RES-9684 Multifamily Housing Revenue Refunding Bonds The Knolls ApartmentsRESOLUTION NO. 9684
RESOLUTION
OF THE CITY COUNCIL OF THE CITY
OF ORANGE APPROVING THE ISSUANCE BY
THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF MULTIFAMILY
HOUSING REVENUE REFUNDING BONDS
FOR THE PURPOSE OF REFINANCING THE
ACQUISITION AND REHABILITATION OF A MULTIFAMILY
HOUSING RENTAL FACILITY COMMONLY
KNOWN AS THE KNOLLS APARTMENTS.
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 multifaJnilyhousingrevenuerefundingbondsforthepurposeofrefinancingtheacquisitionandrehabilitationofmultifamilyresidentialrentalfacilitieslocatedwithintheareaofoperationoftheAuthority
which are to be occupied, in part, by low income tenants and very low income tenants;andWHEREAS,
F.C. Orange Associates, LP, a California limited partnership (the Borrower), has requested the Authority to issue and deliver multifamily housing revenue refundingbondsintheaggregateprincipalamountnottoexceed $12,715,000 (the Bonds), the proceeds
of which shall be used for the purpose of refinancing the acquisition and rehabilitation ofa260-unit multifamily residential rental facility located at 3138 East Maple Avenue, Orange,California (the Project), the acquisition and rehabilitation of which was originally financed withtheproc,eeds of multifamily housing revenue bonds issued by the City of Orange; and
WHEREAS, the Bonds to be issued and delivered to refinance the acquisition andrehabilitationoftheProjectwillbeconsideredqualifi(:d exempt facility bonds under Sectionl42(a) of the Internal Revenue Code of 1986, as amended (the Code), and Section 147(1) of theCoderequiresthattheapplicableelectedrepresentativeswithrespecttotheProjectapprovetheissuanceanddeliveryoftheBonds; and
WHEREAS,
the Authority has determined that the City Council of the City of Orange is theapplicableelectedrepresentativestoapprovesuchissuanceanddeliveryoftheBonds; and WHEREAS,
a public hearing at which all those interested in speaking with respect to the refinancing
of the Project~ were heard has been held.NOW,
THEREFORE, BE IT RESOLVED by the City Council of the City of Orange asfollows:S,
ection I. Recitals. The City Council hereby finds and determines that the foregoing recitalsaretrueandcorrect.
Section 2. Approval of Financing. The City Council hereby approves the refinancing of
the Project by the Authority with the proceeds of the Bonds. ~
Section 3. Issuance and Delivery of Bonds. The issuance and delivery of the Bonds shall
be subj e'ct to approval by the Authority of all financing documents relating thereto to which the
Authority is a party and subject to the sale ofthe Bonds by the Authority.
Section 4. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
ADOPTED this 10th day of December, 2002.
ATTEST:
AA~~Ouu~4'~
Cassandra J. Cath , City Clerk, City 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 10th day of December,
2002 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Ambriz, Alvarez, Murphy, Coontz. Cavecche
COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
j~u<{~ti~~A'~
Cassandra J. Ca art, City Clerk, City of Orange
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