Res 08-038
RESOLUTION NO 08-038
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, APPROVING THE ISSUANCE OF
TAX-EXEMPT BONDS BY THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY FOR A LIMITED PARTNERSHIP
TO BE ESTABLISHED BY COMMUNITY HOUSING
WORKS OR AN AFFILIATE THEREOF, WITH RESPECT
TO A MUL TIFAMIL Y APARTMENT PROJECT
WHEREAS, Oak Knoll Housing Associates, L.P , or another limited partnership
to be established by Community Housing Works or an affiliate thereof (the "Borrower")
intends to acquire, rehabilitate and equip 52-unit multifamily rental housing development
(the "Project") to be located at 12509 Oak Knoll Road, Poway, California 92105, and
has requested the California Municipal Finance Authority (the "Authority") to issue tax-
exempt bonds (the "Bonds") in the not-to-exceed amount of $6,500,000, the proceeds of
which shall be used for the purpose of financing the construction and equipping of the
Project; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 (the "Code")
requires that the "applicable elected representative" with respect to the Project to
approve the issuance of the Bonds with respect to the Project after a public hearing has
been held conceming the issuance and delivery of the Bonds with respect to the
Project; and
WHEREAS, the City Council of the City of Poway (the "City Council") is the
elected legislative body of the City and is one of the applicable elected representatives
required to approve the issuance of the Bonds under Section 147(f) of the Code, and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval
requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint
Exercise of Powers Agreement, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the Bonds at
which all those interested in speaking with respect to the financing of the Project were
heard, and now desires to approve the issuance of the Bonds by the Authority, as
provided below;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows.
Section 1 The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Resolution No 08-038
Page 2
Section 2. The City Council hereby approves the issuance of the Bonds with
respect to the Project by the Authority It is the purpose and intent of the City Council
that this resolution constitute approval of the issuance of the Bonds by the Authority
only for the purposes of (i) Section 147(f) of the Code by the applicable elected
representative of the governmental unit having jurisdiction over the area in which the
Project will be located, in accordance with said Section 147(f), and (ii) Section 4 of the
Agreement.
Section 3 The issuance and delivery of the Bonds 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 Bonds by the Authority
Section 4 The payment of the principal, prepayment premium, if any, and
purchase price of and interest on the Bonds shall be solely the responsibility of
Borrower The Bonds shall not constitute a debt or obligation of the City
Section 5 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,
which 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 transaction approved
hereby
Section 6 This Resolution shall take effect from and after the date of its passage
and adoption.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a regular meeting this 10th day of June, 2008
ATTEST
~v~ )!VX3Y//:-'
Salam Hasenin, City Clerk
Resolution No. 08-038
Page 3
STATE OF CALIFORNIA )
)SS
COUNTY OF SAN DIEGO )
I, Salam Hasenin, City Clerk of the City of Poway, do hereby certify under penalty
of perjury that the foregoing Resolution No. 08- 038 was duly adopted by the City
Council at a meeting of said City Council held on the 10th day of June, 2008, and that it
was so adopted by the following vote
AYES BOYACK, HIGGINSON, REXFORD, CAFAGNA
NOES NONE
ABSENT EMERY
DISQUALIFIED' NONE
S L ))~~i~
Salam Hasenin, City Clerk
City of Poway