HomeMy WebLinkAboutRES NO 238-06
RESOLUTION NO.
238-06
A RESOLUTION OF THE CITY OF BAKERSFIELD APPROVING
THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code
Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies
throughout the State of California, including the City of Bakersfield (the "City"), to issue
revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California
Health and Safety Code for the purpose of financing multifamily rental housing projects;
and
WHEREAS, St. John Manor, L.P., a California limited partnership, or related
entities, has requested that the Authority adopt a plan of financing providing for the
issuance of multifamily housing revenue bonds in one or more series issued from time to
time, including bonds issued to refund such revenue bonds in one or more series from
time to time, and at no time to exceed $5,000,000 in outstanding aggregate principal
amount, to finance the construction and development of a 78-unit multifamily rental
housing project, located at 900 4th Street in Bakersfield, California, and generally
known as St. John Manor Apartments (the "Project"); and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a
governmental unit having jurisdiction over the entire area in which any facility financed by
such bonds is to be located, after a public hearing held following reasonable public notice;
and
WHEREAS, the members of this City Council (this "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 Bonds would be held on a date specified in such notice; and
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WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against
the issuance of the Bonds; 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 COUNCIL OF THE CITY OF
BAKERSFIELD AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the Council that this resolution constitute approval
of the Bonds for the purposes of (a) Section 147(f) of the Code and (b) Section 9 of the
Agreement.
Section 3. 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 that
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 approved hereby.
Section 4. The City Clerk shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 5. This resolution shall take effect immediately upon its passage.
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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
AUG 3 0 2006 by the following vote:
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NOES:
ABSTAIN:
ABSENT:
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COUNCILMEMBER CARSON, BENHAM. MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
APPROVED
AUG 3 0 2006
PAMELA A. McCARTHY,
CITY CLERK and Ex Officio lerk of the
Council of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By:
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