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AHA-2001-002 RESOLUTION NO. AHA2001-2 RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS WHEREAS, the Anaheim Housing Authority (the "Issuer") has the authority to finance the construction and development of a 132-unit multifamily senior housing development known as "Solara Court Apartments," located at 3335 West Lincoln in the City of Anaheim (the "Project"); and WHEREAS, the Issuer intends to finance the development and construction of the Project by West Lincoln Housing Partners, Limited Partnership, a Delaware limited partnership, or its assigns (the "Owner"), with the proceeds of the sale of multifamily housing mortgage revenue bonds the interest on which is excluded from gross income for federal income tax purposes (the "Obligations"); and WHEREAS, prior to the issuance of the Obligations, the Owner has incurred or wilt incur certain expenditures with respect to the Project from available moneys of the Owner, which expenditures are desired to be reimbursable from a portion of the proceeds of the sale of the Obligations; and WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the amount of muttifamily housing mortgage revenue bonds that may be issued in any calendar year by entities within a state and authorizes the governor or the legislature of a state to provide the method of allocation within the state; and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code") governs the allocation of the state ceiling among governmental units in the State of California having the authority to issue multifamily housing mortgage revenue bonds; and WHEREAS, Section 8869.85 of the Government Code requires a local agency to file an application with the California Debt Limit Allocation Committee ("CDLAC") prior to the issuance of multifamily housing mortgage revenue bonds. NOW, THEREFORE, THE ANAHEIM HOUSING AUTHORITY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS: SECTION 1. The Issuer hereby states its intention and reasonably expects to reimburse the Owner for development, construction and associated costs of the Project incurred prior to the issuance of the Obligations with proceeds of the Obligations. SECTION 2. The reasonably expected principal amount of the Obligations for the Project is $8,200,000. 1 DOCSOC\791872v2\22620 0016 SECTION 3. This Resolution is being adopted no later than sixty (60) days after the date (the "Expenditure Date or Dates") that the Issuer, upon request of the Owner, ~vill expend moneys for the portion of Project costs to be reimbursed from proceeds of the Obligations. SECTION 4. The expected date ofissue of the Obligations will be within eighteen (18) months of the later of the Expenditure Date or Dates and the first date the Project is placed in service and, in no event, later than three years after the Expenditure Date or Dates. SECTION 5. Proceeds of the Obligations to be used to reimburse the Owner for Project costs are not expected to be used directly or indirectly to pay debt service with respect to any obligation (other than to pay current debt service coming due within the next succeeding one year period on any tax-exempt obligation of the Issuer (other than the Obligations)) or to be held as a reasonably required reserve or replacement fund with respect to an obligation of the Issuer or any entity related in any manner to the Issuer, or to reimburse any expenditure that ~vas originally paid with the proceeds of any obligation, or to replace funds that are or will be used in such manner. SECTION 6. No moneys from sources other than the Obligations are, or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside by the Issuer (or any related party) with respect to Project costs. To the best of its knowledge, the Issuer is not aware of the previous adoption of official intents by the Issuer that have been made as a matter of course for the purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued or were not intended to be so issued at the time of adoption. SECTION 7. This Resolution is adopted as official action of the Issuer in order to comply with Treasury Regulation {} 1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of expenditures incurred prior to the date of issue of the Obligations, is part of the Issuer's official proceedings, and will be available for inspection by the general public at the main administrative office of the Issuer. SECTION 8. The proper officers of the Issuer are hereby authorized and directed to apply to CDLAC for a private activity bond allocation for application by the Issuer to the issuance of the Obligations for the Project in an aggregate approximate amount of $8,200,000, to collect from the Owner and hold on deposit pursuant to CDLAC requirements an amount equal to one-half of one percent (.5%) of the requested allocation, and to certify to CDLAC that such amount has been placed on deposit in an account in a financial institution. In the alternative, staff of the Issuer may cooperate with the Owner relative to an application to CDLAC by a statewide issuer, subject to subsequent transfer of any CDLAC allocation to the Issuer. SECTION 9. The proper officers of the Issuer are hereby authorized and directed to take whatever further action relating to the aforesaid financial assistance may be deemed reasonable and desirable, provided that in no event shall this Resolution bind the Issuer in any way, shape or form to proceed with the Project and shall be subject in all respects to the unfettered discretion of the Issuer with respect to the issuance of Obligations for the Project. Moreover, the issuance of any Obligations shall be subject to compliance in all respects with all environmental, regulatory and other requirements which the Issuer is subject to or may reasonably impose. 2 DOCSOC\791872v2\22620.0016 SECTION 10. All the recitals in this Resolution are true and correct and this Governing Board so finds, determines and represents. PASSED, APPROVED AND ADOPTED, this 19th day of June, 2001. ANAHEIM HOUSING AUTHORITY APPROVED AS TO FORM: STRADLING YOCCA CARLSON & RAUTH, as Bond Counsel By: .,,.3 _. DOCSOC\791872v2\22620.0016 I hereby certify that the foregoing Resolution was duly and regularly adopted by the Anaheim Housing Authority at a meeting thereof held on the 19th day of June, 2001, by the following vote: AYES: NOES: ABSENT: ABSTAIN: Feldhaus, Kring, McCracken, Daly, Tait None None None ~7-/,4/~- - AIIJ/FHORITY SECRETARY DOCSOC\791872v2\22620.0016 4 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ANAHEIM ) I, SHERYLL SCHROEDER, Secretary of the Anaheim Housing Authority, do hereby certify that the foregoing Resolution No. AHA2001-2 was passed and adopted at a regular meeting of the Anaheim Housing Authority held on the 19th day of June, 2001 by the following vote of the members thereof: AYES: CHAIRMAN/AUTHORITY MEMBERS: Feldhaus, Kring, Tait, McCracken, Daly NOES: CHAIRMAN/AUTHORITY MEMBERS: None ABSENT: CHAIRMAN/AUTHORITY MEMBERS: None /~--7'7,'dd.~- "- SEdRETARY 6F THE ANAHEIM HOUSING AUTHORITY (SEAL)