HomeMy WebLinkAboutRES NO 045-07
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RESOLUTION NO.
045-07
RESOLUTION APPROVING THE ISSUANCE OF BONDS BY
THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY RELATING TO THE FINANCING OF COVENTRY
APARTMENTS
WHEREAS, the California Statewide Communities Development Authority, a joint
exercise of powers agency consisting of California public agencies, which was created
to assist in obtaining financing for projects and purposes serving the public interest (the
"Authority"), proposes to issue multifamily housing revenue bonds (the "Bonds") in an
amount not to exceed $7,500,000 and to lend the proceeds thereof to Levy Affiliated
Holdings LLC, or a limited liability company or limited partnership to be established by
Levy Affiliated Holdings LLC (the "Borrower"), to be used for acquisition, rehabilitation
and development of an 88-unit multifamily rental housing development commonly
known as Coventry Apartments located at 3101 Coventry Place in the City of
Bakersfield, California (the "Project"), to be owned and operated by the Borrower.
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the
City Council (the "City Council "), as the elected representative of the City of
Bakersfield (the "City"), the host jurisdiction of such facilities, to approve the issuance of
the Bonds after a public hearing has been held following reasonable notice;
WHEREAS, a public hearing was held by the City Council on the 28th day of
February, 2007, following duly published notice thereof, and all persons desiring to be
heard have been heard; and
WHEREAS, it is in the public interest and for the public benefit that the City
Council, as the elected representatives of the City, the host jurisdiction of such facilities,
approve the issuance and delivery by the Authority of the Bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 2. The City Council hereby approves the financing of the Project by the
Authority with the proceeds of the Bonds.
Section 3. The issuance and delivery of the Bonds shall be subject to approval
by the Authority of all financing documents relating thereto to which the Authority is a
party and subject to the sale of the Bonds by the Authority to the purchasers thereof.
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Section 4. The Bonds will be paid entirely from repayments by the Borrower.
Neither the full faith and credit nor the taxing power, if any, of the City, the Authority and
its members, the State of California (the "State") or any other political corporation,
subdivision or agency of the State is pledged to the payment of the principal of,
premium, if any, or interest with respect to the Bonds, nor shall the City, the Authority
and its members, the State, or any other political corporation, subdivision or agency of
the State be liable or obligated to pay the principal of, premium, if any, or interest with
respect to the Bonds.
Section 5. This resolution shall take effect immediately.
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
tEa 2 8 2007 by the following vote:
~YEO
OES:
ABSTAIN:
ABSENT:
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COUNCILMEMBER CARSON, BENHAM, COUCH, HANSON, SULLIVAN, SCRIVNER, WEIR
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
APPROVED
,
HARVEY L. ALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By: ?~~
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