HomeMy WebLinkAboutCity Council - 2002-19 RESOLUTION NO. 2002-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE
OF FINANCING THE ACQUISITION AND CONSTRUCTION OF
THE FOUNTAIN AT HUNTINGTON BEACH APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California(the "Law") to execute and
deliver multifamily housing revenue obligations for the purpose of financing the acquisition,
construction and development of multifamily residential rental facilities located within the area
of operation of the Authority which are to be occupied, in part, by very low and low income
tenants; and
Fountains Huntington Beach, LLC, a Delaware limited liability company (the
"Borrower") has requested the Authority to issue and deliver multifamily housing revenue
obligations in the anticipated principal amount of$31,500,000 (the "Obligations"), the proceeds
of which shall be used for the purpose of financing the acquisition and construction of a 271 unit
multifamily residential rental senior facility to be commonly known as the Fountains at
Huntington Beach Apartments which is to be located at 7200 Fountain Glen Drive in the City of
Huntington Beach, California(the "Project"); and
The Obligations to be issued and delivered to finance the acquisition and construction of
the Project will be considered "qualified exempt facility bonds" under Section 142 (a) of the
Internal Revenue Code of 1986, as amended (the "Code"), and Section 147 (f) of the Code
requires that the "applicable elected representative" with respect to the Project hold a public
hearing on the issuance and delivery of the Obligations; and
The City Council of the City of Huntington Beach as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all those
interested in speaking with respect to the financing of the Project were heard,
NOW, THEREFORE BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true
and correct.
2. The City Council hereby approves the financing of the Project by the Authority
with the proceeds of the Obligations.
3. The issuance and delivery of the Obligations shall be subject to the approval of
and execution by the Authority of all financing documents relating thereto to which the
Authority is a party and subject to the sale of the Obligations by the Authority.
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Res. No. 2002-19 -
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 public hearing notice to:
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 1 S`h Floor
San Francisco, CA 94108
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 1st day of April ,2002.
ATTEST:
City Clerk Oy-off-ot Mayor
REVIEWED AND APPROVED: APPROVED AS TO FORM:
City Adminfistrator City Attorney
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INITIATED AND APPROVED:
A!:!�j C-- k2��
Director of Economic Development
02reso/€ountain/1/29l02 2
Res. No. 2002-19
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 feast a majority of all the
members of said City Council at a regular meeting thereof held on the 1st
day of April, 2002 by the following vote:
AYES: Green, Dettloff, Bauer, Cook, Houchen,Winchell, Boardman
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk and ex-officio Jerk of the
City Council of the City of
Huntington Beach, California