R-10349RESOLUTION NO. 10349 (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, Santa Monica Housing Partners, L.P. 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 (the "Bonds") in one or more series from time to time, and at no time to exceed
$36,000,000 in outstanding aggregate principal amount, to finance the acquisition, construction
and development of a 160-unit multifamily rental housing project, located at the 1700 block of
Ocean Avenue, north of Pico Blvd., west of Main Street, and south of a to-be-constructed
extension of Olympic Drive, Santa Monica, California, and generally known as Belmar Place
(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 ofgeneral circulation within the City, a notice that a public hearing regarding the Bonds
would be held on a date specified in such notice; and
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) ofthe 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.
Omck, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Secfion 5. This resolution shall take effect immediately upon its. passage.
ADOPTED by the City Council of the City of Santa Monica at a regular meeting of
said Council held on the 14th day of October , 2008, by the following vote:
AYES:
NOES:
ABSENT:
ATTEST:
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City Clerk
Mars a Jones M utrie, Cary Attorney
OHS West260513210.2
APPROVED AS TO FORM:
Adopted and approved this 14tbday of October 2008.
Mayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Resolution No. 10349 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 14th day of October, 2008, by the following vote:
Ayes: Council members: Genser, Holbrook, McKeown, Shriver
Mayor Katz, Mayor Pro Tem Bloom
Noes: Council members: None
Abstain: Council members: None
Absent: Council members: O'Connor
ATTEST:
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.Maria Stewart, City C erk