AHA-1989-003 RESOLUTION NO. AHA89-3
A RESOLUTION OF INDUCEMENT OF THE ANAHEIM HOUSING
AUTHORITY AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR
THE PURPOSE OF PROVIDING FINANCING FOR MULTIFAMILY RENTAL
HOUSING DEVELOPMENT BY BROOKHOLLOW APARTMENTS (ANAHEIM)
ASSOCIATES
WHEREAS, the Anaheim Housing Authority (the "Authority")
is authorized by Chapter 1 (commencing with Section 34200) of
Part 2 of Division 24 of the Health and Safety Code of the State
of California, as amended (the "Act") , to issue and sell revenue
bonds for the purpose of providing financing for the
construction and development of multifamily rental housing
facilities located within the jurisdiction of the Authority; and
WHEREAS, Brookhollow Apartments (Anaheim) Associates, a
California Limited Partnership (the "Company") , has applied to
the Authority to issue and sell revenue bonds for the purpose of
providing financing for the acquisition of land and construction
thereon of an approximately 220-unit rental housing development
to be located at the southwest corner of Gramercy Avenue and
Valley Street, generally bounded by Gramercy Avenue to the
north, Brookhurst Street to the west, the Carbon Creek Flood
Control Channel to the south and Valley Street to )the east, and
further described as 625 North Valley Street, within the
jurisdiction of the Authority in the City of Anaheim (the
"Project") ; and _
WHEREAS, the Authority wishes to induce the Developer (as
defined below) to acquire and construct the Project and, in
particular, to do so at such location; and
WHEREAS, it isin the public interest, for the public
benefit and in furtherance of the public purpose of the
Authority that the Authority authorize revenue bonds for the
aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED by the Anaheim Housing
Authority, as follows:
Section 1. The' Anaheim Housing Authority hereby
authorizes the issuance and sale of bonds (the "Bonds") of the
Authority pursuant to the Act in a principal amount of not to
exceed Sixteen Million Dollars ($16, 000, 000) for the purpose of
providing construction and permanent financing to the Company,
/ or its successors and assigns (the "Developer") , for the
acquisition, construction and development of the Project.
Section 2 . The issuance and sale of the Bonds shall be
upon such terms and conditions as may be mutually agreed upon by
the Authority, the Developer and the purchaser of the Bonds and
subject to completion of proceedings for the issuance, sale and
delivery of the Bonds by the Authority.
Section 3 . The proceeds of the Bonds shall include such
related and necessary issuance expenses, administrative costs,
debt service reserves and interest payments as may be required
successfully to accomplish the financing of the Project.
Section 4. The Authority hereby finds that the issuance
of the Bonds is a substantial inducement to the Developer to
acquire, construct and develop the Project and that the Project
will further the public purposes of the Authority.
Section 5. The Developer shall be responsible for the
payment of all costs in connection with the issuance of the
Bonds, including but not limited to printing of any official
statement, rating agency costs, bond counsel fees and expenses,
underwriting discount and costs, trustee fees and expenses, and
fl the cost of printing the Bonds.
Section 6. The law firm of Jones Hall Hill & White, a
Professional Law Corporation is hereby named as bond, counsel to
the Authority for the Bonds. The fees and expenses, of' bond
counsel in connection with the issuance of the Bonds, are to be
paid solely from the proceeds of the Bonds or directly by the
Developer.
THE FOREGOING RESOLUTION is approved and ad4ted by the
Anaheim Housing Authority this 14th day of February
1989.
• IRMAN
ANAHEIM HO G A " Y
ATTEST:
SECRETARY
ANAHEIM HOUSING AUTHORITY ?, ; •,
(
RJ-Resl
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Anaheim Housing Authority, do hereby
certify that the foregoing Resolution No. AHA89-3 was passed and adopted at a
regular meeting of the Anaheim Housing Authority held on the 14th day of
February, 1989, by the following vote of the members thereof:
AYES: AUTHORITY MEMBERS: Ehrle, Pickler, Kaywood and Hunter
NOES: AUTHORITY MEMBERS: Daly
ABSENT: AUTHORITY MEMBERS: None
AND I FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority
signed said Resolution on the 15th day of February, 1989.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 15th day of
February, 1989.
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SECRETARY OF THE ANAHEIM HOUSING AUTHORITY
(SEAL)
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