HomeMy WebLinkAboutRES NO 043-15RESOLUTION NO.
043- 15
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $13,000,000 FOR
THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF 19TH STREET
SENIORS APARTMENTS AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Mill Creek Village CIC, L.P., a California limited partnership (the
"Borrower "), has requested that the California Municipal Finance Authority (the
"Authority ") participate in the issuance of one or more series of revenue bonds
issued from time to time, including bonds issued to refund such revenue bonds in
one or more series from time to time, in an aggregate principal amount not to
exceed $13,000,000 (the "Bonds ") for the acquisition, construction, improvement
and equipping of a 63 -unit senior multifamily rental housing project located at
508 18th Street, Bakersfield, California, generally known as 19th Street Seniors
Apartments (the "Project ") and operated by CIC Management Inc.; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986
(the "Code "), the issuance of the Bonds by the Authority must be approved by
the City of Bakersfield (the "City ") because the Project is to be located within
the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council ") is the elected
legislative body of the City and is one of the "applicable elected
representatives" required to approve the issuance of the Bonds under Section
147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval
requirement of Section 147(f) of the Code and the requirements of Section 4 of
the Joint Exercise of Powers Agreement Relating to the California Municipal
Finance Authority, dated as of January 1, 2004 (the "Agreement "), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the
Bonds, and now desires to approve the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Bakersfield as follows:
Section 1. The foregoing resolutions are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by
the Authority. 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
purposes of (a) 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 to be located, in accordance with said Section 147(f) and
(b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of
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 Bonds.
Section 4. The adoption of this Resolution shall not obligate the City/ or
any department thereof to (i) provide any financing to acquire or construct the
Project or any refinancing of the Project; (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, construction, rehabilitation,
installation 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 or its membership therein.
Section 5. 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 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.
Section 6. This resolution shall take effect immediately upon its adoption.
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ORIGINAL
HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
City Council of the City of Bakersfield at a regular meeting thereof held on
MAY 0 6 2015 by the following vote: // v/
AYES- COUNCIL MEMBER HANSON, .Qa�f Ci, MAXWELL, RIVERA, SMITH, SULLIVAN, WEIR
NOES: COUNCIL MEMBER
ABSTAIN: COUNCIL MEMBER N affil.
ABSENT: COUNCIL MEMBER Nory—,
-(-- 4'u�'Z�
CITY CLERK and E ficio Clerk of the
MAY 0 6 2W _ Council of the City of Bakersfield
APPROVED 10%
HARVEY L. HAL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
J SH A HI RUDNICK
ty City Attorney II
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