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HomeMy WebLinkAboutRES CC 1985 260 1985 1216RESOLUTION No. 85 -260 CITY OF MOORPARK A RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS, IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000 FOR THE PURPOSE OF MAKING A LOAN TO MOORPARK LE CLUB, LTD., A CALIFORNIA LIMITED PARTNERSHIP, TO PROVIDE FINANCING FOR A MULTIFAMILY RENTAL HOUSING PROJECT, DETERMINING AND PRESCRIBING CERTAIN MATTERS RELATING THERETO, AND APPROVING AND AUTHORIZING RELATED ACTIONS AND THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND AGREEMENTS. WHEREAS, Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act ") authorizes cities to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to such multifamily housing, and the Act provides a complete, additional and alternative method for such financing; and WHEREAS, the City of Moorpark (the "City ") desires to engage in a program (the "Program ") of financing the development of a multifamily rental housing development to be known as Le Club Apartments (the "Project "), by making a loan to Moorpark Le Club, Ltd., A California Limited Partnership (the "Developer ") and in order to do so intends to sell and issue not to exceed '$25, 000, 000 of multifamily housing revenue bonds; and WHEREAS, the City Council of the City (the "Council ") has now determined to provide financing for the Project for the purpose of providing housing for low and moderate income persons or families; and WHEREAS, there have been prepared and presented to this Council for consideration at this meeting the documentation required for the issuance of bonds for such financing; and WHEREAS, it appears that each of the documents which are now before this meeting is in appropriate form and is an appropriate instrument to be executed and delivered for the purposes intended; and - WHEREAS; a notice of a public hearing with respect to the proposed issuance -of the bonds authorized hereby has 1 _ been published,- and _ WHEREAS, on November 18, 1985, said public hearing was held before this Council, and an opportunity was provided for interested parties to present arguments for and against the issuance of such bonds; and WHEREAS, Wertheim & Co., Inc. and Stone & Youngberg (the "Underwriters "), have expressed their intention to purchase the.bonds authorized hereby, and this Council finds that the public interest and necessity require that the City at this time make arrangements for the sale of such bonds; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Moorpark, as follows: 1. Pursuant to the Act and the Indenture (as hereinafter defined), revenue bonds of the City, to be designated as "City of Moorpark Multifamily Housing Revenue Bonds (Le Club Apartments Project) 1985 Series A" (the "Bcnds "), in an aggregate principal amount riot to exceed $25,000,000, are hereby authorized to be issued.' The Bonds shall be in the form set forth in and otherwise in accordance with the Indenture, and shall be executed by the manual or facsimile signature of the Mayor of the City, and the manual or facsimile seal of the City shall be impressed or reproduced thereon and attested by the manual or facsimile signature of the City Clerk of the City. 2. The proposed form of the Indenture (the "Indenture ") between the City and the Trustee (as hereinafter defined), in substantially the form presented to this meeting, is hereby approved. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of this Council and the City, to execute by manual or facsimile signature, attested by the City Clerk of the City or any deputy thereof under the seal of the City, and such officers are hereby authorized and directed, for and in the name and on behalf of this Council and the City, to deliver, the Indenture in substantially said form, with such additions thereto or changes therein as such officers may approve or recommend upon consultation with the City Attorney of the City and Bond Counsel to the City (provided that such additions or changes shall not authorize an aggregate principal amount of Bonds in excess of the amount stated above), the approval of such additions or changes to be evidenced conclusively by the execution and delivery of the Indenture. The dates, maturity dates, interest rates, interest payment dates, denominations, forms, registration _privileges, manners of execution, places of payment, terms of redemption -and other terms of the Bonds shall be as provided - _ in the Indenture as finally executed.- K 3. The proposed form of the bond purchase agreement (the "Purchase Contract ") between the City and the Underwriters, in substantially the form presented to this meeting, is hereby approved. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of this Council and the City, to accept the offers of the Underwriters to purchase the Bonds contained in the Purchase Contract (when such offers are made and if such offers are consistent with Section 2 hereof) and to execute and deliver said Purchase Contract. 4. The proposed form of the Regulatory Agreement (the "Regulatory Agreement ") by and among the City, the Trustee, the Developer and Citicorp Real Estate, Inc., in substantially the form presented to this meeting, is hereby approved. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of this Council and the City, to execute by manual or facsimile signature, attested by the City Clerk of the-City or any deputy thereof under the seal of the City, and such officers are hereby authorized and directed, for and in the name and on behalf of this Council and the City, to deliver, the Regulatory Agreement, with such additions or changes therein as such officers may recommend or approve upon consultation with the City Attorney of the City and Bond Counsel to the City, the approval of such additions or changes to be evidenced conclusively by the execution and delivery of the Regulatory Agreement. 5. The proposed form of the Loan Agreement (the "Loan Agreement "), by and between the City and the Developer, in substantially the form presented to this meeting, is hereby approved. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of this Council and the City, to execute by manual or facsimile signature, attested by the City Clerk of the City or any deputy thereof under the seal of the City, and such officers are hereby authorized and directed, for and in the name and on behalf of this Council and the City, to deliver, the Loan Agreement in substantially said form, with such additions thereto or changes therein as such officers may approve or recommend upon consultation with the City Attorney of the City and Bond Counsel to the City, the approval of such additions or changes to be evidenced conclusively by the execution and delivery of the Loan Agreement. 6. The proposed form of the preliminary official -statement-relating- to the Bonds (the "Preliminary Official Statement ") -, -in substantially the form presented to this meeting, to be used in connection with the offer and sale of the Bonds, is hereby approved, and the Council hereby 3 ratifies and approves distribution of the Preliminary Official Statement to prospective purchasers of the Bonds. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of this Council and the City, to execute and deliver, at the time of sale of each series of Bonds, said form of Preliminary Official Statement as the respective final Official Statement for such series of Bonds (the "Official Statement "), with such additions thereto or changes therein as such officer may recommend or approve upon consultation with the City Attorney of the City and Bond Counsel to the City, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Official Statement. Such changes may include such changes as to the principal amount, maturity schedule, interest rates and redemption features of the Bonds as effectuate the purposes of this resolution, Provided, however, that no change resulting in an aggregate principal amount of Bonds in excess of $25,000,000 or an initial stated interest rate on the Bonds in excess of twelve percent per annum may be made. 7. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby reauested and directed to authenticate the Bonds by executing the Trustee's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriters in accordance with written instructions executed on behalf of this Council and the City by the-Mayor-of the City, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the Council and the City, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the Underwriters in accordance with the Purchase Contract, upon payment of the purchase price thereof. 8. Security Pacific National Bank is hereby appointed as trustee for the Bonds (the "Trustee "). 9. It is the purpose and intent of this Council that this resolution constitute approval of the Bonds by the applicable elected representative in accordance with Section 103(k) of the Internal Revenue Code of 1954, as amended. 4 10. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the Program and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the property officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents, including but not limited to those described in the Indenture, the Purchase Contract and the other documents herein approved, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution and resolutions heretofore adopted by the City and in order to carry out the Program. 11. Except with respect to the execution of the Bonds, if the Mayor of the City is unavailable to execute the documents hereinabove mentioned, the Mayor Pro Tem or the City Manager shall be entitled to sign in the place of the Mayor. 12. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 16th day of December, 1985, by the following vote: AYES: Councilmembers Mayor Weak; NOES: None; ABSTAINING: None. ABSENT: ATTEST: City Clerk Yancy- Sutton, Prieto, Ferguson, Woolard and 5 Mayor