HomeMy WebLinkAboutRES NO 52-97 52-97
R£$OL~T~ON ~O.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD APPROVING THE ISSUANCE OF NOT TO
EXCEED $6,000,000 AGGREGATE PRINCIPAL AMOUNT OF
MULTIFAMILY HOUSING REVENUE BONDS.
WHEREAS, the California Statewide Communities Development Authority (the
"Issuer") has proposed to issue an amount not to exceed Six Million Dollars ($6,000,000)
aggregate principal amount of Multifamily Housing Revenue Bonds (the "Bonds") pursuant
to the Joint Powers Act, being Section 6500 et. seq. of the Government Code of the State
of California, as amended and supplemented, and Section 52075 et. seq. of the Health and
Safety Code of the State of California (collectively, the "Act"); and
WHEREAS, the project to be financed by the Bonds consists of a multifamily
housing project owned by Canyon Hills Senior Associates, a California limited partnership
(the "Project"); and
WHEREAS, the Issuer has requested that the City Council of the City of Bakersfield
(the "City") approve the issuance of the Bonds in order to satisfy the public approval
requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code") and the requirements of Section 9 of the Amended and Restated Joint Exercise
of Powers Agreement (the "Agreement"), dated as of June 1, 1988, among certain local
agencies, including the City; and
WHEREAS, the City has held a public hearing providing a reasonable opportunity
for persons to comment on the issuance of the Bonds and the location of the Project; and
WHEREAS, it is intended that this Resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the
Agreement;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City, that the
issuance of the Bonds is hereby approved for the purposes of Section 147(f) of the Code
and Section 9 of the Agreement.
RESOLVED FURTHER, the City Clerk of the City shall certify the adoption of this
Resolution, and henceforth and thereafter the same shall be in full force and effect.
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RESOLVED FURTHER, the City Clerk of the City shall forward a certified copy of
this Resolution to the following:
William W. Bothwell, Esq.
ORRICK, HERRINGTON & SUTCLIFFE LLP
777 South Figueroa Street, Suite 3200
Los Angeles, California 90017
I 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 -~l~ ! 6 ~
, by the following vote:
AYES: C0UNCILMEMSER ~, CARSON, SMITH, McDERMOTi~, R$';,"L;3, SUU ~V~N ~A~-g 0
NOES: COUNCILMEMBER~ O~ .
A~TAIN; COUNCtLMEMBER ~~,
~ ~EMBER ~ ~ ~
CITY CLERK AND EX OF IF~10 of the
Council of the City of Bakersfield
APPROVED ~ ! s lg97
By OB~~PR CE~~
Mayor
APPROVED AS TO FORM:
JUDY K SKOUSEN
City Attorney
S:~COUNCIL~RES~HOUSEBND.RES
-April 2, 1997
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