HomeMy WebLinkAbout2023-117 - Resolution f
RESOLUTION NO. 2023-117
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA APPROVING THE ISSUANCE BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY OF QUALIFIED 501(C)(3) BONDS FOR A
QUALIFIED RESIDENTIAL RENTAL PROJECT FOR
PEPPERWOOD APARTMENTS
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, LINC-Pepperwood Housing Investors LP (the "Borrower") which is an
organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code") has
requested that the California Statewide Communities Development Authority(the "Authority") adopt
a plan of financing providing for the issuance of qualified 501(c)(3) bonds as defined in Section 145
of the Code in one or more series issued from time to time, including bonds issued to refund such
qualified 501(c)(3) bonds in one or more series from time to time, and at no time to exceed
$12,000,000 in outstanding aggregate principal amount(the "Bonds"). A portion of the proceeds of
the Bonds will be used by the Borrower to finance or refinance the acquisition and rehabilitation of
a multifamily rental housing project located at 9055 Foothill Boulevard, Rancho Cucamonga,
California(the"Rancho Cucamonga Site"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, the 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"City Council")are the applicable elected
representatives of the City; and
WHEREAS, there has been published, at least 7 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
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, 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 Rancho Cucamonga Site (the "Refunding Bonds"), but only in such cases
where federal tax laws would not require additional consideration or approval by the City Council;
and
Resolution No. 2023-117— Page 1 of 3
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;
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 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.
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. This resolution shall take effect immediately upon its passage.
Resolution No. 2023-117— Page 2 of 3
PASSED, APPROVED, and ADOPTED this 61h day of December 2023.
L. Dennis Michael, Vayol
ATTEST:
O
*eC. nolds, Ci y Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF RANCHO CUCAMONGA )
I, Janice C. Reynolds, City Clerk of the City of Rancho Cucamonga, do hereby certify
that the foregoing Resolution was duly passed, approved, and adopted by the City Council of
the City of Rancho Cucamonga, at a Regular Meeting of said Council held on the 6m day of
December 2023.
AYES: Hutchison, Kennedy, Michael, Scott, Stickler
NOES: None
ABSENT: None
ABSTAINED: None
Executed this 7th day of December, 2023, at Rancho Cucamonga, California.
04 nice C. Reyno , City Clerk
Resolution No. 2023-117— Page 3 of 3