HomeMy WebLinkAbout20597 - RESOLUTIONS - 5/7/2003 RESOLUTION NO. 20597
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
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 Palm Springs (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, Matthew Family Apartments, L.P., a California limited partnership (collectively,
with any related entity, the 'Borrower") has requested that the Authority issue multifamily
housing revenue bonds in an aggregate principal amount not to exceed $11,000,000 (the
"Bonds") for the purpose of providing financing for the acquisition, construction and
development of a 129-unit multifamily residential rental project located at 4401 East
Matthew Drive, Palm Springs, California and generally known as Matthew Family
Apartments; and
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 "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 the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council, at which
time an opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
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;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ,
PALM SPRINGS AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the 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 tarty out, give effect to and comply With
the terms and intent of this resolution and the financing approved hereby.
Section 4. The City Clerk of the City 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
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. This resolution shall take effect immediately upon its passage.
ADOPTED THIS 7th day of May 2003.
AYES: Members Mills, Reller-Spurgin and Mayor pro tem Oden
NOES: None
ABSENT: Member Hodges and Mayor Kleindienst
CITY OF PALM SPRINGS, CALIFORNIA
(:7;UL1tydrk City Manager
REVIEWED AND APPROVED AS TO FORM: