HomeMy WebLinkAbout2017-082 - California Municipal Finance Authority Multifamily Housing Revenue BondsRESOLUTION NO. 2017-082
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
$90,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT AND EQUIPPING OF FIRST POINT
APARTMENTS II AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Santa Ana Pacific Associates II, a California Limited Partnership (the
"Borrower") or a partnership created by Pacific West Communities, Inc. (the
"Developer"), consisting at least of the Developer or a related person to the Developer
and one or more limited partners, has requested that the California Municipal Finance
Authority (the "Authority") adopt a plan of financing providing for 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 $90,000,000 (the 'Bonds') for the acquisition, construction,
improvement and equipping of a 206 -unit multifamily rental housing project located at
2110 E. 1st Street, Santa Ana, California, generally known as First Point Apartments II
(the "Project') and operated by Barker Management, Inc.; and
WHEREAS, 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 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;
Resolution No. 2017-082
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NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF SANTA ANA AS FOLLOWS:
Section 1. The foregoing 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 constitutes
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 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 4. 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 5. 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
which 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 transaction approved
hereby.
Section 6. This resolution shall take effect immediately upon its adoption.
ADOPTED this 1 gth day of December, 2017.
Resolution No. 2017-082
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APPROVED AS TO FORM:
Sonia R. Carvalho
City Attoïż½rxlQ .
Ryan
Assis
AYES: Councilmembers
NOES: Councilmembers
ABSTAIN: Councilmembers
Sarmiento, Solorio, Tinaiero, Villegas (4)
Benavides, Martinez (2)
None (0)
NOT PRESENT: Councilmembers Pulido (1)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached
Resolution No. 2017-082 to be the original resolution adopted by the City Council of the
City of Santa Ana on December 19, 2017.
Date: 1- le - oev/ey
Maria D. Huizar
Clerk of the Council
City of Santa Ana
Resolution No. 2017-082
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