HomeMy WebLinkAbout21339 - RESOLUTIONS - 7/20/2005 RESOLUTION NO. 21339
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS AUTHORIZING THE
ISSUANCE OF NOT TO EXCEED $12,000,000
AGGREGATE PRINCIPAL AMOUNT OF TAX-
EXEMPT MULTI-FAMILY MORTGAGE BONDS BY
THE CITY OF PALM SPRINGS (CONDUIT
FINANCING) ON BEHALF OF TAHQUITZ COURT
HOUSING PARTNERS, L.P., A CALIFORNIA NON-
PROFIT CORPORATION, FOR THE REFINANCING
AND REHABILITATION OF THE TAHQUITZ COURT
APARTMENTS AT 2800, 2890, 2900 and 2990 EAST
TAHQUITZ CANYON WAY.
WHEREAS, the City of Palm Springs (the "City") is a municipal corporation and
charter city organized and existing pursuant to the Constitution and laws of the
State of California and charter of the City (collectively, the "Law") and is
authorized to issue bonds to be used to make loans to finance or refinance the
acquisition, rehabilitation and development of multifamily residential rental
facilities located within the area of operation of the City which are to be occupied,
in part, by very low-to-moderate income tenants; and
WHEREAS, Tahquitz Court Housing Partners, L.P., a California limited
partnership, or a limited liability company to be formed by its' managing general
partner, LINC Housing Corporation, (the "Borrower") has requested the City
issue and deliver multifamily housing revenue obligations in the anticipated
principal amount of $12,000,000 (the "Obligations"), the proceeds of which shall
be used for the purpose of refinancing and rehabilitation of a 108-unit affordable
multifamily residential rental facility commonly known as the Tahquitz Court
Apartments which is located at 2800, 2890, 2900 and 2890 Tahquitz Canyon
Way in the City of Palm Springs, California (the "Project"); and
WHEREAS, the Obligations to be issued and delivered to finance the refinancing
and rehabilitation of the Project will be considered "qualified exempt facility
bonds" under Section 142 (a) of the Internal Revenue Code of 1986, as amended
(the "Code"), and Section 147(f) of the Code requires that the "applicable elected
representative" with respect to the Project hold a public hearing on the issuance
and delivery of the Obligations; and
WHEREAS, the City Council of the City of Palm Springs as the "applicable
elected representatives" to hold said public hearing, has held said public hearing
at which all those interest in speaking with respect to the financing of the Project
were heard.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Resolution No. 21339
Page 2
SECTION 2. The City Council hereby approves the financing of the Project by
the City with the proceeds of the Obligations.
SECTION 3. The issuance and delivery of the Obligations shall be subject to the
approval of and execution by the City of all financing documents
relating thereto to which the City is a party and subject to the sale
of the Obligations by the City.
SECTION 4. This resolution shall take effect upon its adoption.
ADOPTED THIS 20th day of July, 2005.
i fir,
David H. Ready, City er
ATTEST:
/ mes Thompson, City Clerk
CERTIFICATION 1
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 21339 is a full, true and correct copy, and was duly adopted at a
regular meeting of the City Council of the City of Palm Springs on July 20, 2005,
by the following vote:
AYES: Members Foat, McCulloch, Mills, Pougnet, and Mayor Oden
NOES: None
ABSENT: None
ABSTAIN: None
?esThompson, City Clerk
Palm Springs, California