTy ...... APPROVED AS TO FORM: ANAHEIM HOUSING AUTHORITY STRADLING YOCCA CARLSON & RAUTH, as Bond Counsel By: ~t~ l/~/j 3 DOCSOC\825187v1\22620.0017 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. AHA2001-3 was passed and adopted at a regular meeting of the Anaheim Housing Authority held on the 19th day of June, 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 f~-'/"/N.(-~SFr~RF:TAI~Y (~F ~--HE ANAHEIM HOUSING AUTI--I-ORITY (SEAL)