HomeMy WebLinkAboutReso 2007-011
RESOLUTION NO. 2007-011
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA PURSUANT TO SECTION 147(F) OF THE
INTERNAL REVENUE CODE OF 1986 APPROVING THE
ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF
THE CITY OF CHULA VISTA FOR THE REFINANCE AND
REHABILITATION OF EXISTING AFFORDABLE UNITS AT
OXFORD TERRACE APARTMENTS
WHEREAS, the Housing Authority of the City of Chula Vista (Authority) intends to
issue not to exceed $5,000,000 aggregate principal amount of multifamily housing revenue
bonds (Bonds) to finance the acquisition and rehabilitation of an existing 132-unit multifamily
rental housing project (Project) located at 555 Oxford Street in the City of Chula Vista to be
owned by Oxford Terrace Partners, LP, a California limited partnership (Owner); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (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 Project is located wholly within the geographic jurisdiction of the City
of Chula Vista (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, which is a
newspaper of general circulation in the City, on December 22, 2006 to the effect that a public
hearing would be held by the City Council on January 9, 2007, regarding the issuance of the
Bonds by the Authority; and
WHEREAS, On January 9, 2007, 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;
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 series, in an aggregate principal
amount not to exceed $5,000,000 and with a final maturity not later than 36 years from the date
of issuance to finance the acquisition and rehabilitation 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).
Section 3.
This Resolution shall take effect from and after its adoption.
Resolution No. 2007-011
Page 2
Presented by/, /l
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Ann Hix /
Acting Community Development Director
Approved as to form by
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Ann Moore .
City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 9th day of January 2007 by the following vote:
AYES:
Councilmembers:
Castaneda, McCann, Ramirez, Rindone, and Cox
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
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ATTEST:
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Susan Bigelow, MMC, City erk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2007-011 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 9th day of January 2007.
Executed this 9th day of January 2007.
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Susan Bigelow, MMC, City Cler