HomeMy WebLinkAbout1999-032
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RESOLUTION NO, 1999-32
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE WATERMAN APARTMENTS LOCATED AT
2634 COPPER LANE, SAN BERNARDINO, CALIFORNIA
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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 0
California, including the City of San Bernardino (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, Copper Lane Partners, L.P. (collectively, with any related entity, the
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"Borrower") has requested that the Authority issue multifamily housing revenues bonds in an
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aggregate principal amount not to exceed $5,000,000 (the "Bonds") for the purpose of providing
financing for the acquisition and rehabilitation of a I 28-unit multifamily residential rental project
located at 2634 Copper Lane, San Bernardino, California and generally known as the Waterman
Apartments; and
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WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
Revenue Code of 1986 (the "Code"); and
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WHEREAS, pursuant to Section l47(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
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1999-32
I RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTIFAMILY
2 HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE WATERMAN
3 APARTMENTS LOCATED AT 2634 COPPER LANE, SAN BERNARDINO,
CALIFORNIA
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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 hearing 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
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the issuance of the Bonds; and
WHEREAS, the members of the Mayor and Common Council (this "Council") are the
applicable elected representatives of the City; and
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance
of the Bonds, required by Section 147(1) of the Code and Section 9 of the Agreement;
IS
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NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
Section 1.
The above recitals are true and correct.
Section 2.
The Mayor and Common Council hereby approves the issuance of the Bonds
by the Authority. It is the purpose and intent of the Mayor and Common Council that this
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resolution constitute approval of the Bonds for the purposes of (a) Section 147(1) 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(1), 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.
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1999-32
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO APPROVING THE ISSUANCE OF MUL TIF AMIL Y
2 HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE WATERMAN
3 APARTMENTS LOCATED AT 2634 COPPER LANE, SAN BERNARDINO,
CALIFORNIA
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Section 4.
The City Clerk of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the hearing notice to:
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
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1999-32
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE WATERMAN APARTMENTS LOCATED AT
2634 COPPER LANE, SAN BERNARDINO, CALIFORNIA
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I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and
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Common Council ofthe City of San Bernardino at a joint regular
meeting thereof, held
8 on the 15th day of Februarv , 1999, by the following vote to wit:
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10 COUNCILMEMBERS: Aves Navs Abstain Absent
11 ESTRADA ~
12 LIEN ---"----
MCGINNIS x
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SCHNETZ x
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15 DEVLIN x
16 ANDERSON ~
17 MILLER --->L--
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21 The foregoing resolution is hereby approved this day of
22 February ,1999.
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25 Approved as to form and Legal Content;
James F. Pe an, City AttolJiley
BY;
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