HomeMy WebLinkAboutResolution - 3255 STATE OF CALIFORNIA ) RESOLUTION NO. 3255
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO APPROVING
THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE
OF FINANCING THE ACQUISITION AND REHABILITATION OF THE SAN JACINTO
SENIOR APARTMENTS
WHEREAS, the California Statewide Communities Development 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, in part, by very low and
low income tenants; and
WHEREAS, Bettencourt Properties, Inc. or a limited liability company or other limited
partnership to be formed by Bettencourt Properties, Inc. (the 'Borrower") has requested the
Authority to issue and deliver multifamily housing revenue obligations in the anticipated
principal amount of $3,000,000 (the "Obligations"), the proceeds of which may only be used
for the purpose of financing the acquisition and rehabilitation of a 46-unit multifamily
residential rental facility, commonly known as the San Jacinto Senior Apartments, located at
633 E. main Street in the city of San Jacinto, 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) 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 San Jacinto 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:
SECTION 1. The City Council hereby finds and determines that the foregoing recitals
are true and correct.
SECTION 2. For purposes of the requirements of the Code only, the City Council
hereby approves the proposed financing of the Project by the Authority 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 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.
SECTION 4. The adoption of this 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, rehabilitation and development of the Project or to issue the
Obligations for purposes of such financing; or(ii) the City, of 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.
SECTION 5. The City Clerk of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the public hearing notice to:
Thomas A. Downey
The Orrick Building
405 Howard Street
San Francisco, California 94105
SECTION 6. This resolution shall take effect upon its adoption.
PASSED, APPROVED and ADOPTED at a regular meeting of the City Council on the16th
day of April, 2009 by the following vote.
Ayes: Ayres, Di Memmo, Mansperger, Potts, Stubblefield
Nays: None
Absent: None
Abstain: None
4 �•• � ' `''� City of San Jacinto
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y: Dale Stubblefi Id, Mayor
ATTEST:
Barry Mc an, City Clerk
CERTIFICATE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss
CITY OF SAN JACINTO )
I, Barry McClellan, City Clerk of the City of San Jacinto, do certify that the foregoing
Resolution No. 3255 was passed, approved and adopted at a regular meeting of the City
Council for the City of San Jacinto held on the 16th day of April, 2009.
WITNESS MY HAND AND OFFICIAL SEAL this 16th day of April, 2009
Barry Mc an, City Clerk