R-10515CityCauncil Meeting: 7-27-2014
Santa Monica, Califonaia
RESOLUTION NUMBER 10.515 (CCS) {CCS)
{City Council Series)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA APPROVING THE ISSUANGE 8Y THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF
MULTIFAMILY HOUSING REVENUE BONDS FOR THE LINCOLN WALK
APARTMENTS
WHEREAS, the California Statewide Communities Development Authority {tpe
"Authority") is authorized pursuant to the provisions of Ca(ifarnia Government Code
Section 6500 et seq: and the terms of an Amended and Restated Joint Exereise 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"}, fa issue revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of
the Galifonaia Health and Safely Code for the purpose of finanoing multifamily rental
housing projects; and
WHEREAS, Lincoln Studios, LLC, a limited partnerspip or related entities, has
requested that the Authority adopt a plan of financing providing for the issuance of
multifamiiy pausing revenue bonds {the "Bonds"} in one or more series issued from time
to time, including bonds issued to refund sucp revenue 4iands in one ar mare series
RI~riS Properties, Inc., and
WHEREAS, the Bonds ar a portion thereof wi(I be "private activity bonds" for
purposes of the interne{ Revenue Cade of 1986 {the "Code"}; and
WHEREAS; pursuant to Section 147{f} of the Cade, prior to their issuance,
WHEREAS, the members of this City Council {this "City Caunvil"} are the
applicable elected representatives of the City; and.
WHEREAS, there has been published: at least 14 days prier to the date hereof,
in a newspaper of genera! circulation within the City; a notice that a public hearing
regarding the s3ands waufd be held on a date specified in such native; and
WHEREAS, suvh public hearing was vonducted an such date, at whivh time an
opportunity was provided to interested parties to present arguments bath far and
against the issuance of the Bands; and
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WHEREAS, the Authority is else requesting that the City Council approve the
issuanae of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bands which financed the Project {the "Refunding Bonds"), but only in
such cases where federal tax laws would not require additional consideration or
approval by the City Council; and
WHEREAS, it is intended that this resalution shall caristitute the approval of the
issuance of the Bonds required by Section '(47{f} of the Dade and Section 9 of the
Agreement.
NOW; THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The above recitals are true and correct.
SECTION 2. ~"he City Council hereby approves the issuance of the Bonds and
the Refunding Bonds by the Authority. It is the purpose and intent of the City Council
that this resalution constitute approval of the Bonds for the purposes of {a} Section
1~7{f} of the Cade and {b} Section 9 of the Agreement.
SECTION 3. The officers of the City are hereby authorized and directed; jointly.
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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
4fl5 Howard Street
San Francisco, California 9105
SI=CTION 5. The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the earns shall be in full force and effect.
A3'PROVED AS TO FORM:
Adopted and approved this 27th day of
July, 201
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Bob-6yShri,er, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10515 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 27th day of July, 2010, by the following vote:
Ayes: Councilmembers: Davis, Holbrook, McKeown, O'Day
Mayor Shriver
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: Bloom
Mayor Pro Tem O'Connor
ATTEST:
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Maria M. Stewart, City Clerk