HomeMy WebLinkAbout2014-290 1 RESOLUTION NO. 2014-290
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
3 OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE
4 COMMUNITIES DEVELOPMENT AUTHORITY FOR THE BENEFIT OF
THE NEW ZION MANOR
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6 WHEREAS, the California Statewide Communities Development Authority (the "Authority")
7 is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the
8 terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the
9 "Agreement"), among certain local agencies throughout the State of California, including the City of
10 San Bernardino (the "City"), to issue revenue bonds in accordance with Chapter 7 of Part 5 of Division
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31 of the California Health and Safety Code for the purpose of financing multifamily rental housing
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projects; and
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14 WHEREAS, New Zion Manor Limited Partnership, or related entities, has requested that the
15 Authority adopt a plan of financing providing for the issuance of multifamily housing revenue bonds
16 (the "Bonds") in one or more series issued from time to time, including bonds issued to refund such
17 revenue bonds in one or more series from time to time, and at no time to exceed $12,000,000 in
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outstanding aggregate principal amount, to finance the acquisition and rehabilitation of a 125-unit
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multifamily rental housing project located at 2000 Jubilee Court, San Bernardino, California,
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generally known as New Zion Manor (the "Project") and operated by Independent Management
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22 Services; and
23 WHEREAS,the Bonds or a portion thereof will be "private activity bonds" for purposes of the
24 Internal Revenue Code of 1986 (the"Code"); and
25 WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity
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bonds are required to be approved by the "applicable elected representative" of the governmental units
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on whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction
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2014-290
1 over the entire area in which any facility financed by such bonds is to be located, after a public hearing
2 held following reasonable public notice; and
3 WHEREAS, the members of the Mayor and Common Council of the City of San Bernardino
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(the"Council") are the applicable elected representatives of the City; and
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WHEREAS, there has been published, at least 14 days prior to the date hereof, in a newspaper
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7 of general circulation within the City, a notice that a public hearing regarding the Bonds would be held
8 on a date specified in such notice; and
9 WHEREAS, such public hearing was conducted on such date, at which time an opportunity
10 was provided to interested parties to present arguments both for and against the issuance of the Bonds;
11 and
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WHEREAS, the Authority is also requesting that the Council approve the issuance of any
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refunding bonds hereafter issued by the Authority for the purpose of refinancing the Bonds which
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15 financed the Project (the "Refunding Bonds"), but only in such cases where federal tax laws would
16 not require additional consideration or approval by the Council; and
17 WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of
18 the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement;
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
20 SAN BERNARDINO DOES HEREBY RESOLVE AS FOLLOWS:
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22 SECTION 1. The above recitals are true and correct.
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24 SECTION 2. The Mayor and Common Council hereby approves the issuance of the Bonds
25 and the Refunding Bonds by the Authority. It is the purpose and intent of the Mayor and Common
26 Council that this resolution constitute approval of the Bonds for the purposes of(a) Section 147(f) of
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the Code and(b) Section 9 of the Agreement.
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2014-290
1 SECTION 3. The officers of the City are hereby authorized and directed, jointly and
2 severally, to do any and all things and to execute and deliver any and all documents that they deem
3 necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this
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resolution and the financing approved hereby.
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7 SECTION 4. The City Clerk shall forward a certified copy of this Resolution and a copy of
8 the affidavit of publication of the hearing notice to:
9 Justin Cooper, Esq.
Orrick, Herrington& Sutcliffe LLP
10 405 Howard Street
11 San Francisco, California 94105
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SECTION 5. This resolution shall take effect immediately upon its passage.
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2014-290
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
2 MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA
3 STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE
BENEFIT OF THE NEW ZION MANOR
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 joint regular meeting thereof, held on the 21st
7 day of July, 2014, by the following vote, to wit:
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9 Commission Members: AYES NAYS ABSTAIN ABSENT
10 MARQUEZ x
11 BARRIOS x
12 VALDIVIA x
13 SHORETT x
14
NICKEL x
15
JOHNSON x
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17
MULVIHILL x
18
Cieorgea anna, C ty lerk
19 r '
The foregoing resolution is hereby approved this ,_ Lday of Jul , 2014.
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21
R. Carey Davi:, Mayor
22 City of San i ernardino
Approved as to form:
23 Gary D. Saenz, City Attorney
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25 B'411116- ,.A! . . .
26 46
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