AHA-1985-011RESOLUTION NO. AHA 85 -11
RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY
AUTHORIZING THE ISSUANCE OF BONDS
FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND CONSTRUCTION OF A
MULTIFAMILY RESIDENTIAL RENTAL PROJECT
WHEREAS, the Anaheim Housing Authority (the "Authority ") is authorized
to issue revenue bonds pursuant to the provisions of Sections 34200 et seq. of
the California Health and Safety Code (the "Act ") for the purpose of providing
financing for the acquisition and construction of multifamily residential
rental projects located within the area of operation of the Authority; and
WHEREAS, Pierco Development, Inc., (the "Developer ") has requested the
Authority to issue and sell its revenue bonds (the "Bonds") pursuant to the
procedures specified in the Act for the purpose of financing the acquisition
and construction of certain land and facilities consisting of an eighty -two
(82) unit multifamily residential rental project and underlying land and
related and appurtenant facilities to be located at 3530 -3540 and 3550 West
Ball Road in the City of Anaheim, Californa (the "Project ") to be acquired and
constructed by the Developer, and the Authority wishes to induce the Developer
to acquire, construct, and develop the Project within the area of operation of
the Authority; and
WHEREAS, it is in the public interest, for the public benefit and in
furtherance of the public purposes of the Authority that the Authority
authorize the Bonds for the aforesaid purpose;
NOW, THEREFORE, the Anaheim Housing Authority resolves as follows:
Section 1. The Authority hereby authorizes the issuance and sale of
the Bonds pursuant to the Act in an aggregate principal amount not to exceed
$4,500,000 for the purpose of providing financing for the acquisition,
construction and improvement of the Project. Such authorization shall be for
the purpose of inducing the Devloper to undertake the Project and, in
particular, to do so at the aforesaid location.
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 said Bonds and shall be authorized by resolution of the
Authority at a meeting duly held and conducted for such purpose.
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 to accomplish successfully 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. It is intended that this resolution shall constitute "some other
official action" toward the issuance of the Bonds to finance the Project
within the meaning of Section 1.103- 8(a)(5) of the Treasury Regulations
promulgated under Section 103 of the Internal Revenue Code of 1954, as amended.
Section 5. This resolution shall take effect immediately upon its
adoption.
THE FOREGOING RESOLUTION is adopted by the Anaheim Housing Authority at
its meeting of July 10 , 1985.
AL wll000de�-
Chairman
Anaheim Housing Authority
ATTEST:
S
Secretary
Anaheim Housing Authority
PW: kal
0355N
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. AHA85 -11 was passed and adopted at a
regular meeting of the Anaheim Housing Authority held on the 16th day of July,"',
1985, by the following vote of the members thereof:
AYES: AUTHORITY MEMBERS: Kaywood, Pickler, Overholt and Roth
NOES: AUTHORITY MEMBERS: None
ABSENT: AUTHORITY MEMBERS: Bay
AND I FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority
signed said Resolution on the 16th day of July, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 16th day of
July, 1985.
SECRETARY OF THE ANAHEIM HOUSING AUTHORITY
(SEAL)
W