HomeMy WebLinkAbout03-054 CC ResolutionRESOLUTION NO. 03-54
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS BY THE CALIFORNIA
STATEWlDE COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the "Authority")
is authorized pursuant to the provisions of Califomia 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 Temecula (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, American Senior Living, Inc. (collectively, with any related entity, the
"Borrower") has requested that the Authority issue multifamily housing revenue bonds in an
aggregate principal amount not to exceed $8,000,000 to finance an 81-unit senior affordable
rental housing project located at 44155 and 44159 Margarita Road, Temecula, California, and
generally known as Heritage Park at Temecula; 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(0 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 govemmental 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;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TEMECULA AS FOLLOWS:
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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(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 of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the hearing notice to:
Justin Cooper, 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.
PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula this
13th day of May, 2003:
A'I-I'E .S:I':
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, do hereby certify that
Resolution No. 03-54 was duly and regularly adopted by the City Council of the City of
Temecula at a meeting thereof on the 13th day of May, 2003, by the following roll call vote:
AYES:
3 COUNCILMEMBERS: Naggar, Pratt, Stone
NOES:
2 COUNCILMEMBERS: Comerchero, Roberts
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN: 0 COUNCILMEMBERS: None
'~...._~ City Clerk
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