RES-9420 Multi Family Housing Revenue BondsRESOLUTION NO. 9420
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 AUTHORlTY
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 Califomia Health and Safety Code for the purpose of financing
multifamily rental housing projects; and
WHEREAS, Living Opportunities Management Company (collectively, with any related
entity, the "Borrower") has requested that the Authority issue multifamily housing revenue bonds
in an aggregate principal amount not to exceed $20,000,000 (the "Bonds") for the purpose of
providing financing for the acquisition and rehabilitation of an approximately 333-unitmulti-story senior residential rental project located at 3919 and 4001 Garden GroveBoulevard, Orange,California and generally known as the Community Garden Tower Apartments and
the Garden Tower West
Apartments; 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 governmentalunithavingjurisdictionovertheentireareainwhichanyfacilityfinancedbysuchbondsistobelocated,
after a public hearing held following reasonable public
notice; and WHEREAS, the members of this City Council (this "Council") are the
applicable elected representatives of 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 the date
WHEREAS, such public hearing was conducted on said date by the City Council, at whichtimeanopportunitywasprovidedtointerestedpartiestopresentargumentsbothforandagainstthe
issuance of the Bonds; 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 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
governmental unit having jurisdiction over the area in which the project is located and on whose
behalf such Bonds are expected to be issued, 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 docwnents 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
and a copy of the affidavit of publication of the hearing notice to:
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, Califomia 94111
Section 5.This resolution shall take effect immediately upon its passage.
ADOPTED this 13th day of March, 2001.
6-
Mark N Murphy, May
Reso No. 9420 2-
ATTEST:
e~~~A'~~~
Cassandra Cathc , ity Clerk of the 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 13th day of March, 2001, by
the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS: SLATER, ALVAREZ, MAYOR MURPHY, COONTZ
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
UAA'~r;a~
Cassandra J. Cathcart, . y Clerk of the City of Orange
Reso No. 9420 3-