AHA-1985-017RESOLUTION NO. AHA85 - 17
A RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY
AUTHORIZING THE ISSUANCE OF BONDS FOR THE
PURPOSE OF FINANCING THE ACQUISITION AND
CONSTRUCTION OF A MULTIFAMILY CONGREGATE CARE
RESIDENTIAL RENTAL PROJECT. (WEST ANAHEIM
ROYALE, A GENERAL 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 a multifamily congregate care
residential senior rental project located within the area of
operation of the Authority; and
WHEREAS, West Anaheim Royale (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 100 unit
multifamily congregate care residential rental project and
underlying land and related and appurtenant facilities to be
locate at 631 South Beach Boulevard, 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;
and
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 $5,000,000.00 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 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 issuance of these Revenue Bonds is
contingent upon a receipt by the Anaheim Housing Authority of an
allocation to issue Industrial Development Bonds.
Section 5. 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 6. This resolution shall take effect immediately
upon its adoption.
THE FOREGOING RESOLUTION is approved and adopted by the
Anaheim Housing Authority on the 17th day of September, 1985.
Z6L
CHAIRMAN
ANAHEIM HOUSING AU'T'HORITY
ATTEST:
SECRETARY
ANAHEIM HOUSING AUTHORITY
MES : fm
4165M
90685
-2-
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 -17 was passed and adopted at a
regular meeting of the Anaheim Housing Authority held on the 17th day of
September, 1985, by the following vote of the members thereof:
AYES: AUTHORITY MEMBERS: Pickler. Overholt and Rntb
NOES: AUTHORITY MEMBERS: 'Bay
ABSENT: AUTHORITY MEMBERS: Kaywood
AND I FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority
signed said Resolution on the 17th day of September, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 17th day of
September, 1985.
SECRETARY OF THE ANAHEIM HOUSING AUTHORITY
(SEAL)