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AHA-2014-001RESOLUTION NO. AHA 2014 -001 RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY REGARDING ITS INTENTION TO ISSUE TAX - EXEMPT OBLIGATIONS FOR VILLAGE CENTER APARTMENTS WHEREAS, the Anaheim Housing Authority (the "Issuer ") has the authority to finance the acquisition, rehabilitation and equipping of a 100 -unit multifamily rental housing development known generally as "Village Center Apartments," located at 200 East Lincoln Avenue in the City of Anaheim (the "Project"), and WHEREAS, the Issuer intends to finance the acquisition, rehabilitation and equipping of the Project by Village Center Preservation, L.P., a California limited partnership (the "Developer "), or an affiliate or assign thereof, 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 "Bonds") and WHEREAS, prior to the issuance of the Bonds, 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 Bonds; and WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the amount of multifamily housing mortgage revenue bonds that may be issued in any calendar year by entities within a state and authorizes the governor or the iegislature of a state to provide the method of allocation within the state: and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code ") governs the allocation of the state ceiling among governmental units in the State of California having the authority to issue multifamily housing mortgage revenue bonds: and WHEREAS, Section 8869.85 of the Government Code requires a local agency to file an application with the California Debt Limit Allocation Committee ( "CDLAC ") prior to the issuance of multifamily housing mortgage revenue bonds. NOW, THEREFORE, THE GOVERNING BOARD OF 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. equipping and associated costs of the Project incurred prior to the issuance of the Bonds with proceeds of the Bonds. SECTION 2. The reasonably expected maximum principal amount of the Bonds for the Project is $15,000,000. DOCSOC/1648794v2/022620 -0000 SECTION 3. This Resolution is being adopted no later than sixty (60) days after the date (the "Expenditure Date or Dates ") that the Developer will expend moneys for the portion of Project costs to be reimbursed from proceeds of the Bonds. SECTION 4. The expected date of issue of the Bonds 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 Bonds 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 Bonds) 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. SECTION 6. No moneys from sources other than the Bonds are, or are reasonably expected to be reserved, or allocated on a long -term basis, or otherwise set aside by the Issuer (or any related parry) 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 Bonds, 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 officers and /or the program managers of the Issuer are hereby authorized and directed to apply to CDLAC for an allocation from the state ceiling of private activity bonds to be issued by the Authority for the Project in an amount not to exceed $15 and to take any and all other actions as may be necessary or appropriate in connection with such application, including but not limited to the payment of fees, the posting of deposits and the provision of certificates, and any such actions heretofore taken by such officers and program managers are hereby ratified, approved and confirmed. SECTION 9. 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 Bonds for the Project. Moreover, the issuance of any Bonds 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 10. The limitations described in Section 3 and Section 4 do not apply to (a) costs of issuance of the Bonds, (b) an amount not in excess of the lesser of $100,000 or five percent (5 %) of the proceeds of the Bonds, or (c) any preliminary expenditures, such as architectural, engineering. surveying, soil testing, and similar costs other than land acquisition site preparation. F:\DOCS\DEVSVCS\RESOLUTN\INDUCEMENT (VILLAGE CENTER APARTMENTS) BOND ISSUANCE 2014.DOC DOCSOC/1648794V2/022620 -0000 and similar costs incident to commencement of construction, not in excess of twenty percent (20 %) of the aggregate issue price of the Bonds that finances the Project for which the preliminary expenditures were incurred. THE FOREGOING RESOLUTION IS PASSED APPROVED AND ADOPTED BY THE GOVERNING BOARD OF THE ANAHEIM HOUSING AUTHORITY THIS SEVENTH (7 DAY OF JANUARY, 2014 BY THE FOLLOWING ROLL CALL VOTE: AYES: Chairman Tait, Authority Members Eastman, Murray, Brandman and Kring NOES: None ABSTAIN: None ABSENT: None CHAIRMAN ATT eiV: AUTHORITY SECRETARY F:\ DOCS\ DEVSVCS\ RESOLUTN \1NDUCEMENT_RESOLUTION(VILLAGE CENTER APARTMENTS) BOND ISSUANCE 2014.DOC J DOCSOC /1648794V2/022620 -0000