90-196 RESOLUTION NO. 90R-196
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
APPROVING ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE ANAHEIM HOUSING AUTHORITY FOR A
PROJECT TO BE DEVELOPED BY DR. HYUK LEE AND
SHIN YUNG LEE
WHEREAS, the Anahehim Housing Authority (the "Authority~') is authorized by
Chapter I of Part 2 of Division 24 of the Health and Safety Code of the State of
California, and in particular Section 34312.3 of said code (the "Law"), to issue and sell its
revenue bonds for the purpose of providing financing for the acquisition of land and the
construction and development thereon of multifamily rental housing facilities located
within the area of operation of the Authority; and
WHEREAS, Dr. Hyuk Lee and Shin Y. Lee (the "Owners"), have requested the
Authority to issue its multifamily housing revenue bonds (the "Bonds") under the Law for
the purpose of financing the acquisition of land and construction thereon of an
approximately 180-unit multifamily rental housing development, to be located within the
City of Anaheim (the "Project"); and
WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds"
under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
Section 147(f) of the Code requires that the "applicable elected representative" with
respect to the Authority hold a public hearing on the issuance of the Bonds; and
WHEREAS, the Authority has determined that the City Council of the City of
Anaheim is the "applicable elected representative" to hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as required by the
Code, and this City Council has heretofore held such public hearing at which all
interested persons were given an opportunity to be heard on all matters relative to the
location and financing of the Project and the Authority's issuance of the Bonds therefor;
and
WHEREAS, the California Debt Limit Allocation Committee of the State of
California has granted , or is expected to grant, a portion of the private activity bond
allocation of the State of California to the City in the amount of $10,000,000 (the
"Allocation"), for use in connection with the issuance of revenue bonds for the financifig of
the Project and the City now desires to assigm the Allocation to the Authority for use in
connection with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Anaheim, as follows:
1. The City Council of the City of Anaheim hereby finds and determines that the
foregoing recitals are true and correct.
2. The City Council of the City of Anaheim hereby approves the issuance of the
Bonds by the Authority under the Law for the purpose of providing funds to finance the
acquisition, construction and development of the Project by the Owners·
3. The issuance of the Bonds shall be subject to approval by the Authority of ~1
financing documents relating thereto to which the Authority is a party and subject to the
sale of the Bonds by the Authority to the underwriter thereof.
4. The Allocation is hereby assigned to the Authority for use in connection with
the issuance of the Bonds for the Project.
5. This resolution shall take effect immediately.
THE FOREGOING RESOLUTION is approved and adopted by the City Council of
the City of Anaheim this 12th day of June, 1990.
ATTEST:
City Clerk of the City o~a~he~
-2-
CLE~
STATE OF CALIFO~IA )
COUNTY OF ORANGE ) ss.
CITY OF AN~EIM )
I, LEONORA N. SOHL, City Clerk of Me City of Anaheim, do hereby certify Mat
the foregoing Resolution No. 90R-196 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 12th day of June, 1990, by the following vote of Me members thereof:
AYES: COUNCIL MEMBERS: ~rle, Daly, Ka~ood, Pickler and Hunter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I ~RTHER certify that the Mayor of Me City of An~eim signed said
Resolution No~ 90R-196 on the 13th day of June, 1990.
IN WITNESS MEREOF, I have hereunto set my hand and affixed Me seal of the
City of An~eim this 13th d~ of 3une, 1990.
CITY CLE~ OF THE CITY OF AN~EIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hezeby certify that
the foregoing is the original of Resolution No. 90R-196, duly passed and
adopted by the Anaheim City Council on June 12, 1990.
CITY CLERK OF THE CITY OF ANAHEIM