HomeMy WebLinkAbout6860RESOLUTION NO. 6860
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, APPROVING THE ISSUANCE BY
THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING
REVENUE BONDS FOR NAOMI GARDENS
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, Naomi Gardens Apartments, LP, a limited partnership or related
entities, has requested that the Authority adopt a plan of financing providing for the
issuance of multifamily 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 $13,000,000 in outstanding
aggregate principal amount, to finance the acquisition and rehabilitation of a 101 -unit
senior multifamily rental housing project located at 655 West Naomi Avenue, Arcadia,
California, generally known as Naomi Gardens (the "Project ") and operated by
Mansermar, Inc.; and
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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
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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 FIND, DETERMINE, AND REOSLVE 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. The City Clerk shall certify to the adoption of this Resolution and
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
405 Howard Street
San Francisco, California 94105
SECTION 5. This Resolution shall take effect immediately upon its passage.
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Passed, approved and adopted this stb day of March , 2013.
Mayor of the City of Arcadia
ATTEST:
City erk
APPROVED AS TO FORM:
Stephen P. Deitsch
City Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS:
CITY OF ARCADIA )
I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolution No. 6860 was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said
Council held on the 5th day of March, 2013 and that said Resolution was adopted by the
following vote, to wit:
AYES: Council Member Amundson, Kovacic, Segal, Wuo and Harbicht
NOES: None
ABSENT: None
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A
City Clerk of the City of Arcadia