RES-9051 Issuance of Multifamily Housing Revenue BondsRESOLUTION NO. 9051
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ORANGE APPROVING THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
Authority") has been requested to issue tax-exempt obligations in a principal amount not
to exce,ed $5,600,000 (the "Obligations") for the purpose, among other things, of making a loan to
a limitled partnership or limited liability company to be formed by Avalon Communities, LLC,
a California limited liability company (the "Developer"), the proceeds of which shall be used by
the Devdoper to finance the acquisition, construction and development of a 75-
unit multifamily housing facility to be located at 840 West Walnut Avenue in the City of Orange,
California (the
Project"); and WHEREAS, the Authority is authorized by Government Code of the State
of California in accordance with the Health and Safety Code of the State of California (the "Law") to
issue and sell revenue bonds for the purpose of financing the acquisition, construction,
rehabilitation and development of multifamily rental housing facilities to be occupied in part by low and
very low income
tenants; and WHEREAS, the Obligations will be considered to be "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 geographical area in which the Project is to be located, hold a public hearing on and
approve the issuance of the
Obligations; and WHEREAS, this City Council is the applicable elected representatives of the
City; and WHEREAS, a notice of public hearing in a newspaper of general circulation in
the City has been published, to the effect that a public hearing would be held by this
City Council regarding the issuance of the Obligations by the Authority and the nature and location
of the Projl~
ct; and WHEREAS, this City Council held said public hearing on such date, at which
time an opportunity was provided to present arguments both for and against the issuance
of such Obligations and the nature and location of the
Project; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Orange.
as follows:Section 1.The above recitals are true
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(f) of the Code by the applicable elected representative of the
govemmental unit having jurisdiction over the area in which the project is located, in accordance
with said Section 147(f), 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 of the City shall forward a certified copy of this Resolution
to:
Thomas A. Downey, Esq.
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
Section 5.This Resolution shall take effect immediately upon its passage.
ADOPTED this 26th day ofJanuary, 1999.
AlTEST:
Cw~A/1fi/KrA/~X
City Clerk of the . of Orange
I 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 26th day ofJanuary, 1999, by the
following vote:
AYES: COUNCIL MEMBERS: MURPHY, SLATER, COONTZ, SPURGEON, ALVAREZ
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
CAJ.M,LJMd ~.uZ
City Clerk of the 'ty of Orange
Resolution No. 9051 2