HomeMy WebLinkAboutCC RESO 96-3RESOLUTION NO. 96-03
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING
AN APPLICATION TO THE MORTGAGE BOND AND
TAX CREDIT ALLOCATION COMMITTEE
FOR A
PRIVATE ACTIVITY BOND ALLOCATION
IN AN AMOUNT NOT TO EXCEED $10,000,000
FOR THE
ISSUANCE OF BONDS
TO
PROVIDE FINANCING FOR CERTAIN RESIDENTIAL RENTAL FACILITIES
WHEREAS, the Community Development Commission of the City of
National City (the "Commission) is authorized pursuant to Section
34200 et seq. of the Health and Safety Code of the State of
California (the "Act") to issue and sell its bonds for the purpose
of providing financing for the acquisition and rehabilitation of
residential rental facilities within the area of operation of the
Commission; and,
WHEREAS, Jan Development Company (the "Company") has applied
to the Commission to issue and sell its multi -family housing
revenue bonds (the "Bonds") in an amount not to exceed $10,000,000
for the purpose of providing financing for the acquisition and
rehabilitation of a 268-unit residential rental facility (known as
Pine Summit Apartments), located within the area of operation of
the Commission on an approximately 11-acre site at the north east
corner of Highland Avenue and Eta Street in the City of National
City (the "Project"); and, the Commission has adopted a resolution
intended to induce the Company or other legal entities, as approved
by the Commission, to acquire and rehabilitate the Project within
the area of operation of the Commission; and,
WHEREAS, pursuant to Section 8869.80 of the Government Code,
the City is required to apply to the Mortgage Bond and Tax Credit
Allocation Committee (the "Committee") for a portion of the State
of California Private Activity Bond Limit (the "Allocation") in
order to issue the City Bonds and to facilitate the Commission's
issuance of bonds; and,
WHEREAS, upon receipt of such Allocation intended to be used
by the Commission, the City will transfer its right to such
Allocation to the Commission in order for the Commission to issue
the Bonds.
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CITY COUNCIL OF NATIONAL CITY
RESOLUTION NO. 96-3
NOW, THEREFORE, the City Council of the City of National City
does hereby FIND, DETERMINE, and RESOLVE as follows:
1. The City Council hereby determines and orders that the
City Manager, and such other persons as are necessary
shall, take all action necessary or advisable in
connection with making the application or applications to
the Mortgage Bond Tax Credit and Allocation Committee for
an Allocation in an amount not to exceed $10,000,000 for
the issuance of the City Bonds and to facilitate the
issuance of Bonds by the Commission. Any previous
actions taken by the City Manager, or others with respect
to such applications, are hereby ratified.
2. The officers of the City are hereby authorized and
directed, jointly and severally, to do any and all things
to execute and deliver any and all documents and
certificates, including but not limited to any consents
or certificates relating to the above transaction, which
they may deem necessary or advisable in order to
facilitate the application for allocation and the
providing of public approval of the Project or otherwise
effectuate the purposes of this Resolution; and, such
actions previously taken by such officers are hereby
ratified and confirmed.
3. The officers of the City are hereby authorized and
directed, jointly and severally, to do any and all things
to execute and deliver any and all documents, which they
may deem necessary or advisable in order to obtain the
Allocation for the Bonds or otherwise to effectuate the
purposes of this Resolution; and, such actions previously
taken by such officers are ratified and confirmed.
4. This Resolution shall take effect immediately upon
adoption.
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CITY COUNCIL OF NATIONAL CITY
RESOLUTION NO. 96-3
PASSED AND ADOPTED by the City Council of the City of National
City this 9th day of January 1996
ATTEST:
Lor' Anne Peop es o
City Clerk
APPROVED AS TO FORM:
George Il. Eiser, III
City Attorney
CC.res
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George H. Waters, Mayor