RES-10452 Approving Issuance of MultiFamily Housing RevenueRESOLUTION NO. 10452
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING THE ISSUANCE
OF MULTIFAMILY HOUSING REVENUE
REFUNDING BONDS FOR THE PURPOSE OF
REFINANCING THE ORANGEVALE
TOWNHOMES.
WHEREAS, the California Statewide Communities Development Authority (the
Authority) is authorized by the laws of the State of California (the Law) to execute and
deliver multifamily housing revenue refunding obligations for the purpose of refinancing
multifamily residential rental facilities located within the area of operation of the Authority
which are to be occupied, in part, by very low and low income tenants; and
WHEREAS, 1300 North Shaffer Partners, L.P., a California limited partnership (the
Borrower) has requested the Authority to issue and deliver multifamily housing revenue
refunding obligations in the anticipated principal amount of $1,500,000 (the Obligations), the
proceeds of which may only be used for the purpose of refinancing a 64-unit
multifamily residential rental facility commonly known as Orangevale Townhomes, which is located
at 1300 North Shaffer in the City of Orange, California (the Project);
and WHEREAS, the Obligations which are expected to be issued and delivered
to refinance the Project would be considered "qualified exempt facility bonds" under
Section 142(a) of the Internal Revenue Code of 1986, as amended (the Code), and Section147(f)
of the Code requires that the "applicable elected representative" with respect to the Project
hold a public hearing on the issuance and delivery of the Obligations;
and WHEREAS, the City Council of the City of Orange is the "appLcable
elected representative" to hold said public hearing because the Project is located within the
territorial limits of the City, and has held said public hearing at which all those interested in
speaking with respect to the proposed refinancing of the Project were
heard.NOW, THEREFORE, BE IT RESOLVED as
follows:1. The City Council hereby finds and determines that the foregoing recitals
are true and
correct.2. For purposes of the requirements of the Code only, the City Council
hereby approves the proposed refinancing of the Project by the Authority with the proceeds of
the
Obligations.3. The issuance and delivery of the Obligations shall be subject to the
approval of and execution by the Authority of all financing documents relating thereto to which
the Authority is a party and subject to the sale of the Obligations by the
4. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the Code and shall not be construed in any other manner, the City nor its
staff having fully reviewed or considered the financial feasibility of the Project or the
expected financing or operation of the Project with regards to any State of California
statutory requirements, and such adoption shall not obligate (i) the City to provide
refinancing to the Borrower for the Project or to issue the Obligations for purposes of such
refinancing; or (ii) the City, or any department of the City, to approve any application or
request for, or take any other action in connection with, any environmental, General Plan,
zoning or any other permit or other action necessary for the Project.
5. The City Clerk of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the public hearing notice to:
Thomas A. Downey
The Orrick Building
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
6. This resolution shall take effect upon its adoption.
ADOPTED this ll`" day of May, 2010
ATTEST:
l~~
Mary ~; u , City C er , i range
2
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby
certify that the foregoing Resolution was duly and regularly ado~ted by the City Council of
the City of Orange at a regular meeting thereof held on the l It day of May, 2010, by the
following vote:
AYES:COUNCILMEMBERS:Smith, Murphy, Cavecche, Dumitru, Bilodeau
NOES:COUNCILMEMBERS:None
ABSENT:COUNCILMEMBERS:None
ABSTAIN:COUNCILMEMBERS:None