R-9964
RESOLUTION NO.
9964 (CCS)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA 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 Santa Monica (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, Community Corporation of Santa Monica, a California nonprofit
corporation, or a related entity, 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 $8,000,000 in outstanding
aggregate principal amount, to finance the acquisition, construction and development of
a 44-unit multifamily rental housing project, located at the 2209 Main Street, Santa
Monica, California, and generally known as Pacific Court 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 govemmental 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 the date hereof; and
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WHEREAS, such public hearing was conducted on said date by the City
Council, 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 CITY COUNCIL OF THE
CITY OF SANTA MONICA 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 of the City 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
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. The City Clerk shall certify to the adoption of this Resolution,
and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
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Adopted and approved this 27th day of July, 2004.
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Richard Bloom, Mayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify
that the foregoing Resolution No. 9964 (CCS) was duly adopted at a meeting of
the Santa Monica City Council held on the 27th day of July, 2004, by the
following vote:
Ayes:
Council members: Mayor Bloom, Mayor Pro Tem McKeown,
Genser, Holbrook, Katz, Feinstein
Noes:
Councilmembeffi: None
Abstain:
Council members: None
Absent:
Council members: O'Connor
ATTEST:
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