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Home My WebLink About2003-031 , . ~ J .' RESOLUTION NO. 2003-31 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE SYCAMORE RIDGE APARTMENTS IN THE CITY OF SAN BERNARDINO, CALIFORNIA 3 4 5 6 WHEREAS, the California Statewide Communities Development Authority (the 7 "Authority") is authorized pursuant to the provisions of California Government Code Section 8 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, 9 dated as of June 1, 1988 (the "Agreement"), among certain local agencies throughout the State IO of California, including the City of San Bernardino (the "City"), to issue revenue bonds in II accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code 12 for the purpose of financing multifamily rental housing projects; and 13 WHEREAS, Steadfast TC Development, LLC (collectively, with any related entity, the 14 "Borrower") has requested that the Authority issue multifamily housing revenuc bonds 15 refunding in an aggregate principal amount not to exceed $6,000,000 (the "Bonds") for the I6 purpose of refinancing the existing bond to a AAA rating backed by FHA-GINNIE MAE on I7 the 160-unit multifamily residential rental project located at 2020 North Guthrie Street, San 18 Bernardino, California and generally known as Sycamore Ridge Apartments (the "Project"); 19 and 20 WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal 21 Revenue Code of 1986 (the "Code"); and 22 WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private 23 activity bonds are required to be approved by the "applicable elected representative" of the 24 governmental units on whose behalf such bonds are expected to be issued and by a 25 governmental unit having jurisdiction over the entire area in which any facility financed by P:\Clcrical Service> Dcp\\Margarcl Parkcr\Rc:;ululiun:;\2003\03-01-12 Sycamore Ridge Mortgage Bonds Resolution,doc I ... 2003-31 such bonds is to be located, after a public hearing held following reasonable public notice; 2 and 3 WHEREAS, there has been published, at least 14 days prior to the date hereof, in a 4 newspaper of general circulation within the City, a notice that a public hearing regarding the 5 Bonds would be held on the date hereof; and 6 WHEREAS, such public hearing was conducted on said date by the Mayor and 7 Common Council, at which time an opportunity was provided to interested parties to present 8 arguments both for and against the issuance of the refunding Bonds; and 9 WHEREAS, the members of this Mayor and Common Council (this "Council") are the 10 applicable elected representatives of the City; and 11 WHEREAS, it is intended that this Resolution shall constitute the approval of the I2 issuance of the refunding Bonds required by Section 147(f) of the Code and Section 9 of the 13 Agreement; 14 NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND IS ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN 16 BERNARDINO, AS FOLLOWS: 17 Section I, The Council hereby approves the issuance of the refunding Bonds by the 18 Authority, It is the purpose and intent of the Council that this Resolution constitutes approval 19 of the Bonds for the purposes of (a) Section 147(f) of the Code by the applicable elected 20 representative of the governmental unit having jurisdiction over the area in which the Project 21 is located, in accordance with said Section 147(f), and (b) Section 9 of the Agreement. 22 Section 2, The officers of the City are hereby authorized and directed, jointly and 23 severally, to do any and all things and to execute and deliver any and all documents that they 24 deem necessary or advisable in order to carry out, give effect to and comply with the terms 25 and intent of this Resolution and the financing approved hereby, P:\Clcrical Services Dcpl\Margar<:1 ParkcrIRcsoluliotls\100J\OJ-Ol-12 Sycamore Ridge Mortgage 8ond, Rc,oh.llion.doc 2 # , - .i 2003-31 Section 3, The City Clerk of the City shall forward a certified copy of this 2 Resolution and a copy of the affidavit of publication of the hearing notice to: 3 Ana Marie del Rio, Esq, Orrick, Herrington & Sutcliffe LLP Old Federal Reserve Bank Building 400 San some Street San Francisco, California 94111 4 5 6 Section 4, This Resolution shall take effect upon its adoption and execution in the 7 manner as required by the City Charter. 8 IIII 9 IIII IO IIII II IIII 12 IIII I3 IIII 14 IIII IS IIII 16 IIII 17 IIII 18 IIII 19 IIII 20 IIII 21 IIII 22 IIII 23 IIII 24 IIII 25 IIII P:\Clcrical Services Dcpl\Mafgarcll'ark.cr\Rc~olulions\2IJ03\03-01-12 Sycamore Ridge ;>"lortgage ]jomb Re>olulion.uoc 3 ..."'!. . 2003-31 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE SYCAMORE RIDGE APARTMENTS IN THE CITY OF SAN BERNARDINO, CALIFORNIA 3 4 5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and 6 Common Council of the City of San Bernardino at a j t. reg. meeting thereof, held on the 7 21st day of January , 2003, by the following vote to wit: Council Members: Ayes Nays Abstain Absent ESTRADA x LONGYILLE X - MCGINNIS X DERRY -1L SUAREZ X ANDERSON x MC CAMMACK x 8 9 IO II 12 13 14 15 ~~[' MJ! L0p(JA~ , ,R,achel G, ~Iark,' City Clet;.k br1 'Y}{Wc//Lf,)JyYtp duw.)j t::R fd'i. The foregoing resolution is hereby approved thilr' [)-]'1W' day of January 0 , 2003, 16 I7 18 19 V' Neil Derry or Pro Tem City of San Bernardino 20 Approv d as to form and Legal Content: ;t~ 21 By: 22 23 24 25 P:\Clerieal Serviccs Der(\Margarct Parkcr\Rc<;oh.l\iom;\100J\OJ-Ol-12 Sycamore Ridge MOrlgagc Homls Rcsolutiondoe 4