2006/02/14 City Council Resolution (13)RESOLUTION NO. 2006 -57
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY
THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
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 California, including the City of
Rolinert Park (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, Fidelity Partners, Inc., or related entities, has requested that the Authority
adopt a plan of financing providing for the issuance of multifamily housing revenue bonds in one or more
series issued from time to time, including bonds issued to refund such revenue bonds in one or more series
from time to time, and at no time to exceed $16,000,000 in outstanding aggregate principal amount, to
finance the acquisition and rehabilitation of a 171 -unit multifamily rental housing project, located on 101
Enterprise Drive, Rohnert Park, California, and generally known as Copeland Creek Apartments (the
"Project "); and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of
the Internal Revenue Code of 1986 (the "Code "); and
WHEREAS, the Bonds will bear interest at variable rates; 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 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 held
following reasonable public notice; and
WHEREAS, the members of this City Council (this "Council ") are the applicable elected
representatives of the City; and
WHEREAS, there has been 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 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
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 ROHNERT PARK AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the Authority.
It is the purpose and intent of the 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. The City Clerk shall forward a certified copy of this Resolution and a copy
of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 5. This resolution shall take effect immediately upon its passage.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert
Park that it does hereby approve the issuance of multifamily housing revenue bonds by the
California Statewide Communities Development Authority.
DULY AND REGULARLY ADOPTED this 14 °i day of February, 2006 by the following vote:
AYES: Five (5) Council Members Breeze, Flores, Mackenzie, Vidak- Martinez and
Mayor Smith
NOES: None (0)
ABSENT: None (0)
ABSTAIN: None (0)
ATTEST:
19
?vt City Clerk
•. ` t
CITY OF ROHN.ERT PARK
v
Mayor Tim Smith
HNBRT