HomeMy WebLinkAboutReso 211-05 MultiHousRevBond
RESOLUTION NO. 211 - 05
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
FOR THE FAIRWAY FAMILY COMMUNITY
BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVEWPMENT 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 I, 1988 (the "Agreement"),
among certain local agencies throughout the State of California, induding the City of Dublin (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, Fairway Family Community, L.P., a California limited partnership, 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, induding bonds issued to refund such revenue
bonds in one or more series from time to time, and at no time to exceed $38,000,000 in outstanding
aggregate principal amount, to finance the acquisition, construction and development of a 304-unit
multifamily rental housing project, located at 4161 Keegan Street, Dublin, California, and generally
known as Fairway Family Apartments (the "Project"); and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for pnrposes of the
Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(t) 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 witlún 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 tlús resolution shall constitute the approval of the issuance of the
Bonds required by Section 147(t) of the Code and Section 9 of the Agreement;
Rcso No. 211-05, adopted 11/15/05, Item6.1
Page I of2
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBLIN AS FOU..oWS:
Section L
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 I 47(t) 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 tlús Resolution and a copy of the
affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutdiffe LLP
405 Howard Street
San Francisco, California 94105
Section 5.
This resolution shall take effect immediately upon its passage.
PASSED, APPROVED AND ADOYfED by the City Council of the City of Dublin at a regular
meeting of said Council held on the 15th day of November, 2005, by the following vote:
AYES: Councilmembers Hildenbrand, McConnick, Oravetz and Zika, and Mayor Lockhart
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
~i~
City C erk
Reso No. 211-{)5, adopted 11/15/05, Item 6.1
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