HomeMy WebLinkAboutResolution No. 6676 RESOLUTION NO. 6676
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE PROPERTY LOCATED AT 13032
CLARK AVENUE.
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 as of June 1, 1988 (the "Agreement "), among certain local agencies throughout
the State of California, including the City of Downey (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, The Southern California Housing Development Corporation of Los
Angeles (collectively, with any related entity, the "Borrower ") has requested that the Authority
issue multifamily housing revenues bonds in an aggregate principal amount not to exceed
$1,600,000 (the "Bonds ") for the purpose of providing financing for the acquisition and
rehabilitation of a 41 -unit multifamily residential rental project located at 13032 Clark Avenue,
Downey, California and generally known as Clark Manor Apartments; 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(0 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 (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 publid hearing regarding the
Bonds would be held on Tuesday, June 24, 2003; and
WHEREAS, such public hearing was conducted on said date by the City Council, at
which time an opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(0 of the Code and Section 9 of the Agreement;
RESOLUTION NO. 6676
PAGE TWO
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY 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.
It is the purpose and intent of the Council that this resolution constitute approval of the Bonds for
the purposes of (a) Section 147(0 of the Code 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 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
Old Federal Reserve Bank Building, 400 Sansome Street
San Francisco, California 94111
SECTION 5. This resolution shall take effect immediately upon its passage.
SECTION 6. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 24th day of June, 2003
RICK TREJO, Mayor
ATTEST:
;?;
KATHLEEN L. MIDSTOKKE, City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City
Council of the City of Downey at a regular meeting held on the 24th day of June, 2003, by the
following vote, to wit:
AYES: 4 Council Members: Bayer, McCarthy, Perkins, Mayor Trejo
NOES: 0 Council Members: None
ABSENT: 1 Council Members: Cartozian
ABSTAIN: 0 Council Members: None ' A44/1)
KATHLEEN L. MIDSTOKKE, City Clerk