R-9226
.
.
RBSOLUTION NO. 9226
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA MONICA APPROVING
THE ISSUANCE OF BONDS BY THE CALIFORNIA
STATEWIDE COMHUNITIES DEVELOPMENT AUTHORITY
FOR THE PURPOSE OF PROVIDING A LOAN TO FINANCE
A MULTIFAMILY RENTAL HOUSING DEVELOPMENT
TO BE OWNED BY COMMUNITY CORPORATION OF
SANTA MONICA
WHEREAS, the California Statewide Communities Development
Authority (the "Authoritytl) is authorized by Chapter 7 of Part 5 of
Division 31 of the Health and Safety Code of the state of
California, as amended, (the IIAct") to issue its bonds to make
loans from the proceeds for housing purposes specified in the Act;
and
WHEREAS, Community Corporation of Santa Monica, a California
non-profit public benefit corporation, (the "Carparationtl) has
requested that the Authority use its powers under the Act to issue
tax-exempt bonds (the "Bonds") for the purpose of providing a loan
from the Bond proceeds to the Corporation to enable the Corporation
to finance a multifamily housing rental development located in the
city of Santa Monica (the "Projectll); and
WHEREAS, a portion of the housing units in the project will be
rented to persons and families of very low income as required by
the Act and the Internal Revenue Code of 1986, as amended (the
"Code"); and
WHEREAS, the Bonds will be considered to be "qualified exempt
facility bonds" under Section 142 (a) of the Code, and Section
147(f) of the Code requires the "applicable elected representative"
to approve the issuance of the Bonds by the Authority following the
holding of a public hearing with respect thereto; and
WHEREAS, the Authority has determined that the City Council of
the city is the "applicable elected representative" with respect to
the Bonds; and
WHEREAS, notice of said public hearing has been duly given as
required by the Code, and the City Council has heretofore held such
public hearing at which all interested persons were given an
opportunity to be heard on all matters relative to the location,
operation and financing of the Project and the Authority's issuance
of the Bonds and the Authority's loan of the Bond proceeds to the
Corporation, and a copy of all written and a transcript of all oral
1
.
.
testimony received at the hearing has been made available to the
city Council; and
WHEREAS, it is in the public interest, for the public benefit,
and in furtherance of the public purpose of the city that the city
Council approve the issuance of the Bonds by the Authority for the
aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the City council of the city
of Santa Monica as follows:
section 1. The city Council of the City of Santa Monica
hereby approves the issuance of the Bonds by the Authority under
the Act and the Code for the purpose of providing funds to the
Corporation to enable the Corporation to finance the Project.
section 2. This Resolution shall take effect immediately
upon its adoption.
APPROVED AS TO FORM:
--). '
fin I <!. j, j
; ~<<: 'L..~k/).., ;.......,/. ;/lL/1.I_. 't.i (
MARSHA JoNES MOUTRIE
City Attbrney
2
.
.
Adopted and approved this 9th day of December
, 1997.
_/3~;: ~
Mayor
I hereby certify that the foregoing Resolution 9226 (CCS) was
duly adopted at a meeting of the city Council held on the 9th
of December , 1997 by the following vote:
Ayes: Councilrnembers: O'Connor, Feinstel.n. Genser. Rosenstein. Holbrook
Noes: Councilrnernbers: None
Abstain: Councilrnernbers: None
Absent: Councilrnembers: Greenberg. Ebner
ATTEST:
~.
city"Clerk tJ
3