HomeMy WebLinkAboutCity Council - 2021-76 RESOLUTION NO. 2021-76
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH APPROVING CALIFORNIA MUNICIPAL
FINANCE AUTHORITY ISSUANCE OF THE MULTIFAMILY
HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED 520.000,000 17OR THE PURPOSE OF
FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF
HUNTINGTON BEACHI SENIOR MOUSING .AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, Beach Housing Partners L.P. (the "Borrower') a partnership of which
Jamboree Housing Corporation (the "Developer') has requested that the California Municipal
Finance Authority (the "Authority") adopt a plan of financing providing for the issuance of
exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of
the Internal Revenue Code of 1986 (the `Code') in one or more series issued from time to time,
including bonds issued to refund such exempt facility bonds in one or more series from time to
time, and at no time to exceed 520,000,000 in aggregate principal amount (the "Bonds"), to
finance or refinance the acquisition, construction, improvement and equipping of a senior
multifamily rental housing project located at 18431 Beach Boulevard, Huntington Beach,
California (the `Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
Authority most be approved by the City of Huntington Beach (the '`City") because the Project is
located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council') is the elected legislative
body of the City and is one of the "applicable elected representatives" required to approve the
issuance of the Bonds under Section 147(t) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of
the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(t)
of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement
Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the
`Agreement"), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(t) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to
approve the issuance of the Bonds by the Authority:
NOW. THEREFORE. the City Council of the City of Huntington Beach, DOES
HEREBY RESOLVE as follows:
Section 1. The foregoing resolutions are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority.
It is the purpose and intent of the City Council that this resolution constitute approval of the
issuance of the Bonds by the Authority, for the purposes of Section 147(f) of the Code by the
RESOLUTION NO. 2021-76
applicable elected representative of the governmental unit having jurisdiction over the area in
which the Project is located and 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of
all financing documents relating thereto to which the Authority is a party. The City shall have no
responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the
Project; (ii) approve any application or request for or take any other action in connection with
any planning approval, permit or other action necessary for the acquisition,construction,
rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any
funds whatsoever to the Authority; or(iv) take any further action with respect to the Authority or
its membership therein.
Section 5. 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 which 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 transaction approved hereby.
Section 6. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting held on the 2 1" day of December, 2021.
Mayor
REVIEWED AND APPROVED: APPROVED AS TO FO
City Manager City Attorney )4V
INITIATED AND APPROVED:
M 1E-
Director of Community Development
2
Res. No. 2021-76
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ROBIN ESTANISLAU, 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 21, 2021 by the following vote:
AYES: Peterson, Bolton, Posey, Delgleize, Carr, Moser, Kalmick
NOES: None
ABSENT: None
RECUSE: None
ej t, 9,4�k4oJt4d
City Clerk and ex-officio Clerk of the
City Council of the City of
Huntington Beach, California