HomeMy WebLinkAbout- - TEFRA Resolution Attachment 2 - 7/3/2012Attachment 2
RESOLUTION NO. 12-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY OF MULTIFAMILY
HOUSING REVENUE BONDS FOR THE TOWER ON NINETEENTH
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, 19th Street Affordable LP, a limited partnership or related
entities, has requested that the Authority adopt a plan of financing providing for the
issuance of multifamily housing revenue bonds (the "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 $37,000,000 in outstanding aggregate
principal amount, to finance the acquisition and rehabilitation of a 269 -unit senior
multifamily rental housing project located at 678 W. 19`" Street, Costa Mesa, California,
generally known as The Tower on Nineteenth (the "Project") and operated by CBR
Property Management, LLC; 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 "City 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, the Authority is also requesting that the City Council approve
the issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only in
such cases where federal tax laws would not require additional consideration or
approval by the City Council; 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.
Section 2. The City Council hereby approves the issuance of the Bonds
and the Refunding Bonds by the Authority. It is the purpose and intent of the City 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 this 3rd day of July, 2012.
ATTEST:
Interim City Clerk of the City of Costa Mesa Mayor of the City of Costa Mesa
APPROVED AS TO FORM:
City Attorney
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, BRENDA GREEN, Interim City Clerk and ex -officio Clerk of the City Council of
the City of Costa Mesa, hereby certify that the above and foregoing Resolution No.
was duly and regularly passed and adopted by the said City Council at a regular
meeting thereof held on the 3rd day of July, 2012, by the following roll call vote:
/_02601
NOES:
ABSENT:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 5T" day of July, 2012.
Interim City Clerk