HomeMy WebLinkAbout2017-014 - Issuance of Revenue Bonds by the California Municipal Finance AuthorityRESOLUTION NO. 2017 -014
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $10,000,000 TO FINANCE A 58 -UNIT
AFFORDABLE MULTIFAMILY RENTAL FACILITY FOR
THE BENEFIT OF SANTA ANA ARTS COLLECTIVE, L.P.,
OR ANOTHER ENTITY TO BE FORMED BY META
HOUSING CORPORATION AND /OR WESTERN
COMMUNITY HOUSING, INC. (OR AN AFFILIATE OF
EITHER) AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Meta Housing Corporation and Western Community Housing, Inc.,
on behalf of Santa Ana Arts Collective, L.P., a California limited partnership, or another
entity to be established by Meta Housing Corporation and /or Western Community
Housing, Inc. or an affiliate thereof (the 'Borrower "), has requested that the California
Municipal Finance Authority (the "Authority') issue one or more series of revenue bonds
in an aggregate principal amount not to exceed $10,000,000 (the "Bonds ") for the
acquisition, construction, improvement and equipping of a 58 -unit affordable multifamily
rental housing facility (the "Project') to be owned and operated by the Borrower and
located at 1666 North Main Street within the City of Santa Ana (the "City'); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986
(the "Code "), the issuance of the Bonds by the Authority must be approved by the City
because the Project is to be 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; and
WHEREAS, the City Council understands that its actions in holding this public
hearing and in approving this Resolution do not obligate the City in any manner for
Resolution No. 2017 -014
Page 1 of 3
payment of the principal, interest, fees or any other costs associated with the issuance
of the Bonds, and said City Council expressly conditions its approval of this Resolution
on that understanding.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Santa
Ana as follows:
Section 1. The foregoing 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 to be located,
in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the 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 the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to: (i) provide any financing to acquire or construct the Project or
any refinancing of 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
for the acquisition, construction, rehabilitation installation or operation of the Project; or,
(iii) make any contribution or advance any funds whatsoever to the Authority.
Section 5. The officers 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
which 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 transaction approved
hereby.
Section 6. The City Council expressly conditions its approval of this Resolution
on its understanding that the City shall have no obligation whatsoever to pay any
principal, interest, fees or any other costs associated with the Authority's issuance of the
Bonds for the financing of the Project.
Section 7. The Clerk shall forward a certified copy of this Resolution and an
originally executed Agreement to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 8. This resolution shall take effect immediately upon its adoption.
Resolution No. 2017 -014
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ADOPTED this 4t" day of April, 2017.
APPROVED AS TO FORM:
Sonia R,,.9arvalho, City Attorney
ge
Attorney
AYES: Councilmembers Benavides, Martinez, Pulido, Sarmiento,
Solorio, Tinaiero, Villegas (7)
NOES: Councilmembers None (0)
ABSTAIN: Councilmembers
NOT PRESENT: Councilmembers
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2017 -014 to be the original resolution adopted by the City
Council of the City of Santa Ana on April 4, 2017.
Date: ' �1 20) -1
Maria D. Huizar
Clerk of Council
City of Santa Ana
Resolution No. 2017 -014
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