HomeMy WebLinkAbout2017-106A RESOLUTION NO. 2017-106A
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2 RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE
3 BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF
MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE
4 PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 FOR THE
PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION
5 AND REHABILITATION OF BEAUTIFUL LIGHT INN APARTMENTS
6 AND APPROVING CERTAIN RELATED ACTIONS
7 WHEREAS, BLI Affordable, LP or a partnership created by Reiner Communities (the
8 "Developer"), consisting at least of the Developer or a related person to the Developer and one or more
9 limited partners, has requested that the California Public Finance Authority (the "Authority") consider
10 information concerning a proposed plan of financing providing for the issuance of one or more series of
11 revenue bonds issued from time to time, including bonds issued to refund such revenue bonds in one or
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more series from time to time, in an aggregate principal amount not to exceed $15,000,000 (the
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"Bonds") for the acquisition, rehabilitation, improvement and equipping of a 100-unit multifamily rental
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housing project located at 1365 N. Waterman Avenue, San Bernardino, California, generally known as
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16 Beautiful Light Inn Apartments (the "Project") and operated by Living Opportunities Management
17 Company (LOMCO); and
18 WHEREAS,the Project is located within the City of San Bernardino (the"City"); and
19 WHEREAS, the City proposes to become an Additional Member of the Authority pursuant to
20 Section 12 of the Joint Exercise of Powers Agreement (the "Agreement") relating to the California Public
21 Finance Authority; and
22 WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the
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Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is
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located within the territorial limits of the City; and
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26 WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of
27 the City and is the applicable elected representative under Section 147(f) of the Code; and
28 WHEREAS,pursuant to Section 147(f) of the Code, the City Council has, following notice duly
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given, held a public hearing regarding the issuance of the Bonds, and now desires to approve
issuance of the Bonds by the Authority; and
WHEREAS, the City Council understands that its actions in holding this public hearing and in
approving this Resolution do not obligate the City in any manner for payment of the principal, interest,
fees or any other costs associated with the issuance of the Bonds, and the City Council expressly
conditions its approval of this Resolution on that understanding, and on its understanding, based on the
representation of the Authority and its legal counsel, that the Bond documents will require that the
Developer indemnify the City against all liabilities relating to the Bonds or the Project.
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
SECTION 1. The City Council hereby requests that the City become an Additional Member
Ithe Authority pursuant to Section 12 of the Agreement. The Agreement is hereby approved and the City
I Manager, or a designee thereof, is hereby authorized and directed to execute the Agreement.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the Authority
the purposes of financing the Project. It is the purpose and intent of the City Council that this Resolution
constitute approval of the issuance of the Bonds by the Authority for the purpose of Section 147(f) of the
Code by the applicable elected representative of the governmental unit having jurisdiction over the area
in which the Project is located.
SECTION 3. The City Manager, or a designee thereof, is hereby authorized and directed to do
any and all things and execute and deliver any and all documents, certificates and other instruments
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. Any actions heretofore
taken by such officers are hereby ratified and approved.
SECTION 4. The City Council expressly conditions its approval of this Resolution on its
understanding that the City shall have no obligation whatsoever to pay any principal, interest, fees or any
other costs associated with the Authority's issuance of the loan for the financing of the Project and on its
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understanding, based on the representation of the Authority and its legal counsel, that the Bond
documents will require that the Developer indemnify the City against all liabilities relating to the Bonds
or the Project.
SECTION 5. This resolution shall take effect upon its adoption and execution in the
manner as required by the City's Municipal Code.
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RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE BY
THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF
MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 FOR THE
PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION AND
REHABILITATION OF BEAUTIFUL LIGHT INN APARTMENTS AND
APPROVING CERTAIN RELATED ACTIONS
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
City Council of the City of San Bernardino at a Joint Regular Meeting thereof, held on the 13th day
of June 2017, by the following vote, to wit:
Council Members: AYES
MARQUEZ X
VALDIVIA
SHORETT X(S)
NICKEL X
RICHARD X
MULVIHILL X(M)
NAYS ABSTAIN ABSENT
X
�j
Georgeann anna, CN46, City Clerk
The foregoing Resolution is hereby approved this 13th day of J
Approved as to form:
Gary D. Saenz, City Attorney
t'!
jn- _ �.4
R. Carey D
City of San
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