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HomeMy WebLinkAboutCity Council - 2013-77 RESOLUTION NO. 2O13-77 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS FOR HUNTINGTON VILLA YORBA I i WHEREAS, the California Statewide Conununities Development Authority (the "Authority") is authorized pursuant to the provisions of California Government Code Section 6500 Y ) P 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 Huntington Villa Yorba Preservation Limited Partnership or related entities, has requested that the Authority adopt a plan of financing providing for the issuance of multifamily housing revenue bonds (the "Bonds") in one or more series issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, and at no time to exceed $33,000,000 in outstanding aggregate principal amount, to finance the acquisition and rehabilitation of a 198-unit multifamily rental housing project located at 16000 Villa Yorba Lane, Huntington Beach, California, generally known as Huntington Villa Yorba (the "Project") and operated by Preservation Partners Management Group; and The Bonds or a portion thereof 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 "City 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 a date specified in such notice; and Such public hearing was conducted on such date, at which time an opportunity was provided to interested parties to present arguments both for and against the issuance of the Bonds; and 1 Resolution No. 2013-77 The Authority is also requesting that the City Council approve the issuance of any refunding bonds hereafter issued by the Authority for the purpose of refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only in such cases where federal tax laws would not require additional consideration or approval by the City Council; 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: 1. The above recitals are true and correct. 2. The City Council hereby approves the issuance of the Bonds and the Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the Bonds for the purposes of(a) Section 147(f) of the Code and (b) Section 9 of the Agreement. 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. 4. The City Clerk shall forward a certified copy of this Resolution to: Justin Cooper, Esq. Orrick,Herrington& Sutcliffe LLP 405 Howard Street San Francisco, California 94105 5. This resolution shall take effect immediately upon its passage. 2 Resolution No. 2013-77 PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting of said Council held on the 16th day of December 2013. 3 a or TE APPROVED: Assistant City Manager APPROVED AS TO FORM: f � '.,City Att rney REVIE AND APPROVED: Ci ' t ager 3 Res. No. 2013-77 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 December 16, 2013 by the following vote: AYES: Katapodis, Hardy, Shaw, Harper, Boardman, Sullivan, Carchio NOES: None ABSENT: None ABSTAIN: None City C k and ex-off4rWk of the City Council of the City`of Huntington Beach, California."