HomeMy WebLinkAbout2022-109 - Approving the Issuance by the California Municipal FinanceRESOLUTION NO. 2022-109
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF
EXEMPT FACILITY BONDS FOR A QUALIFIED
RESIDENTIAL RENTAL PROJECT FOR FIRST POINT
APARTMENTSII
WHEREAS, Santa Ana Pacific Associates II, a California Limited Partnership (the
"Borrower") or a partnership of which Pacific West Communities, Inc. (the "Developer") or
a related person to the Developer is the general partner, has requested that the California
Municipal Finance Authority (the "Authority") adopt a plan of financing providing for the
issuance of exempt facility bonds for a qualified residential rental project pursuant to
Section 142(a)(7) of the Internal Revenue Code of 1986 (the "Code") in one or more series
issued from time to time, including bonds issued to refund such exempt facility bonds in
one or more series from time to time, and at no time to exceed $90,000,000 in aggregate
principal amount (the 'Bonds'), to finance or refinance the acquisition, construction,
improvement and equipping of a multifamily rental housing project located at 2110 E. 1 st
Street, Santa Ana, California (the "Project'); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by the City of Santa Ana (the "City") because the Project
is located within the territorial limits of the City; and
WHEREAS, the City Council of the City is the elected legislative body of the City
and is one of the "applicable elected representatives' required to approve the issuance
of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval requirement
of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of
Powers Agreement Relating to the California Municipal Finance Authority, dated as of
January 1, 2004 (the "Agreement'), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now
desires to approve the issuance of the Bonds by the Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA ANA AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this Resolution constitute
Resolution 2022-109
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approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f)
of the Code by the applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in accordance with said Section
147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to approval of the Authority
of all financing documents relating thereto to which the Authority is a party. The City shall
have no responsibility or liability whatsoever with respect to repayment or administration of
the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to: (i) provide any financing with respect to the Project; (ii) approve any
application or request for or take any other action in connection with any planning approval,
permit or other action necessary with respect to the Project; (iii) make any contribution or
advance any funds whatsoever to the Authority; or (iv) take any further action with respect
to the Authority or its membership therein.
Section 5. The City Manager and applicable Executive Directors 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 6. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this 20th day of December, 2
APPROVED AS TO FORM:
Sonia R. Carvalho, City Attorney
By: .
Jo M. Funk
Chief Assistant City Attorney
Resolution 2022-109
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AYES: Councilmembers Amezcua, Lopez, Penaloza, Vazquez (4)
NOES: Councilmembers None (0)
ABSTAIN: Councilmembers Phan (1)
NOT PRESENT: Councilmembers Bacerra, Hernandez (2)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2022-
109 to be the original Resolution adopted by the City Council of the City of Santa Ana on
December 20, 2022.
Date: 12 1 M 12�
4 - li
Jerk of the Counc'
City of Santa Ana
Resolution 2022-109
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