2003/06/10 City Council Resolution (2)RESOLUTION NO. 2003 -132
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK,
CALIFORNIA APPROVING THE ISSUANCE BY THE ROHNERT PARK FINANCING
AUTHORITY OF ITS MOBILEHOME PARK REVENUE BONDS FOR THE
RANCHO FELIZ MOBILE HOME PARK PROJECT
WHEREAS, the Rohnert Park Financing Authority (the "Authority ") is authorized
pursuant to Section 52000 and following of the California Health and Safety Code (the "Act ") to
provide assistance in financing multifamily residential housing developments, including
mobilehome parks, that are or will be owned by nonprofit corporations; and
WHEREAS, the City of Rohnert Park (the "City ") will benefit from the
availability of affordable mobilehome rental spaces within the City through the issuance by the
Authority of its Rohnert Park Financing Authority Mobilehome Park Revenue Bonds in two
series (the "Authority Bonds "); and
WHEREAS, the proceeds of the Authority Bonds will be loaned to Millennium
Housing Corporation, a California nonprofit public benefit corporation (the "Owner ") or to an
assignee, successor or affiliate of the Owner, for the purpose of financing the acquisition and
improvement of an 297 -space mobilehome park known as the Rancho Feliz Mobile Home Park
located at 6607 Redwood Drive in the City of Rohnert Park, California (referred to herein as the
"Project "); and
WHEREAS, the Authority Bonds, if issued, will not be obligations of the City
and the Owner will be fully liable for the repayment of the Authority Bonds; and
WHEREAS, the City is a member of the Authority;
WHEREAS, as required by Section 147(f) of the Internal Revenue Code of 1986,
as amended, this City Council has on this date conducted a duly noticed public hearing with
respect to the proposed financing of the Project by means of the issuance by the Authority of the
Authority Bonds, such notice being published in a newspaper of general circulation in the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF ROHNERT PARK AS FOLLOWS:
Section 1. Approval of Issuance of Authority Bonds. The issuance of the
Authority Bonds by the Authority in an aggregate principal amount not to exceed $19,000,000
pursuant to the Act and the making of a loan of the proceeds of Bonds by the Authority to the
Owner for the financing of the Project are hereby approved. This approval is made in order to
meet the public approval requirements of Section 147(f) of the Internal Revenue Code, as
amended. The City further finds that the financing of the Project by the Authority will result in
significant public benefits within the meaning of Section 6586 of the California Government
Code.
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Section 2. Effective Date. This Resolution shall take effect upon adoption.
ADOPTED this I 01 day of June, 2003.
Mayor of the City of Rohnert Park, California
ATTEST:
Deputy Clerk cif
City o ohnert Park,
I hereby certify that the foregoin was duly and regularly adopted by
the City Council of the City of Rohnert Park, California t ;lar meeting thereof held on the
10t` day of June, 2003, by the following vote: +r��
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AYES: COUNCILMEMBERS: Mackenzie, Nordin, Spradlin, Vldak - Martinez,
Flores
NOES: COUNCILMEMBERS: (0)
ABSENT: COUNCILMEMBERS: (0)
ABSTAIN: COUNCILMEMBERS: (0)
M
Deputy 9Xy Clerk of the City of Rohn Pik, California