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75D - PH - TEFRA CORNERSTONE
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12/19/2017
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75D - PH - TEFRA CORNERSTONE
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Last modified
12/14/2017 7:56:22 PM
Creation date
12/14/2017 7:55:27 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
75D
Date
12/19/2017
Destruction Year
2022
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RESOLUTION NO. <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE <br />AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN <br />AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $23,000,000 FOR THE <br />PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, <br />REHABILITATION, IMPROVEMENT AND EQUIPPING OF CORNERSTONE <br />APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO <br />WHEREAS, Cornerstone Housing Partners LP (the "Borrower") or a partnership created <br />by Jamboree Housing Corporation (the "Developer"), consisting at least of the Developer or a <br />related person to the Developer and one or more limited partners, has requested that the California <br />Municipal Finance Authority (the "Authority") adopt aplan of financing providing for the issuance <br />of one or more series of revenue bonds issued from time to time, including bonds issued to refund <br />such revenue bonds in one or more series from time to time, in an aggregate principal amount not <br />to exceed $23,000,000 (the "Bonds") for the acquisition, rehabilitation, improvement and <br />equipping of a 126 -unit multifamily rental housing project located at 805-904 S. Minnie Street, <br />Santa Ana, California, generally known as Cornerstone Apartments (the "Project") and operated <br />by John Stewart Company; and <br />WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the <br />"Code"), the issuance of the Bonds by the Authority must be approved by a governmental unit <br />having jurisdiction over the area in which the Project is located; and <br />WHEREAS, the City Council of the City (the "City Council") is the elected legislative <br />body of the City and is one of the "applicable elected representatives" required to approve the <br />issuance of the Bonds under Section 147(f) of the Code; and <br />WHEREAS, the Authority has requested that the City Council approve the issuance of the <br />Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the <br />Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the <br />California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among <br />certain local agencies, including the City; and <br />WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice <br />duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve <br />the issuance of the Bonds by the Authority; <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Santa Ana <br />as follows: <br />Section 1. The foregoing resolutions are true and correct. <br />Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. <br />It is the purpose and intent of the City Council that this resolution constitute approval of the <br />issuance of the Bonds by the Authority, for the purposes of: (a) Section 147(f) of the Code by the <br />applicable elected representative of a governmental unit having jurisdiction over the area in which <br />the Project is located, in accordance with said Section 147(f); and, (b) Section 4 of the Agreement. <br />75D-5 <br />
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