HomeMy WebLinkAbout2006-078 - Refinancing the Acquisition and Rehabilitation of City Garden Apartments
9/27/06 les
RESOLUTION 2006-078
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE REFUNDING BONDS
BY THE HOUSING AUTHORITY OF THE CITY OF SANTA
ANA FOR THE PURPOSE OF REFINANCING THE
ACQUISITION AND REHABILITATION OF CITY GARDENS
APARTMENTS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS
FOLLOWS:
Section 1: The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. The Housing Authority of the City of Santa Ana (the "Authority") is
authorized by Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government
Code of the State of California (the " Law") , to issue and sell refunding revenue bonds
for the purpose of refunding outstanding bonds of the Authority, and the Law provides a
complete, additional and alternative method for such financing,
B. The Authority has previously issued its Housing Authority of the City of
Santa Ana Multifamily Housing Revenue Bonds (City Gardens Apartments, 1996 Series
C in the original principal amount of $10,425,000 (the "Prior Bonds") for the purpose of
providing financing for the acquisition and rehabilitation of a 274-unit multifamily
residential rental project and underlying land and related and appurtenant facilities
located at 2901 N. Bristol Avenue in the City of Santa Ana, California and known as City
Gardens Apartments (the "Project"), located within the area of operation of the
Authority.
C. L1NC-Bristol Associates I L.P., a California limited partnership (the
"Owner") has requested the Authority to issue and sell refunding revenue bonds (the
"Bonds") pursuant to the procedures specified in the Law for the purpose of refunding
the Prior Bonds.
D. The Bonds will be considered to be "qualified exempt facility bonds" under
Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
Section 147(f) of the Code requires that the "applicable elected representatives" with
respect to the Authority hold a public hearing with respect to the issuance of the Bonds.
E. The Authority has determined that the City Council of the City of Santa
Ana is the "applicable elected representatives" to hold said pUblic hearing.
F. Notice of said public hearing has been duly given as required by the
Code, and this City Council has heretofore held such public hearing at which all
Resolution No. 2006-078
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interested persons were given an opportunity to be heard on all matters relative to the
financing and operation of the Project and the Authority's issuance of the Bonds.
G. The Project is located wholly within the geographic jurisdiction of the City.
H. The City Council of the City of Santa Ana, as the "applicable elected
representatives" of the Authority, approves of the issuance of the Bonds as in the public
interests of the Authority.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 2. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 3. Pursuant to the Code, the City Council hereby approves the
issuance of the Bonds by the Authority to refinance the Project. It is the purpose and
intent of the City Council that this resolution constitutes approval of the issuance of the
Bonds by the applicable elected representatives of the governmental unit having
jurisdiction over the area in which the Project is located, in accordance with the Code.
Section 4. The issuance of the Bonds shall be subject to approval by the
Authority of all financing documents relating thereto to which the Authority is a party and
subject to the sale of the Bonds by the Authority to the underwriter thereof
Section 5. This resolution shall take effect immediately.
ADOPTED this 16'h day of October, 2006
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By: ( ':j1: c t- ./J-COwC
Lisa E. Storck
Assistant City Attorney
Resolution No. 2006-078
Page 2 of 3
AYES: Councilmembers Alvarez. Bis!. Bustamante. Christv. Pulido.
Solorio (6)
NOES: Councilmembers None (0)
ABSTAIN: Councilmembers None (0)
NOT PRESENT: Councilmembers Garcia (1)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2006-078 to be the original resolution adopted by the City
Council of the City of Santa Ana on October 16. 2006.
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Date: / CJ -/ '7 - ZJ ~
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Patricia E. Healy
Clerk of Council
City of Santa Ana
Resolution No. 2006-078
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