2012/09/11 Rohnert Park Financing Authority Resolution
RESOLUTION NO. 2012-01
RESOLUTION OF THE BOARD OF THE ROHNERT PARK
FINANCING AUTHORITY ("THE AUTHORITY")
APPROVING, AUTHORIZING, AND. DIRECTING
EXECUTION OF (A) DIRECTIONS TO REDEEM PRIOR
BONDS ISSUED BY THE AUTHORITY TO ASSIST IN
FINANCING THE RANCHO FELIZ MOBILE HOME PARK
AND THE LAS CASITAS DE SONOMA MOBILE HOME
PARK (TOGETHER, THE "PROJECTS") AND (B)
RELEASES OF CERTAIN REGULATORY AGREEMENTS
AND DECLARATIONS OF RESTRICTIVE COVENANTS
RECORDED ON THE PROJECTS IN CONNECTION WITH
THE ISSUANCE OF THE PRIOR BONDS
WHEREAS, the Rohnert Park Financing Authority (the "Authority") previously issued
its Mobile Home Park Revenue Bonds (Las Casitas de Sonoma) Series 2001A and its Mobile
Home Park Subordinate Revenue Bonds (Las Casitas de Sonoma) Series 2001B (together, the
"Prior Las Casitas Bonds") pursuant to an Indenture of Trust, dated as of April I, 700 I, between
the Authority and Union Bank, N.A. (formerly known as Union Bank of California, N.A.), in
such capacity (the "Prior Las Casitas Trustee"), and loaned the proceeds of the Prior Las Casitas
Bonds (the '''Prior Las Casitas Loan") to Millennium Housing of California, a California
nonprofit public benefit corporation (the "Prior Las Casitas Borrower"), in order .to provide
financing with respect to the acquisition and improvement of the Las Casitas de Sonoma Mobile
Home Park (the "Las Casitas Project") located in the City of Rohnert Park, California (the
"City"); and .
WHEREAS, the Authority previously issued its Mobile Home Park Revenue Bonds
(Rancho Feliz Mobilehome Park) Series 2003A and its Mobile Home Park Subordinate Revenue
Bonds (Rancho Feliz Mobilehome Park) Series 2003B (together, the "Prior Rancho Feliz Bonds"
and, collectively with the Prior Las Casitas Bonds, the "Prior Bonds") pursuant to an Indenture
of Trust, dated as of September I, 2003, between the Authority and Union Bank, N.A. (formerly
known as Union Bank of California, N.A.), in such capacity (the "Prior Rancho Feliz Trustee"
and, together with the Prior Last Casitas Trustee, the "Prior Trustees"), and loaned the proceeds
of the Prior Rancho Feliz Bonds (the "Prior Rancho Feliz Loan" and, together with the Prior Las
Casitas Loan, the "Prior Loans") to Millennium Housing Corporation, a California nonprofit
public benefit corporation (the "Prior Rancho Feliz Borrower" and, together with the Prior Las
Casitas Borrower, the "Prior Borrowers"), in order to provide financing with respect to the
acquisition and improvement of the Rancho Feliz Mobile Home Park (the "Rancho Feliz
Project" and, together with the Las Casitas Project, the "Projects") located in the City; and
WHEREAS, the Independent Cities Finance Authority, a joint powers authority
organized and .existing under the laws of the State of California (the "ICF A"), proposes to issue
its Mobile Home Park Revenue Refunding Bonds (Rancho Feliz and Las Casitas de Sonoma)
Series 2012A (the "Series A Bonds") and its Mobile Home Park Subordinate Revenue
Refunding Bonds (Rancho Feliz and Las Casitas de Sonoma) Series 2012B (FederallyTaxable)
(the "Series B Bonds" and, together with the Series A Bonds? the "Bonds") and loan the proce~ds
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thereof to Millennium Housing, I"LC, a California limited liability company (the "Borrower") to
(i) refund the Prior Bonds, (ii) finance certain renovations and improvements' to the Projects, (iii)
fund certain reserves and (iv) finance the costs of issuing ~e Bonds; and
WHEREAS, in connection with the refinancing of the Prior Bonds, ownership in the
Projects will be transferred to the Borrower; and
WHEREAS, to facilitate the refunding of the Prior Bonds with the proceeds of the Bonds,
the Borrower has requested that the Authority provide its written consent to certain redemption
direction letters to the Prior Trustees (the "Directions to Redeem the Prior Bonds"), forms of
which are now before the Board of the Authority; and
WHEREAS, in connection with issuance of the Bonds, the ICF A and the Borrower will
enter into a regulatory agreement and declaration of restrictive covenants with respect to each
Project setting forth certain covenants and agreements necessary to maintain the tax-exempt
status of the Series A Bonds; and
WHEREAS, in connection with the refunding of the Prior Bonds, the Borrower has
requested that the Authority agree to release the existing regulatory agreements recorded on the
Projects pursuant to a Release of, Regulatory Agreement anq Declaration of Restrictive
Covenants with respect to each Project (together, the "Releases of Prior Regulatory
Agreements"), forms of which are now before the Board ofthe Authority; and
WHEREAS, following the pricing of the Bonds, final versions of the Directions to
Redeem the Prior Bonds and of the Releases of Prior Regulatory Agreements' in substantially the
forms presented to the Board on the date hereof, with such changes as are not inconsistent with
the purposes of this Resolution, will be delivered to the chairman or other proper officer of the
Authority for execution; and
WHEREAS, the Board of the Authority has determined that the issuance of the Bonds to
refinance the Prior Bonds and to finance additional renovations to the Projects will benefit the
tenants residing therein and will benefit the City by improving the affordable housing available .
withiI). the City.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF THE ROHNERT
PARK FINANCING AUTHORITY, AS FOLLOWS:
Section 1. The Board of the Authority hereby approves the execution of the
Directions to Redeem the Prior Bonds and the Releases of Prior Regulatory Agreements in
. substantially the forms presented to the Board, with such changes as are not inconsistent with the
purposes of this Resolution. The chairman, vice chair and any other proper officers and officials
of the Authority are hereby authorized to execute the same on behalf of the Authority. The
chairman, vice chair and any other proper officers and officials of the Authority are hereby
authorized and directed to take all steps on behalf of the Authority to perform and discharge the
obligations of the Authority under said instruments.
Section 2. The adoption of this Resolution shall not obligate the Authority, the City
or any department thereof to (i) provide any additional financing with respect to the Projects or
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(ii) approve any application or request for or take any other action in connection with any
planning approval, permit or other action necessary for the operation of the Projects.
Section 3.
This Resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the above and foregoing resolution was passed and adopted
by the Board of the Rohnert Park Financing Authority at its meeting held on the 11 th day of
September, 2012, by the following vote:
. ATTEST:
U.J~
~/
~hJJ16IM~
Secretary
AHANOTU: A.'1E, BELFORTE: l\~SII\\N CALLINAN: l\\3S1l\lN STAFFORD: P--'lE: MACKENZIE: t\~G"
AYES: (3 ) NOES: (0 ) ABSENT: ( 0 ) ABSTAIN: (2. )
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