HomeMy WebLinkAbout2026-045 - Facility Bonds for Garden Court Apartments RESOLUTION NO, 2026-045
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF
EXEMPT FACILITY BONDS FOR GARDEN COURT
APARTMENTS
WHEREAS, Garden Court Santa Ana LP (the "Borrower") has requested that the
California Municipal Finance Authority (the "Authority") adopt a plan of financing providing for
the issuance of exempt facility bonds for a qualified residential rental project pursuant to
Section 142(a)(7) of the Internal Revenue Code of 1986 (the "Code") in one or more series
issued from time to time, including bonds issued to refund such exempt facility bonds in one
or more series from time to time, and at no time to exceed $45,000,000 in aggregate principal
amount(the"Bonds"), to finance or refinance the acquisition, rehabilitation, improvement and
equipping of a multifamily rental housing project located at 300 East Santa Ana Boulevard,
Santa Ana, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by the City of Santa Ana (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 one of the "applicable elected representatives" required to approve
the issuance of the Bonds under Section 147(f) of the Code; 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
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;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa
Ana, that:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute
approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section
147(f) of the Code by the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Project is located, in accordance with said
Resolution No. 2026-046
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Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to approval of the
Authority of all financing documents relating thereto to which the Authority is a party. The
City shall have no responsibility or liability whatsoever with respect to repayment or
administration of the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to: (i) provide any financing with respect to the Project; (ii) approve
any application or request for or take any other action in connection with any planning
approval, permit or other action necessary with respect to the Project; (iii) make any
contribution or advance any funds whatsoever to the Authority; or (iv) take any further
action with respect to the Authority or its membership therein.
Section 5. The City Manager and applicable Executive Directors of the City are
hereby authorized and directed, jointly and severally, to do any and all things and to execute
and deliver any and all documents that they deem necessary or advisable in order to carry
out, give effect to and comply with the terms and intent of this resolution and the financing
approved hereby.
Section 6. This Resolution shall take effect immediately upon its adoption by the
City Council, and the City Clerk shall attest to and certify the vote adopting this Resolution.
ADOPTED this 15th day of September, 2026.
V lerie mezc
M yar
APPROVED AS TO FORM:
Sonia R. Carvalho, C' ttorney
By: i G
Andrea N. Garcia
Senior Assistant City Attorney
AYES: Councilmembers Amezcua Bacerra Hernandez, Lopez,
Penaloza Phan Vazquez 7
NOES: Councilmembers None 0
ABSTAIN: Councilmembers None 0
ABSENT: Councilmembers None 0
Resolution No. 2026-045
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CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, JENNIFER L. HALL, City Clerk, do hereby attest to and certify the attached Resolution
No. 2026-045 to be the original resolution adopted by the City Council of the City of Santa
Ana on Se ternber 15, 2026. r
Date:
rennifer a Ana
Resolution No. 2026-045
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