HomeMy WebLinkAbout2017-088 - California Municipal Finance Authority Multifamily Housing Revenue BondsRESOLUTION NO. 2017-088
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
MULTIFAMILY HOUSING REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$23,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, REHABILITATION,
IMPROVEMENT AND EQUIPPING OF CORNERSTONE
APARTMENTS AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Cornerstone Housing Partners LP (the "Borrower") or a partnership
created by Jamboree Housing Corporation (the "Developer), consisting at least of the
Developer or a related person to the Developer and one or more limited partners, has
requested that the California Municipal Finance Authority (the "Authority") adopt a plan
of financing providing for 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 $23,000,000
(the 'Bonds") for the acquisition, rehabilitation, improvement and equipping of a 126 -unit
multifamily rental housing project located at 805-904 S. Minnie Street, Santa Ana,
California, generally known as Cornerstone Apartments (the 'Project') and operated by
John Stewart Company; 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 a
governmental unit having jurisdiction over the area in which the Project is located; 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 as follows:
Resolution No. 2017-088
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Section 1. The foregoing resolutions 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 constitutes
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 a
governmental unit having jurisdiction over the area in which the Project is 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; (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 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. This resolution shall take effect immediately upon its adoption.
ADOPTED this 1 gth day of December, 2017.
APPROVED AS TO FORM:
Sonia R. Carvalho.
City AttoMgy
By:
Ryan
Attorney
Resolution No. 2017-088
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AYES: Councilmembers
NOES: Councilmembers
ABSTAIN: Councilmembers
Benavides, Martinez, Sarmiento, Solorio,
Villegas (5)
None (0)
None (0)
NOT PRESENT: Councilmembers Pulido, Tinaiero (2)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council,
Resolution No. 2017-088 to be the original
City of Santa Ana on December 19, 2017.
Date: /_ 0-0-90/d'
do hereby attest to and certify the attached
resolution adopted by the City Council of the
��'
Maria D. Huizar
Clerk of the Council
City of Santa Ana
Resolution No. 2017-088
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