HomeMy WebLinkAbout06-11 - Approving the Issuance of Multifamily Housing Revenue BondsRESOLUTION NO. 06-11
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, the California Statewide Communities Development Authority
(the "Authority") is authorized pursuant to the provisions of California Government Code
Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies
throughout the State of California, including the City of Costa Mesa (the "City"), to issue
revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California
Health and Safety Code for the purpose of financing multifamily rental housing projects;
and
WHEREAS, St. John's Manor, LP, or related entities, has requested that the
Authority adopt a plan of financing providing for the issuance of multifamily housing
revenue bonds in one or more series issued from time to time, including bonds issued to
refund such revenue bonds in one or more series from time to time, and at no time to
exceed $5,000,000 in outstanding aggregate principal amount, to finance the
acquisition, construction and development of a 36 -unit multifamily rental housing
project, located at 2031 Orange Avenue, Costa Mesa, California, and generally known
as St. John's Manor Apartments (the "Project"); and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance,
private activity bonds are required to be approved by the "applicable elected
representative" of the governmental units on whose behalf such bonds are expected to be
issued and by a governmental unit having jurisdiction over the entire area in which any
facility financed by such bonds is to be located, after a public hearing held following
reasonable public notice; and
WHEREAS, the members of this City Council (this "Council') are the
applicable elected representatives of the City; and
WHEREAS, there has been published, at least 14 days prior to the date
hereof, in a newspaper of general circulation within the City, a notice that a public hearing
regarding the Bonds would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time
an opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
WHEREAS, it is intended that this resolution shall constitute the approval of
the issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the
Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COSTA MESA AS FOLLOWS:
Section 1. The above recitals are true and correct.
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Section 2. The Council hereby approves the issuance of the Bonds by
the Authority. It is the purpose and intent of the Council that this resolution constitute
approval of the Bonds for the purposes of (a) Section 147(f) of the Code and (b) Section 9
of the Agreement.
Section 3. The officers of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all
documents that they deem necessary or advisable in order to carry out, give effect to and
comply with the terms and intent of this resolution and the financing approved hereby.
Section 4. The City Clerk shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 5. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED 7th day of February, 2006.
Mayor
ATTEST:
a'Z'Z�D � keexD
City C erk
City Attorney
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STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss.
CITY OF COSTA MESA )
I, Julie Folcik, City Clerk and ex -officio Clerk of the City Council of the City of Costa
Mesa, hereby certifies that the above and foregoing Resolution No. 06-11 was duly
and regularly passed and adopted by said City Council at a regular meeting thereof held
on the 7th day of February, 2006, by the following roll call vote:
AYES: Mansoor, Bever, Dixon, Foley, Monahan
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereby set my hand and affixed the Seal of the
City of Costa Mesa this 8th day of February 2006.
ak'-D
City'7Clerk and ex -officio Clerk of
the City Council of the City of Costa Mesa
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