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98-239RESOLUTION NO. 98R-239 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE REFUNDING BONDS BY THE ANAHEIM HOUSING AUTHORITY TO REFINANCE A MULTIFAMILY HOUSING PROJECT TO BE OWNED BY HARBOR CLIFF APARTMENTS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the Anaheim Housing Authority (the "Authority") is authorized to issue and has previously issued its $7,400,000 Variable Rate Demand Multifamily Housing Revenue Bonds, 1985 Series A (Harbor Cliff Project) (the "Prior Bonds"), to finance the acquisition and construction of a multifamily housing project located in the City of Anaheim (the "Project") for occupancy by persons and families of low income; and WHEREAS, the current owners of the Project, have 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 (Harbor Cliff Project), 1998 Series B, in the principal amount of $7,400,000 (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 613858.2~2620.0012