HomeMy WebLinkAbout2024-045 - Facility Bonds for the Garden Court ApartmentsRESOLUTION NO.2024-045
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING
CALIFORNIA MUNICIPAL
EXEMPT FACILITY BONDS
APARTMENTS
THE ISSUANCE BY TIME
FINANCE AUTHORITY OF
FOR THE GARDEN COURT
WHEREAS, C&C Development Co., LLC (the "Developer"), on behalf of a limited
partnership or other entity to be created by the Developer or an affiliate of the Developer
(such limited partnership or other entity being referred to herein as the "Borrower"), 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 1980 (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 $55,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance
the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing
project located at 300 East Santa Ana Boulevard, 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 (the "City Council") 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.
Resolution No. 2024-045
Page 1 of 3
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
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 adoption.
ADOPTED this 1611 day of Jam, 2024.
APPROVED AS TO FORM:
Sonia R. Carvalho
City Attorney
B y -. )—"4 e� t mek,.,
Matthew R. Cody, Esq.
Special Counsel to the City
Best, Best, & Krieger
Resolution No. 2024-045
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AYES: Councilmembers Amezcua, Bacerra Hernandez Lopez
Penaloza Phan Vazquez 7
NOES: Councilmembers None (0)
ABSTAIN: Councilmembers None (0)
ABSENT: Councilmembers None (0)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, JENNIFER L. HALL, City Clerk, do hereby attest to and certify the attached Resolution
No. 2024-045 to be the original resolution adopted by the City Council of the City of Santa
Ana on July 16, 2024.
Date:
Jenniter L. lalf- ,
City Cle k-
Git of Sant Ana
Resolution No. 2024-045
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