HomeMy WebLinkAbout2015-09-08 - RESOLUTIONS - MULTIFAMILY HOUSING BOUQUET (2)RESOLUTION NO. 15-59
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA,
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING
REVENUE BONDS FOR THE BOUQUET CANYON SENIOR APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (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,
(Agreement), among certain local agencies throughout the State of California, including the City of
Santa Clarita (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, Vintage at Bouquet Canyon, L.P., a limited partnership or related entities, has
requested that the Authority adopt a plan of financing providing for the issuance of multifamily
housing revenue bonds (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 $39,000,000 in outstanding aggregate principal amount, to finance the acquisition and
rehabilitation of a 264 -unit senior multifamily rental housing project located at 26705 Bouquet
Canyon Road, Santa Clarita, California, generally known as Bouquet Canyon Senior Apartments
(Project) and operated by FPI Management, Inc.; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of
the Internal Revenue Code of 1986 (Code); and
WHEREAS, pursuant to Section 147(fj 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 (City Council) are the applicable elected
representatives of the City of Santa Clarita; 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 for and against the issuance of the Bonds;
and
WHEREAS, the Authority is also requesting that the City Council approve the issuance
of any refunding bonds hereafter issued by the Authority for the purpose of refinancing the
Bonds which financed the Project (Refunding Bonds), but only in such cases where federal tax
laws would not require additional consideration or approval by the City Council;
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; and
WHEREAS, the Bonds will not constitute a debt, liability, or obligation of the City.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as
follows:
SECTION 1. The above recitals are true and correct.
SECTION 2. The 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
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 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, CA 94105
SECTION 5. This resolution shall take effect immediately upon its passage.
PASSED, APPROVED, AND ADOPTED this 8" day of September 2015.
MAYOR
FARKIMME
DATE: /� l
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 8th day of September 2015, by the following vote:
AYES: COUNCILMEMBERS: Boydston, Weste, Acosta, Kellar, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None