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Home My WebLink AboutRES CC 2002 1987 2002 0619RESOLUTION No. 2002 -1987 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, SETTING FORTH THE CITY'S OFFICIAL INTENT TO ISSUE MULTIFAMILY HOUSING REVENUE BONDS AND AUTHORIZING RELATED ACTIONS TO FINANCE THE PROPOSED VINTAGE CREST SENIOR APARTMENTS PROJECT (GPA 2002 -01, ZC 2002 -01, RPD 2002 -02) NEAR INTERSECTION OF SOUTHERLY TERMINUS OF PARK LANE AND PARK CREST LANE IN THE CITY OF MOORPARK WHEREAS, pursuant to Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California, as amended (the "Act ") , the City Council of the City of Moorpark (the "City ") is authorized to issue revenue bonds for the purpose of financing the acquisition, construction, rehabilitation, refinancing, or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to the multifamily rental housing; and WHEREAS, USA Properties Fund, Inc., or its successors or assignees (the "Developer ") , has requested that the City issue and sell multifamily housing revenue bonds (the "Bonds ") pursuant to the Act for the purpose of financing the acquisition and construction by the Developer, or Vintage Crest Senior Apartments, L.P., a California limited partnership formed by the Developer for the purpose of owning the proposed facility (the "Borrower "), of a certain proposed multifamily rental housing development identified in the attached Exhibit A (the "Project "); and WHEREAS, the City, in the course of assisting the Borrower in financing the Project, expects that the Borrower has paid and may pay certain expenditures (the "Reimbursement Expenditures ") in connection with the Project within the period from the date which is 60 days prior to the adoption of this Resolution to the date of issuance of the Bonds; and WHEREAS, Section 1.103- 8(a) (5) and Section 1.150 -2 of the United States Treasury Regulations (the "Treasury Regulations ") require the City to declare its reasonable official intent to reimburse the Reimbursement Expenditures for the Project with proceeds of a subsequent tax - exempt borrowing if the proceeds Resolution No. 2002 -1987 Page 2 of the borrowing are to be used to finance the Reimbursement Expenditures; and WHEREAS, the City wishes to declare its intention to authorize the issuance of the Bonds for the purpose of financing costs of the Project (including reimbursement of the Reimbursement Expenditures) upon such terms and conditions as may then be agreed upon by the City, the Borrower and the purchaser of the Bonds, in an aggregate principal amount not to exceed the amount set forth in Exhibit A; and WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the amount of multifamily housing mortgage revenue bonds that may be issued in any calendar year by entities within a state (the "state ceiling ") and authorizes the governor or the legislature of a state to provide the method of allocation within the state; and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the California Government Code governs the allocation of the state ceiling among governmental units in the State of California to permit the City to issue private activity bonds; and WHEREAS, Section 8869.85 of the California Government Code requires a local agency desiring an allocation of the state ceiling for a particular financing to file an application with the California Debt Limit Allocation Committee ( "CDLAC ") for such an allocation, and CDLAC has certain policies that are to be satisfied in connection with any such allocation. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Finding and Determination. The above recitals, and each of them, are true and correct. The City determines that it is necessary and desirable to provide financing for the Project (including reimbursement of the Reimbursement Expenditures) by the issuance and sale of the Bonds pursuant to the Act in an aggregate principal amount not to exceed the amount set forth in Exhibit A, subject to final authorization of the issuance of the Bonds by resolution of the City adopted at a meeting of the City Council. SECTION 2. Declaration of Official Intent. This Resolution is being adopted by the City solely for purposes of establishing compliance with the requirements of Section 1.103- 8(a)(5) and Section 1.150 -2 of the Treasury Regulations. In that regard, the Resolution No. 2002 -1987 Page 3 City declares its official intent to use proceeds of the Bonds to reimburse the Reimbursement Expenditures. This action is taken expressly for the purpose of inducing the Borrower to undertake the Project, and nothing contained in this Resolution shall be construed to signify that the Project complies with any planning, zoning, subdivision and building laws and ordinances applicable thereto or to suggest that the City or any officer or agent of the City will grant any such approval, consent or permit that may be required in connection with the acquisition and construction of the Project, or that the City will make any expenditure, incur any indebtedness, or proceed with the financing of the Project. SECTION 3. Application to CDLAC. The officers and /or the program managers of the City are authorized and directed to apply to CDLAC for an allocation from the state ceiling of private activity bonds to be issued by the City for the Project in an amount not to exceed the amount set forth in Exhibit A, and to take any and all other actions as may be necessary or appropriate in connection with such application, including but not limited to the payment of fees, the posting of deposits and the provision of certificates, and any such actions previously taken by such officers and program managers are ratified by this Resolution. SECTION 4. Effectiveness of Resolution. This Resolution shall take effect immediately upon its adoption. SECTION 5. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the book of original Resolutions. PASSED AND ADOPTED this 19th ATTEST: .--� S. 1 P.D Deborah S. TraffenstYdt, City Cle Exhibit A: Description Of Proposed Vintage Crest Senior Apartments Resolution No. 2002 -1987 Page 4 EXHIBIT A DESCRIPTION OF PROPOSED VINTAGE CREST SENIOR APARTMENTS Project Location Number of Units Maximum Bond Amount General Plan Amendment 190± $20,000,000 No. 2002 -01, Zone Change No. 2002 -01, Residential Planned Development No. 2002 -02 Near intersection of southerly terminus of Park Lane and Park Crest Lane, south of New Los Angeles Avenue Resolution No. 2002 -1987 Page 5 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2002 -1987 was adopted by the City Council of the City of Moorpark at a special meeting held on the 19th day of June, 2002, and that the same was adopted by the following vote: AYES: Councilmembers and Mayor Hunter NOES: None ABSENT: None ABSTAIN: None Harper, Mikos, Millhouse, Wozniak WITNESS my hand and the official seal of said City this 15th day of July, 2002. I�— Deborah S. Traffenstedt, City Clerk (seal)