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HomeMy WebLinkAbout96-10 RDA Resolution RESOLUTION NO. RDA 96-10 A RESOLUTION OF THE REDEVELOPM[ENT AGENCY OF THE CITY OF TEMIECULA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS AND THE LOAN OF THE PROCEEDS THEREOF TO THE COACHELLA VALLEY HOUSING COALITION, AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, the Redevelopment Agency of the City of Temecula (the "Agency") is authorized by Chapter 7.5 of Part I of Division 24 of the Health and Safety Code of the State of California, as amended (the "Act"), to issue and sell revenue bonds for the purpose of providing loans to non-profit organizations for housing purposes specified in the Act; and WHEREAS, Coachella Valley Housing Coalition, a California non-profit public benefit corporation ("the Borrower") has requested that the Agency issue and sell revenue bonds (the "Bonds") under the Act for the purpose of making a loan to the Borrower to enable the Borrower to acquire and rehabilitate a 150-unit multifamily housing development known as Rancho West Apartments located in the City of Temecula (the "Development"); and WHEREAS, a portion of the housing units in the Development will be rented to persons and families of very low income as required by the Act and the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, a notice of a public hearing with respect to the proposed issuance of the Bond has been published; and WHEREAS, said public hearing has been held before the City Council of the City of Temecula, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds, and subsequent to said hearing the City Council adopted a resolution approving the issuance of the Bonds; and WHEREAS, the Agency hereby finds and declares that this resolution is being adopted pursuant to the powers granted by the Act; and AS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, BE IT RESOLVED, by the Governing Board of the Redevelopment Agency of the City of Temecula as follows: Resos.Rda\96-10 1 Section 1. The Agency hereby finds and declares that the above recitals are true and correct. Section 2. Pursuant to the Act and the Indenture (hereafter defined), revenue bonds of the Agency designated as "Redevelopment Agency of the City of Temecula Multifamily Housing Revenue Bonds, 1996 Series A (Rancho West Apartments)" in an aggregate principal amount not to exceed $2,500,000 (the "Bonds") are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Chairman, the seal or facsimile of the seal of the Agency shall be reproduced thereon and attested by the manual or facsimile signature of the Secretary, in the form set forth in and otherwise in accordance with the Indenture. Section 3. The Indenture of Trust (the "Indenture") with respect to the Bonds between the Agency and the trustee identified therein (the "Trustee") in the form presented to this meeting is hereby approved. The Chairman and the Executive Director (the "Designated Officers") are, and each of them acting along is, hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Indenture, and the Secretary is hereby authorized and directed, for and in the name and on behalf of the Agency, to attest the Designated Officer's signature to the Indenture, in said form, with such additions thereto or changes therein as are recommended or approved by the Executive Director upon consultation with Bond Counsel and the Agency's financial advisor, including such additions or changes as are necessary or advisable in accordance with Section 7 hereof; provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $2,500,000 result in an average annual stated interest rate on the Bonds in excess of 10% per annum or result in a purchaser's discount or fee (excluding any original issue discount) in excess of 2. 0 % of the aggregate principal amount of the Bonds, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Agency of the Indenture. The date, maturity dates, aggregate principal amount, annual maturity amounts, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Indenture as finally executed. Section 4. The Loan Agreement and the Supplemental Agreement with respect to the Bonds, among, in the case of the Loan Agreement, the Trustee, the Agency, the Borrower and, in the case of the Supplemental Agreement, among the Trustee, the Agency, the Borrower and the purchaser of the Bonds (said agreements being collectively referred to herein as the "Loan Agreement"), in the forms presented to this meeting, are hereby approved. The Designated Officers of the Agency are, and each of them acting alone is, hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Loan Agreement in said forms, with such additions thereto or changes therein as are recommended or approved by the Executive Director upon consultation with Bond Counsel and the Agency's financial advisor, including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Agency of the Loan Agreement. Resos.Rda\96-10 2 Section 5. The Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") among the Agency, the Trustee and the Borrower, in the form presented to this meeting, is hereby approved. The Designated Officers of the Agency are, and each of them acting alone is, hereby authorized and directed for and in the name of and on behalf of the Agency, to execute and deliver the Regulatory Agreement in said form, with such additions thereto or changes therein as are recommended or approved by the Executive Director upon consultation with Bond Counsel and the Agency's financial advisor, including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery by the Agency of the Regulatory Agreement. Section 6. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee's Certificate of Authentication appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the purchaser of the Bonds in accordance with written instructions executed on behalf of the Agency by one of the Designated Officers, which instructions such instructions such such officers are, and each of them is, hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the purchaser of the Bonds upon payment of the purchase price therefor. Section 7. All actions heretofore taken by the officers and agents of the Agency with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Agency, including the Designated Officers, the Treasurer and the Secretary, are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution and in order to complete the financing contemplated by the Bonds, including but not limited to those certificates, agreements and other documents described in the Indenture, the Loan Agreement, and the Regulatory Agreement and any deeds, notes, certificates, assignments, agreements or documents as may be necessary to further the purpose hereof or provide additional security for the Bonds or the loan to the Borrower, but which shall not create any obligation or liability of the Agency other than with respect to the revenues and assets derived from the proceeds of the Bonds. Section 8. This resolution shall take effect immediately upon its adoption. Resos.Rda\96-10 3 PASSED, APPROVED AND ADOPTED, by the Governing Board of the Redevelopment Agency of the City of Temecula at a regular meeting held on the 9th day of April, 1996. Patricia H. Birdsall, Chairperson ATTEST: lun@dreek, CMC, . City Clerk Agency Secretary Resos.Rda\96-10 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ss CITY OF TEMECULA 1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. RDA 96-10 was duly adopted at a regular meeting of the Governing Board of the Redevelopment Agency of the City of Temecula on the 9th day of April, 1996, by the following roll call vote: AYES: 3 AGENCY MEMBERS: Ford, Roberts, Lindemans NOES:: 0 AGENCY MEMBERS: None ABSENT: 2 AGENCY MEMBERS: Birdsall, Stone aA u e 1. @eek, CMC, Clt-yTIerk Age y Secretary Resos.Rda\96-10 5