HomeMy WebLinkAboutResolution 2014-191 N.C.S. 12/01/2014Resolution No. 2014-191 N.C.S.
of the City of Petall-u-na, California
RESOLUTION OF THE CITY COUNCIL APPROVING THE ISSUANCE
OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE
PURPOSE OF FINANCING THE ACQUISITION AND
REHABILITATION OF PARK LANE APARTMENTS
WHEREAS, the California Municipal Finance Authority (the "Authority ") is authorized
by the laws of the State of California (the "Law") to execute and deliver multifamily housing
revenue obligations for the purpose of financing the acquisition, construction/rehabilitation and
development of multifamily residential rental facilities located within the area of operation of the
Authority which are to be occupied by very low and low income tenants and
WHEREAS, Burbank Housing Development Corporation. a California nonprofit public
benefit corporation, on behalf of a limited liability company or limited partnership related to or
to be formed by Burbank Housing Development Corporation (the "Borrower"), has requested the
Authority to issue and deliver multifamily housing revenue obligations in the anticipated
principal amount of $18.500,000 (the "Obligations'), the proceeds of which may only be used
for the purpose offinancing inancing the acquisition and rehabilitation of a 90 -unit multifamily residential
rental facility commonly larown as Park Lane Apartments located at 109 Magnolia Avenue in the
City of Petaluma. California (the "Project"); and
WHEREAS, the Obligations which are expected to be issued and delivered to finance
the acquisition and rehabilitation of the Project would be considered "qualified exempt facility
bonds" under Section 142(a) ofthe Internal Revenue Code of 1976. as amended (the "Code'),
and Section 147(f) of the Code requires that the "applicable elected representatives— with respect
to the jurisdiction in which the Project is located hold a public hearing and approve the issuance
and delivery of the Obligations: and
WHEREAS, the City Council of the City of Petaluma as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all those
interested in speaking with respect to the proposed financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true and
correct.
2. For purposes of the requirements of the Code only and in accordance with Section 4 of
the Joint Exercise of Powers Agreement Relating to the California Municipal Finance
Authority, dated as of January 1, 2004, the City Council hereby approves the proposed
financing of the Project by the Authority with the proceeds of the Obligations.
3. The issuance and delivery of the Obligations shall be subject to the approval of and
execution by the Authority of all financing documents relating thereto to which the
Authority is a party and subject to the sale of the Obligations by the Authority.
Resolution No. 2014-191 N.C.S. Page I
4. The adoption of the Resolution is solely for the purpose of meeting the requirements of
the Code and shall not be construed in any other manner, the City nor its staff having
fully reviewed or considered the financial feasibility of the Project or the expected
financing or operation of the Project with regards to any State of California statutory
requirements, and such adoption shall not obligate (i) the City to provide financing to the
borrower for the acquisition and rehabilitation of the Project or to issue the Obligations
for purposes of such financing; or (ii) the City, or any department of the City, to approve
any application or request for, or take any other action in connection with, any
environmental, General Plan, zoning or any other permit or other action necessary for the
acquisition, rehabilitation, development or operation of the Project.
5. The City Clerk of the City shall forward a certified copy of this Resolution to:
Thomas A. Downey
The Orrick Building
Orrick. Herrington & Sutcliffe, LLP
405 Howard Street
San Francisco, CA 94105
6. This resolution shall take effect upon its adoption.
Under the power and authority con [erred upon this Council by the Charter of said City,
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the 'ktlpp,"`•d as to
Council ol'the City of* Petaluma at a Regular meeting on the 1"day of' December. t for
2014, by the following vote:
itv Attorney
Barrett. AYES: Nimrar Glass, Harris. I leak. vice Mawr Kearney, Miller � .
NOES: None
ABSENT: Albertson
ABSTAIN: None
ATTEST: L/LlA-�'_J �-52(
Cit. Clerk 1 — `iyl:q or
Resolution No, 20 14-19 1 N.C.S. Pare 2