HomeMy WebLinkAboutRES NO 147-05
RESOLUTION NO. 1 4 7; 05'
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE HOUSING AUTHORITY OF THE
COUNTY OF KERN TO ISSUE RENTAL HOUSING BONDS (NOT TO
EXCEED $6.5 MILLION) FOR THE CONSTRUCTION OF THE
GREENFIELD HOME DEVELOPMENT 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 35
detached units of rental housing to be known as Greenfield Homes and to be located at
the corner of Fairview Road and Outback Drive in the City of Bakersfield, California (the
"Project"); and
WHEREAS, proceeds of the Authority Bonds are expected to be used to make a
loan to Golden Empire Affordable Housing, Inc. II, or a successor, assignee or affiliate
thereof, to finance the Project; and
WHEREAS, the Authority Bonds will be qualified "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (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 said date 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
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; .,,'"
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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. Effective Date. This resolution shall take effect immediately upon its
passage.
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
'JUN 2 2 ZOO, by the following vote:
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NOES:
ABSTAIN:
ABSENT:
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COUNCILMEMBER CI\RSON. BENHAM. MAGGARD. COUCH, HANSON, SULLIVAN, SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
APPROVED
OUN 2 2 20m
Lt. ml
PAMELA A. McCARTHY, C
CITY CLERK and Ex Officio erk of the
Council of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By: Nt Ør. ~
ALLEN SHAW
Deputy City Attorney
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