RES-10850 Issuance Approval For MultiFamily Housing RevenueRESOLUTION NO. 10850
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING THE ISSUANCE
OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE
BONDS IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $17,500,000 FOR THE PURPOSE
OF FINANCING OR REFINACING THE
ACQUISITION, CONSTRUCTION AND EQUIPPING
OF LEMON GROVE APARTMENTS AND CERTAIN
OTHER MATTERS RELATING THERETO.
WHEREAS, Lemon Grove, LP, a California limited partnership (the "Borrower "), has
requested that the California Municipal Finance Authority (the "Authority ") participate in the
issuance of one or more series of revenue bonds issued from time to time, including bonds
issued to refund such revenue bonds in one or more series from time to time, in an aggregate
principal amount not to exceed $17,500,000 (the "Bonds ") for the acquisition, construction
and equipping of an 82 -unit multifamily rental housing project located at 1148 North Lemon
Street, Orange, California, generally known as Lemon Grove Apartments (the "Project ") and
operated by Advanced Property Services, LLC; 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 of Orange
the "City ") because the Project is to be 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 Code and the requirements of Section 4 of the Joint Exercise of Powers
Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004
the "Agreement "), among certain local agencies, including 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;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Orange as follows:
Section 1 . The foregoing recitals are true and correct.
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 to be located, in accordance with said Section
147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority
of 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 refinancing 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, construction,
rehabilitation, installation 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 5 . 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 which 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 transaction approved hereby.
Section 6 . This resolution shall take effect immediately upon its adoption.
ADOPTED this 10" day of March, 2015.
Teresa E. mith, Mayor, City of Orange
ATTEST:
AIT
Mary E. Iyurphy, City Clerk, City of Orange
2
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby certify
that the foregoing Resolution was duly and regularly adopted by the City Council of the City of
Orange at a regular meeting thereof held on the 10' day of March, 2015, by the following vote:
AYES: COUNCILMEMBERS: Alvarez, Whitaker, Smith, Murphy, Nichols
NOES: COUNCILMEMBERS: None
ABSENT : COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
CL8 Lk D-c
Mary E. NWrphy, City Clerk, City of Orange