2005-19 RESOLUTION NO. 2005-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE 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 Grand Terrace (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, Corporation for Better Housing, 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 $11,000,000 in
outstanding aggregate principal amount,to finance the acquisition, construction and development
of a 120-unit multifamily rental housing project, located at 22627 Grand Terrace Road, Grand
Terrace, California, and generally known as Blue Mountain Senior Villas (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(f) 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
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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 GRAND TERRACE 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(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.
DOCSSF1:843765.1 12
ADOPTED by the City Council of the City of Grand Terrace at a regular meeting of
said Council held on the.27th day of October, 2005,by the following vote:
AYES: Councilmembers Hilkey, Garcia and Miller; Mayor Pro Tem Cortes and
Mayor Ferre
NOES: None
ABSENT: None
i
d
Mayor
ATTEST:
City Clerk
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NOTICE OF PUBLIC HEARING
REGARDING ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS FOR
BLUE MOUNTAIN SENIOR VILLAS
NOTICE IS HEREBY GIVEN that, at 6:00 p.m., or as soon thereafter as the
matter can be heard, on October 27, 2005, in the Council Chambers at City Hall, 22795 Barton
Road, Grand Terrace, California, the City Council of the City of Grand Terrace (the "City") will
conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, at
which it will hear and consider information concerning a proposed plan of financing providing
for the issuance by the California Statewide Communities Development Authority 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
$11,000,000 in outstanding aggregate principal amount, to finance the acquisition, construction
and development of a 120-unit multifamily rental housing project, located at 22627 Grand
Terrace Road, Grand Terrace, California, and generally known as Blue Mountain Senior Villas
(the "Project"). The Project will be owned and operated by Corporation for Better Housing, or
related entities.
Those wishing to comment on the proposed financing and the nature and location
of the Project may either appear in person at the public hearing or submit written comments,
which must be received by the City prior to the hearing. Written comments should be'sent to the
City of Grand Terrace, 22795 Barton Road, Grand Terrace, California 92313, Attention: City
Clerk.
CITY CLERK
CITY OF GRAND TERRACE
Dated: [date must be at least 14 days prior to hearing date]
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