HomeMy WebLinkAboutCC RESO 99- 10RESOLUTION NO. 99 - 10
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NATIONAL CITY APPROVING
THE ISSUANCE OF MULTI -FAMILY HOUSING
REVENUE BONDS BY THE COMMUNITY
DEVELOPMENT COMMISSION OF
THE CITY OF NATIONAL CITY
WHEREAS, the Community Development Commission of the City of National
City ("The Commission") has been requested to issue tax-exempt obligations in a principal
amount not to exceed $9,500,000 (the "Obligations") for the purpose, among other things, of
making a loan to Southern California Housing Development Corporation ("SCHDC") or such
other legal entities to be formed by SCHDC or for which SCHDC or such other legal entities
formed by SCHDC may act as a general partner or managing member ("the Developers"), the
proceeds of which shall be used by the Developers to finance the acquisition, construction,
rehabilitation and development of certain multi -family housing facilities, each of which is
located in the City of National City (the "City"), described in Appendix "A", attached hereto
(the "Projects"); and
WHEREAS, the Community Development Commission of the City of National
City is authorized by the Health and Safety Code of the State of California (the "Law") to
issue and sell revenue bonds for the purpose of financing the acquisition, construction,
rehabilitation and development of multi -family rental hosing facilities to be occupied in part by
low and very low income tenants; and
WHEREAS, the Obligations will be considered to be "qualified exempt facility
bonds" under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code"),
and Section 147(f) of the Code requires that the "applicable elected representative" with
respect to the geographical area in which the Projects are to be located hold a public hearing
relating to and approve the issuance of the Obligations; and
WHEREAS, the City Council is the applicable elected representative of the
City; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in
the City has been published, to the effect that a public hearing would be held by the City
Council regarding the issuance of the Obligations by the Community Development
Commission and the nature and location of the Projects; and
WHEREAS, the City Council held said public hearing on such date, at which
time and opportunity was provided to present arguments both for and against the issuance of
such Obligations and the nature and location of the Projects.
Resolution No. 99 -10
January 19, 1999
Page Two
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City, as follows:
Section 1. The above recitals are true and correct.
Section 2.
Section 3.
The City Council hereby approves the issuance of the Obligations by the
Community Development Commission. It is the purpose and intent of
the City Council that this resolution constitute approval of the Bonds for
the purposes of Section 147(f) of the Code by the applicable elected
representative of the governmental unit having jurisdiction over the area
in which the Projects are located, in accordance with said Section 147(f).
Issuance of the Obligations shall be subject to further approval by the
Community Development Commission of the documents relating to the
Obligations.
Section 4. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this 19th day of January, 1999.
George H. aters, Mayor
ATTEST:
Michael Dalla
City Clerk
APPROVED AS TO FORM:
to
George H. Eiser, III
City Attorney
APPENDIX "A"
Address Number of Units
1400 Q Avenue 4
1410 Q" Avenue 4
1401 Q Avenue and 1421 Q Avenue 24
1433 Q Avenue and 1445 Q Avenue 24
1436 Q Avenue 12
1438 Q Avenue and 1440 Q Avenue 24
1536 Q Avenue 4
1537 Q Avenue and 1539 Q Avenue 24
1538 Q Avenue 4
1543 Q Avenue 8
1645 E. 16th Street Single Family Residence
1705 E. 16th Street Single Family Residence