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AHA-1985-015RESOLUTION N0. AHA -15 RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT (East Hills Development Company Limited Partnership) WHEREAS, the Anaheim Housing Authority (the "Authority) is authorized to issue revenue bonds pursuant to the provisions of Sections 34200 et seq. of the California Health and Safety Code (the "Act') for the purpose of providing financing for the acquisition and construction of multifamily residential rental projects located within the area of operation of the Authority; and WHEREAS, East Hills Development Company Limited Partnership (the "Developer ") has requested the Authority to issue and sell its revenue bonds (the "Bonds ") pursuant to the procedures specified in the Act for the purpose of financing the acquisition and construction of certain land and facilities consisting of an approximately 318 unit multifamily residential rental project and underlying land and related and appurtenant facilities to be located on approximately 31 acres located south and east of the intersection of Santa Ana Canyon Road and the proposed southerly extension of Weir Canyon Road, in the City of Anaheim, California (the "Project') to be acquired and constructed by the Developer, and the Authority wishes to induce the Developer to acquire, construct and develop the Project within the area of operation of the Authority; and WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes of the Authority that the Authority authorize the Bonds for the aforesaid purpose; NOW, THEREFORE, the Anaheim Housing Authority resolves as follows: Section 1. The Authority hereby authorizes the issuance and sale of the Bonds pursuant to the Act in an aggregate principal amount not to exceed $25,000,000 for the purpose of providing financing for the acquisition, construction and improvement of the Project. Such authorization shall be for the purpose of inducing the Developer to undertake the Projct and, in particular, to do so at the aforesaid location. Section 2. The issuance and sale of the Bonds shall be upon such terms and conditions as may be mutually agreed upon by the Authority, the Developer and the purchaser of said Bonds and shall be authorized by resolution of the Authority at a meeting duly held and conducted for such purpose. Section 3. The proceeds of the Bonds shall include such related and necessary issuance expenses, administrative costs, debt service reserves and interest payments as may be required to accomplish successfully the financing of the Project. Section 4. The Authority hereby finds that the issuance of the Bonds is a substantial inducement to the Developer to acquire, construct and develop the Project and that the Project will further the public purposes of the Authority. It is intended that this resolution shall constitute "some other official action" toward the issuance of the Bonds to finance the Project within the meaning of Section 1.103- 8(a)(5) of the Treasury Regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended. Section 5. This resolution shall take effect immediately upon its adoption. THE FOREGOING RESOLUTION is adopted by the Anaheim Housing Authority at its meeting of August 1 '- , 1985. AfW 14 /�-' Z ed*2Z Chairman Anaheim Housing Authority ATTEST: Assistant Secretary Anaheim Housing Authority PW:kal 0387N 4 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ANAHEIM ) I, LEONORA N. SOHL, Secretary of the Anaheim Housing Authority, do hereby certify that the foregoing Resolution No. AHA85 -15 was passed and adopted at a regular meeting of the Anaheim Housing Authority held on the 13th day of '^'* August, 1985, by the following vote of the members thereof: AYES: AUTHORITY MEMBERS: Bay, Pickler and Roth NOES: AUTHORITY MEMBERS: None ABSENT: AUTHORITY MEMBERS: Kaywood and Overholt AND I FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority signed said Resolution on the 13th day of August, 1985. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 13th day of August, 1985. (SEAL) sio