HomeMy WebLinkAbout2001-12-11 - RESOLUTIONS - REVENUE BONDS SENIOR HOUSING (2)RESOLUTION NO. 01-162
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
APPROVING THE ISSUANCE OF MULTI -FAMILY
HOUSING REVENUE BONDS
FOR THE PURPOSE OF FINANCING
THE ACQUISITION AND CONSTRUCTION OF
THE CANYON COUNTRY SENIOR APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California (the "Law") to execute and
deliver multi -family housing revenue obligations for the purpose of financing the
acquisition, construction, and development of multi -family residential rental facilities,
located within the area of operation of the Authority, which are to be occupied, in part, by
very low and low-income tenants; and
WHEREAS, Canyon Country Communities, LP (the 'Borrower") has requested the
Authority to issue and deliver multi -family housing revenue obligations in the anticipated
principal amount of $13,000,000 (the "Obligations"), the proceeds of which shall be used for
the purpose of financing the acquisition and construction of a 200 -unit multi -family
residential rental senior facility, to be commonly known as the Canyon Country Senior
Apartments, which is to be located at 27200 Sierra Highway (North of Via Princessa) in the
City of Santa Clarita (the "Project"); and
WHEREAS, the Obligations to be issued and delivered to finance the acquisition and
rehabilitation of the Project will be considered "qualified exempt facility bonds" under
Section 142 (a) of the Internal revenue Code of 1986, as amended (the "Code"), and Section
147(f) of the Code requires that the "applicable elected representative" with respect to the
Project hold a public hearing on the issuance and delivery of the Obligations; and
WHEREAS, the City Council of the City of Santa Clarita as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all those
interest in speaking with respect to the financing of the Project were heard.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby
resolve as follows:
SECTION 1. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
SECTION 2. The City Council hereby approves the financing of the Project by the
Authority with the proceeds of the Obligations.
SECTION 3. The issuance and delivery of the Obligations shall be subject to the
approval of and execution by the Authority of all financing documents relating thereto to
which the Authority is a party and subject to the sale of the Obligations by the Authority.
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 public hearing notice to:
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 18" Floor
San Francisco, CA 94108
SECTION 5. This Resolution shall take effect upon its adoption.
PASSED, APPROVED AND ADOPTED this 11th day of December 2001.
A
A�L
MAYOR
ATTEST:
.Vt�
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) as.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, 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 11' day of December 2001, by the
following vote:
AYES: COUNCILMEMBERS: Weste, Darcy, Kellar, Smyth, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
�m\ccsmorxEM dw