HomeMy WebLinkAbout18-081 - Resolution RESOLUTION NO. 18-081
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF MULTI-FAMILY HOUSING
REVENUE BONDS FOR THE DAY CREEK VILLAS
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 multi-family rental housing projects; and
WHEREAS, a limited partnership formed by National Community Renaissance of
California (the "Borrower"), has requested that the Authority adopt a plan of financing providing for
the issuance of multi-family 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 $15,000,000 in outstanding aggregate principal amount, to
finance the acquisition, construction and development of a 46-unit senior multi-family rental
housing project located at 12194 and 12226 Base Line Road, Rancho Cucamonga, California,
generally known as Day Creek Villas (the "Project") and operated by National Community
Renaissance of California; 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"City 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 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 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
4125-7697-5893.1
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. 18-081 - Page 2 of 3
PASSED, APPROVED, AND ADOPTED this 15th day of August, 2018.
ZnnislMicl- Mal yor
ATTEST: /
, .o ��- e
'`Jai' e . Reynolds, 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 15th day of August 2018.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
Executed this 16th day of August, 2018, at Rancho ucamonga, California.
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ani(e C. Reynolds, Clerk
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Resolution No. 18-081 - Page 3 of 3