Res 02-015RESOLUTION NO. 02-015
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY 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 Poway (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, Retirement Housing Foundation (collectively, with any related entity,
the "Borrower") has requested that the Authority issue multifamily housing revenue bonds
in an aggregate principal amount not to exceed $6,000,000 (the "Bonds") for the purpose
of providing financing for the construction and development of an 84-unit multifamily
residential rental project to be located at 12750 Gateway Park, Poway, California, and
generally known as Los Arcos Apartments; and
WHEREAS, the Bonds or a portion thereof will be "pdvate 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 mer3bers 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 headng regarding
the Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council, at
which time an opportunity was provided to interested parties to present arguments both for
and against the issuance of the Bonds; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(0 of the Code and Section 9 of the
Agreement.
Resolution No. 02-0:].5
Page 2
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Poway 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¢) 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
terms and intent of this resolution and the financing approved hereby.
Section 4. This resolution shall take effect immediately upon its passage.
PASSED, ADOPTED, AND APPROVED by the City Council of the City of Poway,
California, at a regular meeting this 12~ day of February, 2002.
ATTEST:
MichaelVP. Caf~ Mayor
'L~rilAnne Peoples, City Clerk
Resolution No. 02-015
Page 3
STATE OF CALIFORNIA )
)SS
COUNTY OF SAN DIEGO )
I, Lod Anne Peoples, City Clerk of the City of Poway, do hereby certify under penalty of
perjury that the foregoing Resolution No. 02-015 was duly adopted by the City Council at a
meeting of said City Council held on the 12th day of February 2002 and that it was so
adopted by the following vote:
AYES:
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
EMERY, GOLBY, HIGGINSON, REXFORD, CAFAGNA
L'~'ri ~r~ne Pe73ples, City (~erk
City bf Poway
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