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HomeMy WebLinkAbout2015-011 - California Municipal Finance Authority Multifamily housing Revenue BondsRESOLUTION NO. 2015 -011 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $16,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF 815 N. HARBOR APARTMENTS AND OTHER MATTERS RELATING THERETO BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: SECTION 1: The City Council of the City of Santa Ana hereby, finds, determines and declares as follows: A. C &C Development Co., LLC, a California limited liability company, or entities related thereto (the 'Borrower "), has requested that the California Municipal Finance Authority (the "Authority ") participate in the issuance of one or more series of revenue bonds issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, in an aggregate principal amount not to exceed $16,000,000 (the 'Bonds ") for the acquisition, construction, improvement and equipping of a 70 -unit multifamily affordable rental housing project located at 803 -815 North Harbor Boulevard, Santa Ana, California, generally known as 815 N. Harbor Apartments (the `Project') and operated by Advanced Property Services, LLC. B. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (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 to be located within the territorial limits of the City. C. 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. D. 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 E. 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. Resolution No. 2015 -011 Page 1 of 3 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Santa Ana as follows: Section 2. The foregoing determinations and declarations are true and correct. Section 3. 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 to be located, in accordance with said Section 147(f) and (b) of the Code and Section 4 of the Agreement. Section 4. The issuance of the Bonds shall be subject to the 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 the Bonds. Section 5. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of 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 for the acquisition, construction, rehabilitation, installation or operation of 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 6. The City Manager or his designee is hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which are deemed necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby. Section 7. This resolution shall take effect immediately upon its adoption. ADOPTED this 17th day of February, 2015. APPROVED AS TO FORM: Sonia R. Carvalho City Attorney By: kw&tc- L Lisa Storck Assistant City Attorney Resolution No. 2015 -011 Page 2 of 3 AYES: Councilmembers: Amezcua, Benavides, Martinez Pulido, Reyna Sarmiento (6) NOES: Councilmembers: None (0) ABSTAIN: Councilmembers: None (0) NOT PRESENT: Councilmembers: Tinaiero (1) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2015 -011 to be the original resolution adopted by the City Council of the City of Santa Ana on February 17, 2015. Date: Clerk of the Council City of Santa Ana Resolution No. 2015 -011 Page 3 of 3