HomeMy WebLinkAbout11-060 CC Resolution RESOLUTION NO. 11-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING THE ISSUANCE OF TAX-EXEMPT
PRIVATE ACTIVITY BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
FOR THE CONSTRUCTION OF PORTOLA TERRACE
APARTMENTS
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE
AS FOLLOWS:
Section 1. The City Council of the City of Temecula finds, determines and
declares as follows:
A. The California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California (the "Law") to execute
and deliver multi-family housing revenue obligations for the purpose of financing the
acquisition, construction/rehabilitation and development of multi-family residential rental
facilities located within the area of operation of the Authority which are to be occupied
by very low income tenants.
B. AMCAL Pujol Fund L.P. a limited liability company (the "Borrower") has
requested the Authority to issue and deliver multi-family housing revenue obligations in
the anticipated principal amount not to exceed $9,000,000 (the "Obligations"), the
proceeds of which may only be used for the purpose of financing the construction of a
45-unit multi-family residential rental facility, commonly known as the Portola Terrace
Apartments, located at 28673, 28681, and 28701 Pujol Street in the City of Temecula,
California (the "Project").
C. The Obligations which are expected to be issued and delivered to finance
the construction of the Project would be considered "qualified exempt facility bonds"
under Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"),
and Section 147(f) of the Code requires that the "applicable elected representative" with
respect to the Project hold a public hearing on the issuance and delivery of the
Obligations.
D. The City Council of the City of Temecula as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all
those interest in speaking with respect to the proposed financing of the Project were
heard.
Section 2. The City Council hereby finds and determines that the foregoing
recitals are true and correct:
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A. For purposes of the requirements of the Code only, the City Council
hereby approves the proposed financing of the Project by the Authority with the
proceeds of the Obligations.
B. The issuance and delivery of the Obligations shall be subject to the
approval of and execution by the Authority of all financing documents relating thereto to
which the Authority is a party and subject to the sale of the Obligations by the Authority.
C. The adoption of this Resolution is solely for the purpose of ineeting the
requirements of the Code and shall not be construed in any other manner, the City nor
its staff having fully reviewed or considered the financial feasibility of the Project or the
expected financing or operation of the Project with regards to any State of California
statutory requirements, and such adoption shall not obligate (1) the City to provide
financing to the Borrower for the acquisition, construction rehabilitation and
development of the Project or to issue the Obligations for purposes of such financing; or
(2) the City, of or any department of the City, to approve any application or request for,
or take any other action in connection with, any environmental, General Plan, zoning or
any other permit or other action necessary for the acquisition, rehabilitation,
development or operation of the Project.
Section 3. The City Clerk of the City shall forward a certified copy of this
Resolution and a copy of the affidavit of publication of the public hearing notice to:
Justin Cooper
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 4. This resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Temecula this 23� day of August, 2011.
Ron Roberts, Mayor
ATTEST:
Susan . Jon s, MMC
erk
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk of the City of Temecula, do hereby certify that
the foregoing Resolution No. 11-60 was duly and regularly adopted by the City Council of
the City of Temecula at a meeting thereof held on the 23� day of August, 2011, by the
following vote:
AYES: 4 COUNCIL MEMBERS: Edwards, Naggar, Washington, Roberts
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Comerchero
ABSTAIN: 0 COUNCIL MEMBERS: None
usan W. ones, MMC
City Clerk
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