Res 11-059RESOLUTION NO. 11 -059
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 POWAY VILLAS HOUSING ASSOCIATES, L.P., OR A LIMITED PARTNERSHIP
TO BE ESTABLISHED BY COMMUNITY HOUSINGWORKS
OR AN AFFILIATE THEREOF, WITH RESPECT TO
THE POWAY VILLAS MULTIFAMILY APARTMENT COMPLEX,
AND RESCINDING RESOLUTION NO. 11 -017
WHEREAS, Poway Villas Housing Associates, L.P., or another limited partnership
to be established by Community HousingWorks or an affiliate thereof (the "Borrower")
intends to acquire, rehabilitate and equip a 60 -unit multi - family rental housing
development (the "Project ") to be located at 13001 Bowron Road, Poway, California
92064, and has requested the California Municipal Finance Authority to issue
tax - exempt bonds (the "Bonds ") in the not -to- exceed amount of $10,000,000, 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 approve
the issuance of the Bonds with respect to the Project after a public hearing has been
held concerning 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 California Municipal Finance Authority has requested that the
City Council approve the issuance of the Bonds by the California Municipal Finance
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 California
Municipal Finance 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. 11 -059
Page 2
Section 2. The City Council hereby approves the issuance of the Bonds (in the
amount of not -to- exceed $10,000,000) with respect to the Project by the California
Municipal Finance Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the issuance of the Bonds by the California Municipal
Finance 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 California Municipal Finance Authority of all financing
documents relating thereto to which the California Municipal Finance Authority is a party
and subject to the sale of the Bonds by the California Municipal Finance 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. Resolution Number 11 -017 is hereby rescinded in its entirety.
Section 7. 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 1 st day of November 2011.
Don Higginson, May r
ATTEST:
Y AZ�L
.&4- Tina M. White, Deputy City Clerk
Resolution No. 11 -059
Page 3
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO )
I, Tina M. White, Deputy City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 11 -059 was duly adopted by the
City Council at a meeting of said City Council held on the 1 st day of November 2011,
and that it was so adopted by the following vote:
AYES: BOYACK, GROSCH, MULLIN, CUNNINGHAM, HIGGINSON
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
Tina M. White, Deputy City Clerk
City of Poway