HomeMy WebLinkAboutReso 2007-208
RESOLUTION NO. 2007-208
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF MUL TIF AMIL Y HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE PURPOSE OF
REFINANCE AND REHABILITATION OF EXISTING
AFFORDABLE UNITS AT PALOMAR APARTMENTS
WHEREAS, the California Statewide Cornmunities Development Authority (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 I, 1988
(Agreement), among certain local agencies throughout the State of California, including the City of
Chula Vista (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, Volunteers of America or related entities, has requested that the Authority
adopt a plan of financing providing for the issuance of multifamily housing revenue 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 $12,000,000 in outstanding aggregate
principal amount (Bonds), to refinance the acquisition and rehabilitation of a 1 68-unit
multifamily rental housing project, located at 171 Palomar Street, Chula Vista, California, and
generally known as Palomar Apartments (Project); and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of
the Internal Revenue Code of 1986 ( 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 ejected 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 the City Council (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
Resolution No. 2007.208
Page 2
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of
the Bonds required by Section ]47(1) of the Code and Section 9 of the Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista as
follows:
]. That it finds and declares that the above recitals are true and correct.
2. That it approves the issuance, sale, and delivery of multifamily Housing Revenue Bonds
by the California Statewide Communities Development Authority for the purpose of refinance and
rehabilitation of existing affordable units at Palomar Apartments.
3. That it intends that this Resolution constitute approval of the issuance of the Bonds by
the applicable elected representative of the goverrunental unit having jurisdiction over the area in
which the Project is located, in accordance with Section ]47(1) of the Code and Section 9 of the
Agreement.
4. That it authorizes the City Manager to execute all agreements and documents
necessary for the issuance, sale, and delivery of the Bonds for the financing of the Palomar
Apartments.
5. That it directs the City Clerk to 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 94] 05
Presented by
Approved as to form by
~~~
Ann Moore
City Attorney
Ann Hix
Community Deve]opment Acting Director
_~______ ___ __-.J
Resolution No. 2007-208
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 7th day of August 2007 by the following vote:
AYES:
Councilmembers:
Castaneda, McCann, Ramirez, Rindone, and Cox
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
(I~y G.;..
Cheryl Cox, Mayor !
ATTEST:
- ~J uS ,'"'; ~;t'J lll' )
Susan Bigelow, MMC, City Cle
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. 2007-208 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 7th day of August 2007.
Executed this 7th day of August 2007.
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Susan Bigelow, MMC, City Clerk