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AHA-1987-01899999.99 JHFi W:PJT :ct '"4/87 J3945 RESOLUTION NO. AHA87 -18 A RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR MULTIFAMILY RENTAL HOUSING DEVELOPMENT BY BELAGE MANOR LTD. WHEREAS, the Anaheim Housing Authority (the "Authority ") is authorized by Chapter 1 (commencing with Section 34200) of Part 2 of Division 24 of the Health and Safety Code of the State of California, as amended (the "Act "), to issue and sell revenue bonds for the purpose of providing financing for the construction and development of multifamily rental housing facilities located within the jurisdiction of the Authority; and WHEREAS, Belage Manor Ltd., A California Limited Partnership (the "Company "), has applied to the Authority to issue and sell revenue bonds for the purpose of providing financing for the acquisition of land and construction thereon of an approximately 180 -unit rental housing development to be located within the jurisdiction of the Authority at 1660- 1664 W. Broadway in the City of Anaheim (the "Project "); and WHEREAS, the Authority wishes to induce the Developer (as defined below) to acquire and construct the Project and, in particular, to do so at such location; 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 revenue bonds for the aforesaid purposes; NOW, THEREFORE, BE IT RESOLVED by the Anaheim Housing Authority, as follows: Sec ti o n 1. The Anaheim Housing Authority hereby authorizes the issuance and sale of bonds (the "Bonds ") of the Authority pursuant to the Act in a principal amount of not to exceed Ten Million Dollars ($10,000,000) for the purpose of providing construction and permanent financing to the Company or its successors and assigns, (the "Developer "), for the acquisition, construction and development of the Project. S ection 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 the Bonds and subject to completion of proceedings for the issuance, sale and delivery of the Bonds by the Authority. 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 successfully to accomplish 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 d_ evelop the Project and that the Project will further the public purposes of the Authority. Section 5. The Developer shall be responsible for the payment of all costs in connection with the issuance of the Bonds, including but not limited to printing of any official statement, rating agency costs, bond counsel fees and expenses, underwriting discount and costs, trustee fees and expenses, and the cost of printing the Bonds. Section 6 . The law firm of Jones Hall Hill & White, A Professional Law Corporation is hereby named as bond counsel to the Authority for the Bonds. The fees and expenses of bond counsel in connection with the issuance of the Bonds are to be paid solely from the proceeds of the Bonds or directly by the Developer. vote: PASSED AND ADOPTED this 29't hday of DecemUer , 1987, by the following AYES: NOES: ABSENT: Chairman Attest: Secretary -2- 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. AHA87 -18 was passed and adopted at a regular meeting of the Anaheim Housing Authority held on the 29th day of December, 1987, by the following vote of the members thereof: AYES: AUTHORITY MEMBERS: Hunter, Kaywood, Pickler, Ehrle and Bay NOES: AUTHORITY MEMBERS: None ABSENT: AUTHORITY MEMBERS: None AND 1 FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority signed said Resolution on the 29th day of December, 1987. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 29th day of December, 1987. SECRETARY OF THE ANAHEIM HOUSING AUTHORITY ;SEAL) ka 60