2019-012 - Approving the Issuance By the California Municipal Finance Authority

Home Browse Search

RESOLUTION NO. 2019-012 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $23,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF CORNERSTONE APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Cornerstone Housing Partners LP (the 'Borrower") has requested that the California Municipal Finance Authority (the "Authority") adopt a plan of financing providing for the issuance of multifamily housing revenue 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, in an aggregate principal amount at no time to exceed $23,000,000 (the 'Bonds") for the acquisition, rehabilitation, improvement and equipping of a 126 -unit multifamily rental housing project located at 805-904 S. Minnie Street, Santa Ana, California, generally known as Cornerstone Apartments (the "Project') and operated by The John Stewart Company; 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 a governmental unit having jurisdiction over the area in which the Project is located; and WHEREAS, the Project is located within the territorial limits of the City of Santa Ana (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, 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 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 Resolution No. 2019-012 Page 1 of 3