HomeMy WebLinkAboutRES NO 034-2020X-Ref.lQro�ao•UN4
RESOLUTION NO. 0 3 4- 2 0 2 0
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE REVENUE BONDS BY THE
CALIFORNIA DEPARTMENT LIMIT ALLOCATION COMMITTEE BY THE
HOUSING AUTHORITY OF THE COUNTY OF KERN OF MULTIFAMILY
HOUSING REVENUE BONDS (NOT TO EXCEED $4 MILLION) FOR THE
PURPOSE OF FINANCING THE CONSTRUCTION OF AFFORDABLE
HOUSING AT 811 22nd STREET (22ND STREET LOFTS), AND CERTAIN
OTHER MATTERS RELATING THERETO.
WHEREAS, the Housing Authority of the County of Kern (the "Housing
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 Housing Authority proposes to issue its rental housing
revenue bonds in one or more series in an aggregate principal amount not to
exceed $4,000,000 (the "Housing Authority Bonds") for the purpose of financing
the construction of approximately 20 units of affordable senior multi -family rental
housing known as 22nd Street Lofts, located at 811 22nd Street within the City of
Bakersfield, California (the "Project'); and
WHEREAS, proceeds of the Housing Authority Bonds are expected by the
Housing 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. will be the Managing General Partner, to finance the Project; and
WHEREAS, the Housing 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 (collectively, the "TEFRA
Actions"); 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
oF0pK4
T
Page 1 of 4 Pages �- m
J
ORIG;t4AL
WHEREAS, there has been published, at least 7 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 Housing Authority Bonds
would be held on the date hereof; and
WHEREAS, such public hearing was conducted on March 11, 2020 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 Housing Authority Bonds
and financing of the Project; and
WHEREAS, the City shall not have any liability for the repayment of the
Housing 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 Housing 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:
1. The City Council finds and declares that the foregoing recitals are
true and correct and are incorporated herein by reference.
2. The City Council hereby approves the issuance of the Housing
Authority Bonds by the Housing Authority for the purposes of financing
the Project. It is the purpose and intent of this City Council that this
Resolution constitutes approval of the Housing Authority Bonds for the
purposes 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, in accordance with such Section
147(f).
3. The issuance of the Housing Authority Bonds shall be subject to the
approval by the Housing Authority of all financing documents relating
thereto to which the Housing Authority is a party. The City shall have
no responsibility or liability whatsoever with respect to the Housing
Authority Bonds.
4. The adoption of this Resolution shall not obligate the City or any
department thereof to:
I. Provide any financing to construct the Project or any
refinancing of the Project, as a result of the TEFRA Actions;
Approve any application or request for or take any other
action in connection with any planning approval, permit, or oF0AKF9„
Page 2 of 4 Pages ? F.
V LORIGINAL
other action necessary for the acquisition, construction, or
operation of the Project;
iii. Make any contribution or advance any funds whatsoever to
the Housing Authority; or
iv. Take any further action with respect to the Housing Authority,
its issuance of the Housing Authority Bonds, or its acquisition,
construction, or operation of the Project.
5. The City Manager of the City and his designees are hereby authorized
and directed to do any and all things and to execute and deliver any
and all documents that they deem necessary or advisable to carry
out, give effect to, and comply with the terms and intent of this
Resolution and the financing transaction approved hereby.
6. The City Clerk shall attest and certify to the passage and adoption of
this Resolution and it shall become effective immediately upon its
approval.
7. This Resolution shall take effect immediately upon its passage.
—0000000—
o�gAKF �
s
Page 3 of 4 Pages �^
u o
ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by the Councilof the City of Bakersfield at a regular meeting thereof held on
MAR 1120
1 2020 by the following vote:
✓ ✓ ✓ ✓ ✓ ✓
YE COUNCIL MEMBER RIVERA. GONZALES, WEIR, SMITH. FREEMAN, SULLIVAN. PARLIER
NOES: COUNCIL MEMBER NAY
ABSTAIN: COUNCIL MEMBER
ABSENT: COUNCIL MEMBER No(\91
APPROVED MAR 1 1 2020
KAREN GOH - ' - r
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
JHU
y City Attorney
JHRAII
JULIE DRIMAKIS, CMC
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
Page 4 of 4 Pages > jp
uORIG:NALL