HomeMy WebLinkAboutCity Council - 2015-42 RESOLUTION NO. 2 015-4 2
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
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
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
$13,000,000 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
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Resolution No . 2015-42
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
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
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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.
Section 1. The above recitals are true and correct.
Section 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(fl of the Code 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.
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Section 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
Section 5. This resolution shall take effect immediately upon its passage.
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PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 3 r d day of August , 2015.
M
REVIE D APPROVED
APPROVED O
JAI
Cit A er '
C Attorney MV- 7_J 7-45—
INITIATED AND APPROVED:
Deputy Director qTtconomic Development
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Res. No. 2015-42
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 i
at a Regular meeting thereof held on August 3, 2015 by the following vote
AYES: Posey, Katapodis, Hardy, Sullivan, Delgleize, Peterson
NOES: None
ABSENT: O'Connell
ABSTAIN: None
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City C k and ex-officio C rk of the
City Council of the City of
Huntington Beach, California
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