HomeMy WebLinkAboutCC RESO 96-133RESOLUTION NO. 96-133
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NATIONAL CITY
APPROVING THE ISSUANCE OF THE MULTIFAMILY HOUSING
REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS, the City of National City (the "City") and other public entities
have previously entered into a joint exercise of powers agreement (the "Agreement")
pursuant to which the California Statewide Communities Development Authority (the
"Authority") was organized; and
WHEREAS, the Authority is authorized to issue revenue bonds for the
purpose of financing multifamily rental housing projects; and
WHEREAS, the Authority has proposed to issue an amount not to exceed
$13,000,000 aggregate principal amount of multifamily housing revenue bonds (the
"Bonds") for the purpose of providing financing for the acquisition and rehabilitation of
a multifamily residential rental project located at 817 Eta Street in the City; and
WHEREAS, the Bonds 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 issuance,
private activity bonds are required to be approved by the "applicable elected representa-
tive" of at least one 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 following
reasonable public notice; and
WHEREAS, the City Clerk has caused to be 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 hereof; and
WHEREAS, the members of this City Council are the applicable elected
representatives of the City; and
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Resolution No.
Page 2 of 2
WHEREAS, this City Council has conducted a public hearing on this 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, 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 that this City Council does
hereby FIND, DETERMINE, RESOLVE AND ORDER as follows:
1. The above recitals with respect to the City, and each of them, are
true and correct.
2. The issuance of the Bonds is hereby approved for the purposes of
Section 147(f) of the Code and Section 9 of the Agreement.
3. That 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 which 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.
PASSED and ADOPTED this 20th day of August, 1996.
George H. aters, Mayor
ATTEST:
Lot Anne Peoples, Citt Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney