HomeMy WebLinkAboutReso 1998-19256 RESOLUTION NO. 19256
[HOUSING AUTHORITY RESOLUTION NO. HA-08)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING THE ISSUANCE, SALE AND DELIVERY OF
MULTI-FAMILY HOUSING REVENUE BONDS BY THE HOUSING
AUTHORITY OF THE CITY OF CHULA VISTA FOR THE VILLA
SERENA APARTMENTS
WHEREAS, the Housing Authority of the City of Chula Vista (the "Authority") has
previously expressed its intent to issue multi-family housing revenue bonds (the Bonds") to
finance the construction of a 132-unit multi-family rental housing project (the "Project") to be
located in the City of Chula Vista to be owned by Sunbow Center, L.P., a California Limited
Partnership; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the Bonds are required to be approved, following a public hearing, by
an elected representative of the governmental unit having jurisdiction over the area in which
the Project is located; and
WHEREAS, the City Council of the Authority is made up of members which have been
appointed but not elected to their positions, and the City is the next higher governmental unit
with an applicable elected representative from which the Authority derives its authority; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City;
and
WHEREAS, the City Council is the elected legislative body of the City; and
WHEREAS, the City has caused a notice to appear in the "Star-News," a newspaper
of general circulation in the City, on October 24, 1998, to the effect that a public hearing
would be held by the City Council on November 10, 1998, regarding the issuance of the
Bonds by the Authority; and
WHEREAS, on November 10, 1998, the City Council held said public hearing, at which
time an opportunity was provided to present arguments both for and against the issuance of
the Bonds; and
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chula Vista
as follows:
Section 1. The City Council does hereby find and declare that the above recitals are
true and correct.
Section 2. Pursuant to Section 147(f) of the Code, the City Council hereby approves
the issuance of the Bonds by the Authority in one or more seri0s, in aggregate principal
amount not to exceed $8,000,000 and with a final maturity not later than 33 years from the
date of issuance to finance the construction of the Project. It is the purpose and intent of the
City Council that this Resolution constitute approval of the issuance of the Bonds by the
applicable elected representative of the governmental unit having jurisdiction over the area in
which the Project is located, in accordance with said Section 147(f).
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Resolution 19256
Page 2
Section 3, The City Council hereby confirms that it is appropriate for the Authority to
issue the Bonds to finance the construction of the Project.
Section 4. This Resolution shall take effect from and after its adoption,
Presented by Approved as to form by
Chris Salomone Jo Kaheny
Community Development Director
Resolution 19256
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 10th day of November, 1998, by the following vote:
AYES: Councilmembers: Moot, Padilia, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Rindone
ABSTAIN: Councilmembers: None
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Shirley Florton, Mayor
ATTEST:
~Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 19256 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 10th day of November, 1998.
Executed this 10'h day of November, 1998.
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