HomeMy WebLinkAboutReso 172-03 IssueBndCAStComDevRESOLUTION NO. 172 - 03
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING THE ISSUANCE OF MULTIFAMH~Y HOUSING REVENUE BONDS
FOR AFFORDABLE APARTMENTS BY THE
CALIFORNIA STATEWlDE 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 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, has requested that
the Authority issue multifamily housing revenue bonds in an aggregate principal amount not to exceed
$30,000,000 (the "Multifamily Bonds") for the purpose of providing financing for the constmction and
development of a 304-unit multifamily rental housing project, located at the Southeast comer of Central
Parkway and Keegan St., Dublin, California, and generally known as Fairway Family Apartments; and
WHEREAS, Dublin Ranch Senior Apartments, L.P., a California limited partnership, has requested
that the Authority issue multifamily housing revenue bonds in an aggregate principal amount not to exceed
$30,000,000 (the "Senior Housing Bonds" and together with the Multifamily Bonds, collectively the
"Bonds") for the purpose of providing f'mancing for the construction and development of a 322-unit senior
multifamily rental housing project, located at the Southeast comer of Central Parkway and Keegan St.,
Dublin, California, and generally known as Dublin Ranch Senior Apartments (known with Fairway
Family Apartments as the "Projects"); and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of the
Intemal 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 fmanced 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 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, it is intended that this resolution shall constitute the approval of the issuance of the
Bonds required by Section 147(0 of the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBLIN
AS FOLLOWS:
Section 1. The above recitals are tree 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 of the City shall forward a certified copy of this ResOlution and a copy
of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Ordck, 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.
ADOPTED by the City Council of the City of Dublin at a regular meeting of said Council held on the
5th day of August, 2003, by the following vote:
AYES:
Councilmembers McCormick, Sbranti and Zika and Mayor Lockhart
NOES: None
ABSENT: Councilmember Oravetz
ABSTAIN: None
K2/G/8-5-03/reso-TEFRAbonds.doc (Item 6.4 - 2)
Mayor
DOCSSFl:695272.3 2
JUL 31 2003 09:50 FR CONTRA COSTA TIMES 9259522654 TO 98~66~8 P.02/04
THE VALLEY TIMES
(Incc,~orating The Plea~nton Times)
P,O. BOx 607 - Pleasanton, Calif.
AFFIDAVIT OF PUBLICATION
The under~it)n~ declares and
That he is and wes during all the times herein mentioned
a citizen of the Unitect States, over me age of 21 years, and
neither party to nor in any way interested in the matter of
aclion herein set fo~h, and ts and w'~ competent to be e
witness in said matter of a~don.
That he is now and was at all times mentioned the
Publisher/Legal Clerk/Legal Coordinator of THE VALLEY
TIMES. Incorporating the Pleasanton ~mes and is now. and
was ell the times therein menlionecl a newspaper of general
dmulafion printed and published in the City of Plsasenton,
Township of Pleasanton. Oount7 of Alameda, State of
California, and as such has now at at all times ha¢l cllarge of
all legal notices and advertisements irt said newspaper; and
that salt THE VALLEY TIMES, inm)rporating The
Pleesanton Times is now and was at all times herein
mentioned a newspaper of gerleral ~frc~tatiott as ~hat lerm is
deflnod by Se~lon 6040.5 of the Government coda, and aS
provided by said Se~on is published for dissemination of
local and telegreDhi¢ news end intelligence of general
character, having a bonaflde sut:~cription list of paying
subsixiber~, and is not devoted to the interests or published
fix the entertainment or instru~drm a~ a parli;ular ~ass,
profession, trade, calling, raca,or denomination, or for any
number of such classes, profsaslons, trades, callings races,
or dermminations; that all of satd times said newspaper has
been established, printed, end published at regular interva~
in said township, ceunty, anti state, for more than a year
prec~llng the date of the first publication of the notice
menlioned; the saicl notice was set in ~pe not smaller then
nonpariel, and was pm~ecled with wools in blankface type
not smaller than nonperiel, describing or eXl~esslng In
general ten"ns 'the purport and cttara;ter of the notice
intended to be given.
That ~a Public Hearina a copy of whlch is attached hereto.
was published in sa[~' new~l~apar, The Valley Times
(~ncorporating The Pleasanton Time,s) on the
22 of July,
ali in the year of 2009
I oe~tf~ (or declare) under penalty of perjury that the
foregoing is true and correoL
Signalure ~'
Executed at Walnut Creek. California.
Date: July 31, 2003
JUL-31-2003 09:38AM TEL)9859582654 ID)CITY OF DUBLIN PAGE:008 R=100~
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