Resolution Number 06-05-02-051
RESOLUTION NO. 06-05-02-05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING THE ISSUANCE OF MOBILE
HOME PARK REVENUE BONDS BY THE INDEPENDENT CITIES
LEASE FINANCE AUTHORITY FOR THE SAN JUAN MOBILE ESTATES
WHEREAS, the Independent Cities Lease Finance Authority (the "Authority') is
authorized pursuant to the provisions of California Health and Safety Code Section
52100 and the terms of the Joint Powers Agreement Creating the Independent Cities
Lease Finance Authority (the "Authority'), to issue revenue bonds in accordance with
Chapter 8 of Part 5 of Division 31 of the California Health and Safety Code for the
purpose of financing multifamily rental housing projects, including mobile home parks;
and
WHEREAS, the City of San Juan Capistrano is joining the Authority as an
associate member; and
WHEREAS, Millennium Housing Corporation, a California nonprofit corporation
("Millennium") has requested that the Authority issue mobile home park revenue bonds
in one or more series in an aggregate principal amount not to exceed $43,000,000 (the
"Authority Bonds") for the purpose of providing financing for the acquisition of a 312 -unit
mobile home park located at 32302 Alipaz Street, San Juan Capistrano, California, and
known as San Juan Mobile Estates (the "Project'); and
WHEREAS, the Project will be owned by Millennium, or a successor, assign or
affiliate thereof (the "Owner"); and
WHEREAS, the Authority Bonds will be qualified "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, the proposed issuance of
private activity bonds is required to be approved by the "applicable elected
representative" of the governmental unit having jurisdiction over the area in which the
facility financed by such bonds is to be located, after a public hearing held following
reasonable public notice; and
WHEREAS, the Project is located in the City of San Juan Capistrano (the "City")
and the members of the City Council (this "City 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 proposed issuance of the Authority Bonds would be held on the date
hereof; and
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WHEREAS, such public hearing was conducted on said date by this City Council,
at which time an opportunity was provided to interested parties to be heard with respect
to the proposed issuance of the Authority Bonds and financing of the Project; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
proposed issuance of the Authority Bonds required by Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of San
Juan Capistrano does hereby:
Section 1. Approval of Issuance of Authority Bonds. This City Council hereby
approves the issuance of the Authority Bonds by the Authority. It is the purpose and
intent of this City Council that this resolution constitutes approval of the Authority Bonds
for the purposes of Section 147(f) of the Code. This City Council further finds that,
based on information provided by the Owner, the financing of the Project by the
Authority will result in savings in the costs of the Bond financing.
Section 2. Effective Date. This resolution shall take effect Oqediate)y-npon its
passage.
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SAN JUAN CAPISTRANO )
I, MARGARET R. MONAHAN, appointed City Clerk of the City of San Juan Capistrano, do
hereby certify that the foregoing Resolution No. 06-05-02-05 was duly adopted by the City
Council of the City of San Juan Capistrano at a Regular meeting thereof, held the 2"d day of May
2006, by the following vote:
AYES: COUNCIL MEMBERS: Hart, Bathgate, Soto, Allevato, and Mayor Swerdlin
NOES XUUX J.EMBER: None
AB N I EMBER: None
Clerk
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