Loading...
HomeMy WebLinkAboutResolution - 3126 STATE OF CALIFORNIA ) RESOLUTION NO. 3126 COUNTY OF RIVERSIDE)ss CITY OF SAN JACINTO ) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF AN AMENDED AND RESTATED JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY WHEREAS, the City of San Jacinto, California (the "City"), has expressed an interest in participating in the economic development financing programs (the "Programs') in conjunction with the parties to that certain Amended and Restated Joint Exercise of Powers Agreement Relating to the California Statewide Communities Development Authority, dated as of June 1, 1988 (the"Agreement'); and WHEREAS, there is now before this City Council the form of the Agreement; and WHEREAS, the City proposes to participate in the Programs and desires that certain projects to be located within the City be financed pursuant to the Programs and it is in the public interest and for the public benefit that the City do so; and WHEREAS, the Agreement has been filed with the City Cleric, and the members of the City Council of the City, with the assistance of its staff, have reviewed said document_ NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN JACINTO: SECTION 1. The Agreement is hereby approved and the Mayor of the City is hereby authorized and directed to execute said document, with such changes, insertions and omissions as may be approved by said City Council, and the City Clerk is hereby authorized and directed to affix the City's seal to said document and to attest thereto. SECTION 2. The Mayor of the City, the City Administrator, the City Clerk and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other ads and deeds, as may be necessary or convenient to effect the purposes of this Resolution and the transactions herein authorized. Page 1 of 2 SECTION 3. The City Clerk shall forward a certified copy of this Resolution and an originally executed Agreement to: Angie Sessions Orrick, Herrington & Sutcliffe LLP 400 Capital Mail, Suite 3000 Sacramento, California 95814 SECTION 4. This resolution shall take effect immediately upon its passage. APPROVED AND ADOPTED, this 21st day of February, 2008 by the following vote: Ayes: Carlson, Mansperger, Stubblefield, Ayres Nays: None Absent: Ritchie Abstained: None City of San Jacinto by J yres, or ATTEST: Dorothy L. houinard, City Cleric APPROVED AS TO FORM: BEST BEST & KRIEGER LLP g City orney RESOLUTION NO. 419.6 Zay A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO 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 San Jacinto (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, LINC Housing Corporation, 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 $5,000,000 in outstanding aggregate principal amount, to finance the acquisition and rehabilitation of a 56-unit multifamily rental housing project, located at 1825 S. Santa Fe Avenue, San Jacinto, California, and generally known as Terracina Apartments (the"Project"); 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 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 OINWc� t:2G0364414.3 WHEREAS, it is intended that this resolution shall constitute the approval of the L issuance of the Bonds required by Section 147(f)of the Code and Section 9 of the Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN JACINTO 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 carry out, give effect to and comply with the terns and intent of this resolution and the financing approved hereby. Section 4. The City Clerk 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 405 Howard Street San Francisco, California 94105 Section 5. This resolution shall take effect immediately upon its passage. OHS Wem..260.3G4i743 2 ADOPTED by the City Council of the City of San Jacinto at a regular meeting of L said Council held on the 21 st day of February, 2008,by the following vote: AYES: Ayres, Carlson, Mansperger, Stubblefield NOES: None ABSENT: Ritchie ity Clerk CERTIFICATION SMTE OF CALIFORNIA ) C(CUNTY OF RIVERSIDE )ss CITY OF SAN JACUM ) I, Dorothy L. Chouinard, City Clerk of the City of San Jacinto, DO HERESY CERTIFY that the foregoing was duly passed, approved, and adopted at the Reuular Meeting of the San Jacinto City Council held on the 21st day of February, 2b08. Witness my hand and seal this 27th day of February, 2008. rothy L. , City Clerk ' CityJoan Jacinto OV OHS West:2603A414.3 3