RES-8868 Issuance of Multi-Family Housing Revenue BondsRFSOLUTION NO. 8868
A RFSOLUTION OF THE CITY COUNCIL OF THE CITY OF ORANGE
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
nONDS nv THE CALIFORNIA STATEWIDE COMMUNITIFS DEVELOPMENT
AUTHORITY
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
Orange (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, BOO N. Shaffer Partners LP (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 $3,000,000 (the "Bonds") for the purpose of providing financing for the acquisition
and rehabilitation of a 64-unit multifanIily residential rental project located within the City;
and WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
Revenue Code of 1986 (the "Code");
and WHEREAS, pursuant to Section 147(t) 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 govemmental 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, 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 public hearing regarding the Bonds would be held
on the date hereof;
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, the members of this City Council (this "Council") are the applicable
elected representatives of the City;
and WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of
the Bonds required by Section 147(t) of the Code and Section 9 of the
Agreement;NOW, THEREFORE, BE IT RFSOLVED the City Council of the City of Orange as
follows:Section 1.The above recitals are true and
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(t) 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(t), 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:
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
SectionS.This resolution shall take effect immediately upon its passage.
ADOPI'EDthis 13thdayof January
ATIEST:
1998~
or of the City of Orange
ld/U~~dC~/'''M;;I-
City Clerk of th Ity 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~day of January. _1998, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIlMEMBERS: MURPHY, SLATER, COONTZ, SPURGEON, ALVAREZ
COUNCIlMEMBERS: NONE
COUNCIlMEMBERS: NONE
COUNCIlMEMBERS: NONE
l ~~1I ?d-
r-iAT-City Clerk of the City
of Orange