AHA-1999-001RESOLUTION NO. AHA99-1
RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY
EXPRESSING ITS INTENT TO ISSUE BONDS TO
PROVIDE FINANCING FOR A MULTI-FAMILY HOUSING
PROJECT AND RELATED ACTIONS
WHEREAS, Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the
State of California (the "Act") authorizes housing authorities to issue and sell mortgage
revenue bonds for the purpose of making loans or otherwise providing funds to finance the
development of multi-family residential rental housing projects, including units for households
meeting the income limits set forth in the Act; and
WHEREAS, Pacific Gulf Properties Inc., a Maryland corporation ("Pacific Gulf"), has
requested that the Anaheim Housing Authority (the "Authority") issue and sell tax-exempt
bonds pursuant to the Act to provide financing for the acquisition and construction of a
certain multi-family rental housing development comprising 259 units to be located at Festival
Drive in the City of Anaheim (the "Project") to be owned by Pacific Gulf or its affiliate; and
WHEREAS, prior to the issuance of the tax-exempt bonds, Pacific Gulf has incurred or
will incur certain expenditures related to the Project from available moneys of Pacific Gulf,
which expenditures are desired to be reimbursable by the Authority from the proceeds of the
sale of the tax-exempt bonds; and
WHEREAS, the Authority hereby finds and declares that it is necessary, essential and
a public purpose for the Authority to finance multi-family housing projects pursuant to the Act,
in order to increase the supply of multi-family housing in the City of Anaheim (the "City")
available to persons and families within the income limitations established by the Act; and
WHEREAS, as an inducement to Pacific Gulf to construct the Project, the Authority
desires to express its intent to issue tax-exempt bonds by the Authority in a principal amount
not to exceed $22,000,000; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the amount of
multi-family 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 multi-family 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 CCDLAC") prior to the
issuance of multi-family housing mortgage revenue bonds; and
WHEREAS, the Authority hereby finds and declares that this Resolution is being
adopted pursuant to the powers granted by the Act.
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