2016-007 - Issuance by the California Public Finance Authority of Multifamily Housing

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RESOLUTION NO. 2016-007 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION AND REHABILITATION OF GUEST HOUSE APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO, AND AUTHORIZING THE EXECUTION OF THE JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA PUBLIC FINANCE AUTHORITY TO BECOME AN ADDITIONAL MEMBER FOR THE PURPOSE OF APPROVING BONDS FOR THE GUEST HOUSE APARTMENTS PROJECT LOCATED AT 2151 EAST FIRST STREET, SANTA ANA WHEREAS, Guest House LP, a California limited partnership (the "Borrower"), has requested that the California Public 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 $15,000,000 (the 'Bonds") for the acquisition, rehabilitation, improvement and equipping of a 72 -unit multifamily rental housing project located at 2151 E. First Street, Santa Ana, California, generally known as Guest House Apartments (the "Project') and operated by Solari Enterprises; and WHEREAS, the Project is located within the City of Santa Ana (the "City"); and WHEREAS, the City proposes to become an Additional Member of the Authority pursuant to Section 12 of the Joint Exercise of Powers Agreement (the "Agreement') relating to the California Public Finance Authority only for the limited scope and purpose of providing local government approval of the issuance of the Bonds to the Borrower by the Authority for the Project; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Bonds by the Authority must be approved by 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 the applicable elected representative under Section 147(f) of the Code; 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; and Resolution No. 2016-007 Page 1 of 3