98-238RESOLUTION NO. 98R-738
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF
VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE
REFUNDING BONDS BY THE ANAHEIM HOUSING AUTHORITY TO
REFINANCE A MULTIFAMILY HOUSING PROJECT OWNED BY
SAGE PARK, A CALIFORNIA LIMITED PARTNERSHIP, AND
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Anaheim Housing Authority (the "Authority") is authorized to issue and has
previously issued its $5,500,000 Variable Rate Demand Multifamily Housing Revenue Bonds, 1986
Series A (Sage Park Project) (the "Prior Bonds"), to finance the acquisition and construction by Sage
Park, a California limited partnership (the "Owner"), of a multifamily housing project located in the
City of Anaheim (the "Project") for occupancy by persons and families of very low income; and
WHEREAS, the owner has requested that the Authority issue bonds to refund the Prior
Bonds in order to extend the term of the tax-exempt financing for the Project; and
WHEREAS, the Authority has determined it to be in furtherance of the public interest to
issue Anaheim Housing Authority Multifamily Housing Revenue Refunding Bonds (Sage Park
Project), 1998 Series A, in the principal amount of $5,500,000 (the "Bonds"), for the purpose of
refunding the Prior Bonds; and
WHEREAS, pursuant to Section 147(f) of the Code, the Bonds are required to be approved,
following a public hearing, by an elected representative of the issuer of the Bonds and an elected
representative of the governmental unit having jurisdiction over the area in which the Projects are
located; and
WHEREAS, the Authority is made up of members which have been appointed but not
elected to their positions as Commissioners of the Authority, and the City of Anaheim (the "City") is
the next higher governmental unit with an applicable elected representative from which the
Authority derives its authority; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, the City has caused a notice to be published in a newspaper of general
circulation in the City, at least two weeks prior to this meeting, to the effect that a public hearing
would be held by this City Council on October 27, 1998 regarding the issuance of the Bonds by the
Authority and the nature and location of the Project; and
WHEREAS, this City Council has conducted a public hearing on this date, at which time an
opportunity was provided to the public to present arguments both for and against the issuance of the
Bonds and the nature and location of the Project;
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