HomeMy WebLinkAboutCity Council - 2008-21 RESOLUTION NO. 2008-21
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE OF BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY RELATING TO THE FINANCING OF
THE PACIFIC COURT APARTMENTS
WHEREAS, the California Statewide Communities Development Authority, a joint
exercise of powers agency consisting of California public agencies, which was created to assist
in obtaining financing for projects and purposes serving the public interest (the "Authority"),
proposes to issue multifamily housing revenue bonds (the 'Bonds") in an amount not to exceed
$10,000,000 and to lend the proceeds thereof to Pacific Court Apartments LP, a California
limited partnership established by Orange Housing Development Corporation or an affiliate
thereof (the 'Borrower"), to be used for acquisition, and rehabilitation of a 48-unit multifamily
rental housing development commonly known as the Pacific Court Apartments located at 2200
Delaware Street in the City of Huntington Beach, California (the "Project"), to be owned and
operated by the Borrower.
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the City
Council (the "City Council "),as the elected representative of the City of Huntington Beach(the
"City"), the host jurisdiction of such facilities, to approve the issuance of the Bonds after a
public hearing has been held following reasonable notice;
WHEREAS, a public hearing was held by the City Council on the 17th day of March,
2008, following duly published notice thereof, and all persons desiring to be heard have been
heard;and
WHEREAS, it is in the public interest and for the public benefit that the City Council, as
the elected representatives of the City, the host jurisdiction of such facilities, approve the
issuance and delivery by the Authority of the Bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
DOES HEREBY RESOLVE,DETERMINE AND ORDER AS FOLLOWS:
Section 1. The City Council hereby finds and determines that the foregoing recitals are
true and correct.
Section 2. The City Council hereby approves the financing of the Project by the
Authority with the proceeds of the Bonds.
Section 3. The issuance and delivery of the Bonds shall be subject to approval by the
Authority of all financing documents relating thereto to which the Authority is a party and
subject to the sale of the Bonds by the Authority to the purchasers thereof.
Resolution No. 2008-21
Section 4. The Bonds will be paid entirely from repayments by the Borrower. Neither
the full faith and credit nor the taxing power,if any,of the City, the Authority and its members,
the State of California (the "State") or any other political corporation, subdivision or agency of
the State is pledged to the payment of the principal of,premium,if any, or interest with respect
to the Bonds,nor shall the City, the Authority and its members, the State, or any other political
corporation, subdivision or agency of the State be liable or obligated to pay the principal of,
premium,if any,or interest with respect to the Bonds.
Section 5. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the provisions of the Internal Revenue Code of 1986, as amended,and shall not
be construed in any other manner, with neither the City nor its staff having fully reviewed or
considered the financial feasibility of the Project or the expected operation of the Project with
regards to any State of California statutory requirements, and such adoption shall not obligate,
without further formal action to be taken by this City Council, including,but not limited to, the
approval of the financing documents by the City Council by resolution, (i) the City to provide
financing to the Borrower for the acquisition, rehabilitation and development of the Project or
to issue the Obligations for purposes of such financing; or (ii) the City, or any department of the
City, to approve any application or request for, or take any other action in connection with, any
environmental, General Plan, zoning or any other permit or other action necessary for the
acquisition,rehabilitation,development or operation of the Project.
Section 6. 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, 18th Floor
San Francisco,California 94108
Section 7. This resolution shall take effect immediately.
Resolution No. 2008-21
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting held thereof on the 17 t h day of MA r r h ,200$
Mayor
REVIEWED AND APPROVED APPROVED AS TO FORM:
City Adminis ator y Attorney
KANE, BALLMER& BERKMAN
Special Counsel
Al),lv�
v
Deborah Rhoads
INITIATED AND APPROVED:
Director of E nomic Developm t
Res. No. 2008-21
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, JOAN L. FLYNN 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 March 17, 2008 by the following vote:
AYES: Hansen, Hardy, Bohr, Cook, Coerper, Green, Carchio
NOES: None
ABSENT: None
ABSTAIN: None
OAftJ
C Clerk and ex-officic6k lerk of the
City Council of the City of
Huntington Beach, California