Res 11-001RESOLUTION NO. 11 -001
A 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 AFFIRMED
HOUSING GROUP OR AN AFFILIATE THEREOF, WITH RESPECT TO
A MULTIFAMILY APARTMENT PROJECT
WHEREAS, Affirmed Housing Group ( "Affirmed ") has requested that the California
Municipal Finance Authority (the "Authority ") issue one or more series of revenue bonds in an
aggregate principal amount not to exceed $8,500,000 (the 'Bonds "), and lend the proceeds of
the Bonds to a California limited partnership (the "Borrower ") to be formed by or on behalf of
Affirmed for the purpose of financing the costs of the acquisition and rehabilitation of a 52 unit
multifamily residential rental facility known as Orange Gardens Apartments (the "Project') to be
owned by the Borrower and located at 12510 Oak Knoll Road in the City of Poway, California
(the "City'), 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 approve the issuance of
the Bonds after a public hearing has been held regarding the financing of the Project; and
WHEREAS, the City Council of the City (the "City Council ") is the elected legislative
body of the City and is an applicable elected representative with respect to the approval of 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(0
of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement,
dated as of January 1, 2004 (the "Agreement'), that created the Authority, 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as
follows:
Section 1 . The City Council hereby approves the issuance of the Bonds 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 for the purposes of (a) Section 147(f) of the Code,
by the applicable elected representative of the governmental unit having jurisdiction over the
area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of
the Agreement.
Section 2 . 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.
Resolution No. 11 -001
Page 2
Section 3 . The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or rehabilitate the Project; (ii) approve any
application or request for or take any other action in connection with any planning approval,
permit or other action necessary for the rehabilitation or operation of the Project; (iii) make any
contribution or advance any funds whatsoever to the Authority; or (iv) take any further action
with respect to the Authority or its membership therein.
Section 4 . 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 5 . The City Clerk is hereby directed to forward a certified copy of this Resolution
to the bond counsel for the Bonds, addressed as follows:
Paul J. Thimmig, Esq.
Quint & Thimmig LLP
575 Market Street, Suite 3600
San Francisco, CA 94105 -2874
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 on this 18`" day of January, 2011.
Don Higginson, Mayor
ATTEST:
Lin royan, City Clerk
Resolution No. 11 -001
Page 3
STATE OF CALIFORNIA )
SS
COUNTY OF SAN DIEGO )
I, Linda Troyan, City Clerk of the City of Poway, do hereby certify under penalty of
perjury that the foregoing Resolution No. 11 -001 was duly adopted by the City Council at a
meeting of said City Council held on the 18th day of January, 2011, and that it was so adopted
by the following vote:
AYES: BOYACK, GROSCH, MULLIN, CUNNINGHAM, HIGGINSON
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE