AHA-1985-015RESOLUTION N0. AHA -15
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
(East Hills Development Company Limited Partnership)
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, East Hills Development Company Limited Partnership (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 approximately 318 unit multifamily residential rental project
and underlying land and related and appurtenant facilities to be located on
approximately 31 acres located south and east of the intersection of Santa Ana
Canyon Road and the proposed southerly extension of Weir Canyon Road, in the
City of Anaheim, California (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
$25,000,000 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 Developer to undertake the Projct 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 August 1 '- , 1985.
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Chairman
Anaheim Housing Authority
ATTEST:
Assistant Secretary
Anaheim Housing Authority
PW:kal
0387N
4
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 -15 was passed and adopted at a
regular meeting of the Anaheim Housing Authority held on the 13th day of '^'*
August, 1985, by the following vote of the members thereof:
AYES: AUTHORITY MEMBERS: Bay, Pickler and Roth
NOES: AUTHORITY MEMBERS: None
ABSENT: AUTHORITY MEMBERS: Kaywood and Overholt
AND I FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority
signed said Resolution on the 13th day of August, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 13th day of
August, 1985.
(SEAL)
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