HomeMy WebLinkAboutRES NO 133-13RESOLUTION NO. 133-- 13
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD APPROVING THE ISSUANCE BY THE HOUSING
AUTHORITY OF THE COUNTY OF KERN OF MULTIFAMILY HOUSING
BONDS (NOT TO EXCEED $6.5 MILLION) FOR THE CONSTRUCTION
OF AFFORDABLE HOUSING AT 400 20TH STREET WITHIN THE CITY.
WHEREAS, the Housing Authority of the County of Kern (the "Authority ") is
authorized pursuant to the provisions of Chapter 1 of Part 2 of Division 24 of the
California Health and Safety Code to issue revenue bonds for the purpose of financing
rental housing projects; and
WHEREAS, the Authority proposes to issue its rental housing revenue bonds in
one or more series in an aggregate principal amount not to exceed $6,500,000 (the
"Authority Bonds ") for the purpose of financing the construction of approximately 56
multi - family units of affordable rental housing known as Park 20th Apartments, located
at 400 20th Street within the City of Bakersfield, California (the "Project "); and
WHEREAS, proceeds of the Authority Bonds are expected by the Authority to be
used to make a loan to a to -be- formed limited partnership, the initial owner of the
Project, of which Golden Empire Affordable Housing, Inc. II will be the Managing
General Partner, to finance the Project; and
WHEREAS, the Authority Bonds will be qualified "private activity bonds" for
purposes of the Internal Revenue Code of 1986, as amended (the "Code "); and
WHEREAS, pursuant to Section 147(f) of the Code, the proposed issuance of
private activity bonds is required to be approved by the "applicable elected
representative" of the governmental unit having jurisdiction over the area in which the
facility financed by such bonds is to be located, after a public hearing held following
reasonable public notice; and
WHEREAS, the Project is located in the City of Bakersfield (the "City ") and the
members of the City Council (this "City 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 hearing
regarding the proposed issuance of the Authority Bonds would be held on the date
hereof; and
WHEREAS, such public hearing was conducted on October 16, 2013 by this City
Council, at which time an opportunity was provided to interested parties to be heard with
respect to the proposed issuance of the Authority Bonds and financing of the Project;
and
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WHEREAS, the City shall not have any liability for the repayment of the Authority
Bonds or any responsibility for the Project; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
proposed issuance of the Authority Bonds required by Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Bakersfield as follows:
Section 1. Approval of Issuance of Authority Bonds. This City Council
hereby approves the issuance of the Authority Bonds by the Authority. It is the purpose
and intent of this City Council that this resolution constitutes approval of the Authority
Bonds for the purposes of Section 147(f) of the Code.
Section 2. No City Liability for Authority Bonds. The issuance of the
Authority Bonds shall be subject to the approval by the Authority of all financing
documents relating thereto to which the Authority is a party. The City shall have no
responsibility or liability whatsoever with respect to the Authority Bonds.
Section 3. No City Responsibility for Project. The adoption of this resolution
shall not obligate the City or any department thereof to:
Provide any financing to construct the Project or any refinancing of
the Project, other than is described in a separate Disposition and
Development Agreement, Agreement No. 13 -078 between CITY
and Golden Empire Affordable Housing, Inc. II, entered into on
June 5, 2013;
ii. Approve any application or request for or take any other action in
connection with any planning approval, permit, or other action
necessary for the acquisition, rehabilitation, or operation of the
Project;
iii. Make any contribution or advance any funds whatsoever to the
Authority; or
iv. Take any further action with respect to the Authority, its issuance of
the Authority Bonds, or its acquisition, rehabilitation, or operation of
the Project.
Section 4. Effective Date. This resolution shall take effect immediately upon its
passage.
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HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Council of the City of Bakersfield at a regular meeting thereof held on
OCT 16 2013 by the following vote:
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ABSENT:
APPROVED
COUNCILMEMBER, MAXWELL, RI EV RA, WEIR, SM'H, HANSON, SULLIVAN
COUNCILMEMBER nM62.
COUNCILMEMBER --XhnM �
COUNCILMEMBER 6114^1
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ROBERTA GAFFOR , C
CITY CLERK and Ex Offick Clerk of the
OCT 16 1013 Council of the City of Bakersfield
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
SHIVA H. RUDNICK
pupk City Attorney
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