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Item 42 - Tax Equity Fiscal Responsibility Act (TEFRA) Hearing for First Point I Apartments and Approve TEFRA Resolution
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Item 42 - Tax Equity Fiscal Responsibility Act (TEFRA) Hearing for First Point I Apartments and Approve TEFRA Resolution
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Agenda Packet
Agency
Clerk of the Council
Item #
42
Date
12/20/2022
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Resolution 2022-XXX <br />Page 1 of 3 <br />RESOLUTION NO. 2022-XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE BY THE CALIFORNIA MUNICIPAL FINANCE <br />AUTHORITY OF EXEMPT FACILITY BONDS FOR A QUALIFIED <br />RESIDENTIAL RENTAL PROJECT FOR FIRST POINT APARTMENTS I <br />WHEREAS, Santa Ana Pacific Associates, a California Limited Partnership (the <br />“Borrower”) or a partnership of which Pacific West Communities, Inc. (the “Developer”) or <br />a related person to the Developer is the general partner, has requested that the California <br />Municipal Finance Authority (the “Authority”) adopt a plan of financing providing for the <br />issuance of exempt facility bonds for a qualified residential rental project pursuant to <br />Section 142(a)(7) of the Internal Revenue Code of 1986 (the “Code”) in one or more series <br />issued from time to time, including bonds issued to refund such exempt facility bonds in <br />one or more series from time to time, and at no time to exceed $123,000,000 in aggregate <br />principal amount (the “Bonds”), to finance or refinance the acquisition, construction, <br />improvement and equipping of a multifamily rental housing project located at 2114 E. 1st <br />Street, Santa Ana, California (the “Project”); and <br />WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by <br />the Authority must be approved by the City of Santa Ana (the “City”) because the Project <br />is located within the territorial limits of the City; and <br />WHEREAS, the City Council of the City is the elected legislative body of the City <br />and is one of the “applicable elected representatives” required to approve the issuance <br />of the Bonds under Section 147(f) of the Code; and <br />WHEREAS, the Authority has requested that the City Council approve the <br />issuance of the Bonds by the Authority in order to satisfy the public approval requirement <br />of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of <br />Powers Agreement Relating to the California Municipal Finance Authority, dated as of <br />January 1, 2004 (the “Agreement”), among certain local agencies, including the City; and <br />WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following <br />notice duly given, held a public hearing regarding the issuance of the Bonds, and now <br />desires to approve the issuance of the Bonds by the Authority. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA AS FOLLOWS: <br />Section 1. The above recitals are true and correct. <br />Section 2. The City Council hereby approves the issuance of the Bonds by the <br />Authority. It is the purpose and intent of the City Council that this Resolution constitute <br />approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) <br />of the Code by the applicable elected representative of the governmental unit having <br />EXHIBIT 1
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