HomeMy WebLinkAbout02-230 - Resolutions RESOLUTION NO. 02-230
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY
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 Rancho Cucamonga (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
WHEREAS, Northtown Housing Development Corporation, Inc. (collectively, with
any related entity, including American Senior Living, Inc., the "Borrower") has requested that the
Authority issue multifamily housing revenue bonds in an aggregate principal amount not to
exceed $7,000,000 (the 'Bonds') for the purpose of providing financing acquisition, construction
and development of an approximately 96-unit multifamily rental housing project to be located at
7125 Amethyst Avenue, Rancho Cucamonga, California, and to generally be known as Olen
Jones Senior Apartments; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, 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
WHEREAS, the members of this City Council (this "Council') are the applicable
elected representatives of the City; and
WHEREAS, 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 the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council,
at which time an opportunity was provided to interested parties to present arguments both for
and against the issuance of the Bonds; and
WHEREAS, 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,
Resolution No. 02-230
Page 2 of 3
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF RANCHO CUCAMONGA AS FOLLOWS:
SECTION 1: The above recitals are true and correct.
SECTION 2: The Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the 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.
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.
SECTION 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 hearing
notice to:
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe, LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
SECTION 5: This resolution shall take effect immediately upon its passage.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 02-230
Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 7`h day of August 2002.
AYES: Alexander, Biane, Dutton, Williams
NOES: None
ABSENT: Curatalo
ABSTAINED: None
William J. A xander, ayor
ATTEST:
LAW 0-0�
De ra J. Ada s, MC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 7`h day of August 2002.
Executed this 8th day of August 2002, at Rancho Cucamonga, California.
ebra J. Adamt,
C. , City Clerk