HomeMy WebLinkAboutCity Council - 2001-87 RESOLUTION NO. 2001-87
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS,the California Statewide Communities Development Authority(the "Authority")is
authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the terms of
an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the
"Agreement"), among certain local agencies throughout the State of California, including the City of
Huntington Beach(the "City"),to issue revenue bonds in accordance with Chapter 7 of Part 5 of Division
31 of the California Health and Safety Code for the purpose of financing multifamily rental housing
projects; and
Providence Housing, LLC (collectively,with any related entity, the "Borrower")has requested that
the Authority issue multifamily housing revenues bonds in an aggregate principal amount not to exceed
$16,000,000 (the 'Bonds") for the purpose of providing financing for the acquisition and rehabilitation of a
185-unit multifamily residential rental project located in Huntington Beach, California, and generally
known as Wycliffe Gardens (the"Project");and
The Bonds will be "private activity bonds" for purposes of the Internal Revenue Code of 1986 (the
"Code"); and
Pursuant to Section 147(f)of the Code,prior to their issuance, private activity bonds are required
to be approved by the "applicable elected representative" of the governmental units on whose behalf such
bonds are expected to be issued and by a governmental unit having jurisdiction over the entire area in
which any facility financed by such bonds is to be located, after a public hearing held following reasonable -
public notice; and
The members of this City Council (this "Council")are the applicable elected representatives of the
City; and
There has been published, at least 14 days prior to the date hereof,in a newspaper of general
circulation within the City, a notice that a public hearing regarding the Bonds would be held on the date
hereof, and
Such public hearing was conducted on said date by the City Council,at which time an opportunity
was provided to interested parties to present arguments both for and against the issuance of the Bonds; 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, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH AS FOLLOWS:
SECTION 1: The above recitals are true and correct.
01 reWtetral10/l0/01 1
Res, No. 2001-87
SECTION 2: The Council hereby approves the issuance of the Bonds by the Authority. It is the
purpose and intent of the Council that this resolution constitute approval of the Bonds 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 Section 147(t),and
(b) Section 9 of the Agreement.
SECTION 3: 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 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 4: The City Clerk of the City shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the hearing notice to:
Ana Marie del Rio, Esq.
Orrick,Herrington& Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
SECTION 5: The adoption of this Resolution does not(1)relieve or exempt the Borrowers from
obtaining any other permits or approvals which may be sought from the City in connection with the Project
nor(2) evidence any intent on the part of the City to incur any obligation whatsoever with respect to the
Bonds.
SECTION 6: This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular
meeting thereof held on the 5th day of November 12001,
ATTEST:
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City Clerk 11-07-01 ayor
REVIEWED AND APPROVED: APPROVED AS TO FORM:
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City A rninistrator �~ -,r City Attorney LX4 1011olo t
INITIATED AND APPROVED:
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Director of Economic Development
01resNtefra110110I01 2
Res. No. 2001-87
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss:
CITY OF HUNTINGTON BEACH }
I, 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 5th
day of November, 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 Clerk of the
City Council of the City of
Huntington Beach, California