HomeMy WebLinkAboutCC RESO 2019-127RESOLUTION NO. 2019 - 127
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF EXEMPT FACILITY BONDS FOR A QUALIFIED
RESIDENTIAL PROJECT PURSUANT TO SECTION 142(A)(7) OF THE INTERNAL
REVENUE CODE WITH NO FISCAL IMPACT TO THE CITY AND NOT TO EXCEED
$72,000,000 IN OUTSTANDING AGGREGATE PRINCIPAL TO FINANCE THE
ACQUISITION AND REHABILITATION OF A 268-UNIT MULTIFAMILY RENTAL
HOUSING PROJECT LOCATED AT 817 ETA STREET IN NATIONAL CITY
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 Califomia, including the City of National City (the "City"), to issue
revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health
and Safety Code for the purpose of financing multifamily rental housing projects; and
WHEREAS, Fairfield Park Villas LP or a partnership of which Fairfield
Residential Holdings, LLC (the "Developer") or a related person to the Developer is the
general partner, has requested that the Authority adopt a plan of financing providing for the
issuance of exempt facility bonds for a qualified residential rental project pursuant to Section
142(a)(7) of the Internal Revenue Code of 1986 (the "Code") in one or more series issued
from time to time, including bonds issued to refund such exempt facility bonds in one or
more series from time to time, and at no time to exceed $72,000,000 in outstanding
aggregate principal amount (the "Bonds"), to finance or refinance the acquisition,
rehabilitation and development of a 268-unit multifamily rental housing project located at
817 Eta Street, National City, California (the "Project"); 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 govemmental 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 held following reasonable public notice;
and
WHEREAS, the members of this City Council (this "City Council") are the
applicable elected representatives of the City; and
WHEREAS, there has been published, at least 7 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 a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time
an opportunity was provided to interested parties to present arguments both for and against
the issuance of the Bonds; and
Resolution 2019 —127
Page Two
WHEREAS, the Authority is also requesting that the City Council approve
the issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only in
such cases where federal tax laws would not require additional consideration or approval
by the City Council; 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 NATIONAL CITY AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds
and the Refunding Bonds by the Authority. It is the purpose and intent of the City Council
that this resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of
the Code 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
documents 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. This resolution shall take effect immediately up• it- passage
PASSED and ADOPTED this 3rd day of Se
ejlis, Mayor
ATTEST:
71 Michael R.`'balla, City Clerk
APPROVED AS TO FORM:
. Morris- ones, City • rney
Passed and adopted by the Council of the City of National City, California, on
September 3, 2019 by the following vote, to -wit:
Ayes: Councilmembers Cano, Morrison, Quintero, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
City Clerk of the City of National City, California
By:
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2019-127 of the City of National City, California, passed and
adopted by the Council of said City on September 3, 2019.
City Clerk of the City of National City, California
By:
Deputy