r-10658City Council Meeting 02 -14 -2012 Santa Monica, California
RESOLUTION NUMBER 10658 (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 June 1, 1988 (the "Agreement'), between 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, a partnership created and controlled by Community Corporation of
Santa Monica, a California corporation, or related entities, has requested that the
Authority adopt a financing plan providing for the issuance of multifamily housing
revenue bonds (the "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 $18,000,000 in outstanding aggregate principal amount, to
finance the construction and development of a 45 -unit multifamily rental housing project,
located at 1943, 1949, 1955, & 1959 High Place, Santa Monica, California, generally to
be known as High Place East (the 'Project') and operated by Community Corporation of
Santa Monica; 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
representatives" of the governmental unit on whose behalf such bonds are expected to
be issued and which has 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 Project is to be located entirely within the City and 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 this date; and
WHEREAS, such public hearing was conducted on this date, at which an
opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
2
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.
Section 3. 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 4. 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.
3
Section 5. 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
405 Howard Street
San Francisco, California 94105
Section 6. This resolution shall take effect immediately upon its passage.
APPROVED AS TO FORM:
J abd� Zz)N"U
MA SHA J ES MOLJTRIE
City ttorn
0
Adopted and approved this 24th day of January, 2012.
Richard Bloom, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10658 (CCS) was duly adopted at ,a meeting of the Santa
Monica City Council held on the 14th day of February, 2012, by the following vote:
Ayes: Councilmembers: McKeown, O'Day, Shriver
Mayor Bloom
Noes: Councilmembers: None
Absent: Councilmembers: Holbrook, O'Connor
Mayor Pro Tern Davis
ATTEST:
ca...
Maria M. Stewart, Cit Clerk