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Resolution Number 95-9-19-7031 RESOLUTIONNO. ENDORSEMEVT OFFMA► 1 1 •� �_► �_ _1 1► 1 BE UNDERTAKENTHE / :►_• STATEWEDE COMMUNITILES DEVELOPMENT IL_I! A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN CAPISTRANO, CALIFORNIA, ENDORSING THE FINANCING OF SENIOR RENTAL HOUSING TO BE UNDERTAKEN BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY WHEREAS, the City of San Juan Capistrano and other public entities have previously entered into a Joint Exercise of Powers Agreement (the "Agreement") pursuant to which the California Statewide Communities Development Authority (the "Authority") was organized; and, WHEREAS, the authority is authorized to issue revenue bonds for the purpose of financing senior rental housing projects; and, WHEREAS, the Authority has proposed to issue an amount not to exceed $11,000,000 aggregate principal amount (the "Bonds") for the purpose of providing financing for a senior residential rental project located in the City of San Juan Capistrano; and, ' WHEREAS, the Bonds will be "private activity bonds" for the purposes of the Internal Revenue Code of 1986, as amended (the "Code"); and, WHEREAS, pursuant to Section 147(f) of the Code, prior to issuance, private activity bonds are required to be approved by the applicable elected representative of at least one 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 City Clerk has caused to be published, at least 14 days prior to the date hereof, in a newspaper of general circulation, a notice that a public hearing regarding the Bonds would be held on the date hereof; and, WHEREAS, the members of this City Council are the applicable elected representatives of the City of San Juan Capistrano; and, WHEREAS, this City Council has conducted a public hearing on this 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 this resolution shall constitute the approval of the isinsurance of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement. -1- 032 NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of San Juan Capistrano does hereby as follows: SECTION 1. The above recitals with respect to the City, and each of them, are true and correct. SECTION 2. The insurance of the Bonds is hereby approved for the purposes of Section 147(f) of the Code and Section 9 of the Agreement. SECTION 3. That 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 which 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. PASSED, APPROVED, AND ADOPTED this 19th day of ember 1995. CARO�LYI NASH, MAYOR ATTEST: wpm :f / -2- 033 ' STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF SAN JUAN CAPISTRANO ) I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano, California, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Resolution No. 95-9-19-7 adopted by the City Council of the City of San Juan Capistrano, California, at a regular meeting thereof held on the 19th day of September 1995, by the following vote: AYES: Council Members Jones, Hart, Campbell, Swerdlin and Mayor Nash NOES: None ABSTAIN: None ABSENT: None (SEAL) CHERYL JO N, Y CL RK -3-