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HomeMy WebLinkAbout2026-06-23 - RESOLUTIONS - DIAMOND PARK APARTMENTS CMFA REVENUE BONDSRESOLUTION NO.26-37 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF FINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT, RENOVATION AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES AND AMENITIES FOR THE BENEFIT OF THE DIAMOND PARK APARTMENTS WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), certain public agencies (the "Members") have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority dated as of January 1, 2004 (the "Agreement") in order to form the California Municipal Finance Authority (the "Authority"), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of Santa Clarita, California (the "City") is a Member of the Authority; and WHEREAS, Maple Housing Foundation or an affiliate thereof (the `Borrower") which is an organization described in Section 501(cx3) of the Code, has requested that the California Municipal Finance Authority (the "Authority') adopt a plan of financing providing for the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 (the "Code") in one or more series issued from time to time, including bonds issued to refund such qualified 501(cx3) bonds in one or more series from time to time, and at no time to exceed $110,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing project located at 27940 Solamint Road, Santa Clarita, California (the "Project"); and WHEREAS, the acquisition of 27940 Solamint Road will enable the continued provision of affordable housing in the City, and Borrower has agreed to enter into and record against title, once acquired, a City Regulatory Agreement and Declaration of Restrictive Covenants (the "City Regulatory Agreement') to ensure the continued provision of affordable housing; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section 147(f) of the Code; and .. WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Page 1 of 3 Code and the requirements of Section 4 of the Agreement, among certain local agencies, including n the City; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the requirements of Section 4 of the Agreement. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. All of the above recitals we true and correct and the City Council so finds. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this Resolution constitute approval of the issuance of the Bonds by the Authority for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement. The City Council's approval is provided in consideration of the continued provision of affordable housing within the Project and the commitment by the Borrower to enter into and record against title the City Regulatory Agreement upon acquisition of the Project. n Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of I ' all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds. Section 4. The adoption of this resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any financing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, rehabilitation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. Section S. The officers and staff of the City are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents, which in consultation with the City Attorney, they may deem necessary or advisable in order to effectuate the purposes of this resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed. Section 6. This resolution shall take effect immediately upon its adoption. Section 7. The City Clerk shall certify to the passage and adoption of this resolution n Page 2 of 3 r1 PASSED, APPROVED, AND ADOPTED this 23`d day of June 2026. MAYOR ATTEST: CITY CLERK _ DATE: elma STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF SANTA CLARITA ) I, Melody Bartlette, City Clerk of the City of Santa Clarity, do hereby certify that the foregoing Resolution No. 26-37 was duly adopted by the City Council of the City of Santa Clarity at a regular meeting thereof, held on the 23`d day of June 2026, by the following vote: AYES: COUNCILMEMBERS: McLean, Miranda, Gibbs, Ayala, Weste NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None CI Y CLERK Page 3 of 3