HomeMy WebLinkAboutResolution - - 1998-075 - 3/3/1998 RESOLUTION NO. 98-75
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FRESNO
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 Fresno (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, Blattella, L.L.C., a California limited liability company (collectively, with
any related entity, the 'Borrower") has requested that the Authority issue multifamily housing revenues
bonds in an aggregate principal amount not to exceed $4,000,000 (the 'Bonds") for the purpose of
providing financing for the acquisition and rehabilitation of two multifamily residential rental projects
located on Roberts Street in the City and known, respectively, as the Cedar Tree I Apartments and
Cedar Tree II Apartments; and
WHEREAS, the Bonds 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, 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 the date hereof, and
WHEREAS, such public hearing was conducted on said date by the City Council, at
which time an opportunity was provided to interested parties to present arguments both for and against
the issuance of the Bonds; and
WHEREAS, the members of this City�Council (this "Council") are the applicable
elected representatives of the City; and
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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 FRESNO 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(1)of the Code by the applicable elected representative of the
governmental unit having jurisdiction over the area in which the project is located, in accordance with
said Section 147 ft 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 of the City shall forward a certified copy of tltis
Resolution to:
Ana Marie del Rio,Esq.
Orrick, Herrington& Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. This resolution shall take effect immediately upon its passage.
CX)CSSF1:233699.1 2
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PASSED AND ADOPTED this 3rd day of March, 1998, by the following vote:
AYES: Bredefeld, Briggs, Perea, Quintero, Ronquillo, Steitz, Mathys
NOES: None
ABSENT: None
ABSTAIN: None
[SEAL]
ATTEST:
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City Clerk
APPROVED AS TO FORM:
C' y Attorney