HomeMy WebLinkAboutCC RESO 96-184RESOLUTION NO. 96-184
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE OF THE MULTIFAMILY HOUSING REVENUE
BONDS BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF NATIONAL CITY FOR THE PARK VILLAS APARTMENTS PROJECT
WHEREAS, the Community Development Commission of the City of National City (the
"CDC") is authorized by Chapter 7 (commencing with Section 52075) of Part 5 of Division 31
of the Health and Safety Code of the State of California, as amended (the "Act"), to issue and
sell revenue bonds for the purpose of providing loans for acquisition and construction of
multifamily rental housing; and
WHEREAS, Park Villas Pointe, L.L.C., a California limited liability company (the
"Borrower"), has requested the Commission to issue and sell its revenue bonds (the "Bonds")
under the Act for the purpose of making a loan to the Borrower to enable the Borrower to
finance the acquisition and rehabilitation of a 268-unit apartment project known as Park Villas
Apartments (the "Project") located in the City of National City; and
WHEREAS, as required by the Act and the Internal Revenue Code of 1986, as amended
(the "Code"), a portion of the housing units in the Project are required to be rented to persons
and families of low or very low income; and
WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
Revenue Code of 1986 (the "Code") and under Section 147(f) of the Code, private activity
bonds are required to be approved by the "applicable elected representative" 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 Council constitutes the applicable elected representative of the
CDC, and in accordance with such requirements of the Code, the City Council has previously
held such hearing at which all interested parties were given an opportunity to be heard, and has
caused notice of such hearing to be published in a newspaper of general circulation within the
City; 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;
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.
Resolution No. 96-184
Page 2 of 2
PASSED and ADOPTED this 17th day of December, 1996.
George H. Waters, Mayor
ATTEST:
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Mic ael R. Dall , City Clerk
APPROVED AS TO FORM:
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George H. Eiser, III
City Attorney