r-10571City Council Meeting 03-22-2011 Santa Monica, California
RESOLUTION NUMBER 10571(CCS)
(City Council Series)
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, FAME Santa Monica Senior Apartments LP, 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 $9,500,000 in outstanding aggregate
principal amount, to finance the construction and development of a 49-unit multifamily
rental housing project, located at 1924 & 1930 Euclid Street, 1753 18t" Street, and 1754
19th
Street, Santa Monica, California, and generally known as FAME Santa Monica Senior
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
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, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE 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 constitutes
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:
Thomas Downey
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 5. This resolution shall take effect immediately upon its passage.
APPROVED AS TO FORM:
Adopted and approved this 12th day of April, 2011.
Richard Bloom, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10571 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 12th day of April, 2011, by the following vote:
Ayes: Councilmembers: Holbrook, O'Connor, O'Day, Shriver
Mayor Pro Tem Davis, Mayor Bloom
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: McKeown
ATTEST:
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Maria M. Stewart, ity Clerk