HomeMy WebLinkAbout6336
RESOLUTION NO. 6336
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA APPROVING THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
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 Arcadia (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, Arcadia Heritage Park, L.P. (collectively, with any related entity,
including American Senior Living, Inc., the "Borrower") has requested that the Authority
issue multifamily housing revenue bonds in an aggregate principal amount not to
exceed $7,000,000 (the "Bonds") for the purpose of providing financing for the
acquisition, construction and development of an approximately 54-unit multifamily rental
housing development to be located at 150 West Las Tunas Drive, Arcadia, California,
and to generally be known as Heritage Park at Arcadia; 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 "Council") are the applicable
elected representatives of the City; and
1 .
6336
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 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, THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
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(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. 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:
Ana Marie del Rio, 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.
2
6336
Passed, approved and adopted this 21 st day of January 2003.
j!;;~. ~
/ Mayor of the ity of Arcadia
ATTEST:
/ ~-
@y Clerk of the Ci
APPROVED AS TO FORM:
~~p~
City A orney
City of Arcadia
3
6336
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, JUNE D. ALFORD, City Clerk of the City of Arcadia, hereby certifies that
the foregoing Resolution No. 6336 was passed and adopted by the City Council ofthe
City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular
meeting of said Council held on the 21st day of January, 2003 and that said Resolution
was adopted by the following vote, to wit:
AYES: Councilmember Chang, Kovacic, Segal, Wuo and Marshall
NOES: None
ABSENT: None
of Arcadia
4
6336