RES-10975 Issuance Approval For MultiFamily Housing RevenueRESOLUTION NO. 10975
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ORANGE APPROVING THE
ISSUANCE BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY
OF MULTIFAMILY HOUSING REVENUE BONDS
FOR THE CASA RAMON APARTMENTS.
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, 840 W Walnut, LP or a partnership created by OHDC Casa Ramon, LLC
the "Developer "), consisting at least of the Developer or a related entity to the Developer and
one or more limited partners, has requested that the Authority adopt a plan of financing providing
for the issuance of multifamily housing revenue bonds (the "Bonds ") in one or more series issued
from time to time, including bonds issued to refund such revenue bonds in one or more series
from time to time, and at no time to exceed $22,000,000 in outstanding aggregate principal
amount, to finance the acquisition and rehabilitation of a 75 -unit multifamily rental housing
project located at 840 W. Walnut Avenue, Orange, California, generally known as Casa Ramon
Apartments (the "Project ") and operated by The John Stewart Company; 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(f) 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 "City Council ") are the applicable
elected representatives of the City of Orange (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 public hearing regarding the
Bonds would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, 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 Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Project (the "Refunding Bonds "), but only in such
cases where federal tax laws would not require additional consideration or approval by the City
Council; and
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance
of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange
as follows:
Section 1 . The above recitals are true and correct.
Section 2 . The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code 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 . This resolution shall take effect immediately upon its passage.
ADOPTED this 13 day of September, 2016.
ATTEST:
1 "Ilr C t,4 Ce,L,
Mary E. Murph City Clerk, City of Orange
C - -, le, " -e, " - a,. /-
Teresh E. Smith, Mayayor, City of Orange
Resolution No. 10975 2
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF ORANGE
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 13 day of September 2016, by the following
vote:
AYES:COUNCILMEMBERS:Alvarez, Whitaker, Smith, Murphy, Nichols
NOES:COUNCILMEMBERS:None
ABSENT:COUNCILMEMBERS:None
ABSTAIN:COUNCILMEMBERS:None
j r 4,) ae( -
Mary . Murphy, City Clerk, City of Orange
Resolution No. 10975