2007/02/13 City Council Resolution 2007-25RESOLUTION NO. 2007-25
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 Rohnert 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, Vida Nueva Partners, L.P. 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 $6,000,000 in outstanding aggregate principal amount, to finance the acquisition,
construction and development of a 24 -unit multifamily rental housing project, located at
705 Rohnert Park Expressway West, Rohnert Park, California, and generally known as
Vida Nueva 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, pursuant to Section 147(0 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 constitutes
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.
ADOPTED by the City Council of the City of Rohnert Park at a regular
meeting of said Council held on the 13th day of February, 2007, by the following vote:
AYES: FIVE (5) Council Members Breeze, Mackenzie, Smith, and Stafford;
Mayor Vidak - Martinez
NOES: NONE (0)
ABSENT: NONE (0)
ATTEST:
AIAA 19
C1 lerk
Mayor
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