HomeMy WebLinkAbout20781 - RESOLUTIONS - 11/19/2003 ' RESOLUTION NO. 20781
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS APPROVING THE ISSUANCE OF
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$5,000,000 AGGREGATE PRINCIPAL AMOUNT OF
CITY OF PALM SPRINGS MOBILE HOME PARK
REVENUE BONDS (SUNRISE) 2003 SERIES A AND B
AND APPROVING CERTAIN DOCUMENTS AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the City of Palm Springs (the "City'), a charter city and municipal corporation
duly organized and existing under and by virtue of the Constitution and laws of the State of
California, is authorized to issue bonds pursuant to Section 52100 and following of the Health and
Safety Code of the State of California (the"Law")to finance the acquisition of mobile home parks by
nonprofit organizations within the jurisdiction of the City; and
WHEREAS, Santiago Sunrise Village Mobile Home Park Corporation, a California non-profit
(the "Borrower') qualified as an exempt organization under Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended (the "Code"), has requested that the City issue and sell HUD-
insured revenue bonds for the purpose of providing financing for the acquisition and renovation of a
176-space mobile home park located at 1500 East San Rafael Road in the City of Palm Springs,
California and known as the Santiago Sunrise Village Mobile Home Park (the "Project"); and
WHEREAS, the financing of the Project will lessen the.governmental burden of the City by
preserving affordable housing within the City; and
WHEREAS, the City proposes to issue its not to exceed $5,000,000 principal amount City
of Palm Springs Mobile Home Park Revenue Bonds (Sunrise) in no more than two series (the
"Bonds") pursuant to the Law to finance the acquisition and renovation by the Borrower of the
Project; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, 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 City Council, as the applicable elected representative body of the City, has
on this date conducted a duly noticed public hearing with respect to the proposed issuance of the
Bonds and financing the Project, such notice being published in a newspaper of general circulation
in the City at least 14 days prior to the date hereof; and
WHEREAS, all acts, conditions and things required by the laws of the State of California to
exist, to have happened and to have been performed precedent to and in connection with the
issuance of the Bonds exist, have happened and have been performed in due time, form and
manner as required by law, and the City is now duly authorized and empowered, pursuant to each
Resolution 20781
Page 2
and every requirement of law, to issue the Bonds for the purposes, in the manner and upon the '
terms herein provided.
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. 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. The bond issue, in an amount
not to exceed $5,000,000 aggregate principal amount, pursuant to the Law to finance the
acquisition and renovation by Santiago Sunrise Village Mobile Home Park (the "Project") at 1500
East San Rafael Road, are hereby approved.
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 carry out, give effect to and comply with the terms and intent of
this resolution and the financing approved hereby.
Section 4. This resolution shall take effect immediately upon its passage.
ADOPTED THIS 19th day of November 2003.
AYES: Members Mills, Oden, Reller-Spurgin and Mayor Kleindienst ,
NOES: None
ABSENT: Member Hodges
ATTEST: _ CITY OF PALM SPRINGS, CALIFORNIA
City Clerk Citypal5ager
REVIEWED AND APPROVED AS TO FORM:•