HomeMy WebLinkAboutCity Council - 2001-7 RESOLUTION NO. 2001-7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE OF NOT TO EXCEED $8,100,000 AGGREGATE
PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING REVENUE BONDS
WHEREAS, the California Statewide Communities Development Authority(the "Issuer")
has proposed to issue an amount not to exceed $8,100,000 aggregate principal amount of
Multifamily Housing Revenue Bonds (the "Bonds") pursuant to the Joint Powers Act, being
Section 6500 et. seq. of the Government Code of the State of California, as amended and
supplemented, and Section 52075 et. seq. of the Health and Safety Code of the State of California
(collectively, the "Act"); and
The project to be financed by the Bonds consists of a 104-unit multifamily housing
project to be owned and operated by KDF QV, L.P. and/or a related entity(the "Project"); and
The Issuer has requested that the City Council of the City of Huntington Beach (the
"City") approve the issuance of the Bonds in order to satisfy the public approval requirement of
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") and the
requirements of Section 9 of the Amended and Restated Joint Exercise of Powers Agreement (the
"Agreement"), dated as of June 1, 1988, among certain local agencies, including the City; and
The City has held a public hearing providing a reasonable opportunity for persons to
comment on the issuance of the Bonds and the location of the Project; and
It is intended that this resolution shall constitute the approval of the issuance of the Bonds
required by Section 147(f) of the Code and Section 9 of the Agreement;
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows:
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Res. No. 2001-7
1. That the issuance of the Bonds is hereby approved for the purposes of Section
147(f) of the Code and Section 9 of the Agreement; provided, however, that such approval is
expressly conditioned with the requirement that the regulatory agreement or other agreement
executed in connection with the issuance of the Bonds include an agreement on the part of the
owner of the Project to make annual payments to the City which equal the amount of money the
City would have received in such year in property tax dollars if the Project were fully subject to
property taxation.
2. That the City Clerk shall certify the adoption of this Resolution, and thenceforth
and thereafter the same shall be in full force and effect.
3. That the City Clerk shall forward a certified copy of this Resolution to the
following.
William W. Bothwell, Esq.
Orrick, Herrington& Sutcliffe LLP
777 South Figueroa Street, Suite 3300
Los Angeles, CA 90017
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on March 19, 2001.
NAM
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk 03-41-01 H-y
ttorney p 01
-0/
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Adtfifinistrator Director of Economic Development
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Res. No. 2001-7
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
1, CONNIE BROCKWAY, the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said
City, do hereby certify that the whole number of members of the City Council
of the City of Huntington Beach is seven; that the foregoing resolution was
passed and adopted by the affirmative vote of at least a majority of all the
members of said City Council at a regular meeting thereof held on the 19th
day of March, 2001 by the following vote:
AYES: Green, Boardman, Cook, Julien Houchen, Garofalo, Dettloff,
Bauer
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk and ex-officio C erk of the
City Council of the City of
Huntington Beach, California