HomeMy WebLinkAbout08-057 - Resolutions RESOLUTION NO. 08-057
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY
THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
WHEREAS, the California Municipal Finance Authority (the "Authority") is
authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the
terms of a Joint Exercise of Powers Agreement, dated as of January 1, 2004 (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, Rancho Workforce Housing, L.P., a California limited partnership, or
related entities, has requested that the Authority adopt a plan of financing providing for the
issuance of multifamily housing revenue 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 $24,000,000 in outstanding aggregate principal amount (the "Bonds"), to
finance the acquisition and construction of a 166-unit multifamily rental housing project,
generally located on the north side of Foothill Boulevard between Hermosa Avenue and Center
Avenue, Rancho Cucamonga, California, to be known as Rancho Workforce Housing (the
"Project'); 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
the Inland Valley Daily Bulletin, 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
WHEREAS, 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
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. 08-057
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 constitutes approval of the Bonds for the purposes of
(a) Section 147(0 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 shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the hearing notice to:
Stephen A. Spitz, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
SECTION 5: This resolution shall take effect immediately upon its passage.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 08-057
Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 5`h day of March 2008.
AYES: Gutierrez, Kurth, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
4V
Kurth, ayor
ATTEST:
Debra J. Adm , CMC, 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 5`h day of March 2008.
Executed this 6`h day of March 2008, at Rancho Cucamonga, California.
Debra J. Ada", C, City Clerk