Resolution Number 07-03-20-03I
RESOLUTION NO. 07-0320 -03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING THE REFINANCING OF
MULTIFAMILY HOUSING FACILITIES BYTHE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by Chapter 1 of Part 2 of Division 24 of the Health and Safety
Code of the State of California, (the "Act"), to issue and sell its revenue bonds for the
purpose of financing and/or refinancing multifamily housing facilities located within the area
of operation of the Authority; and
WHEREAS, the Authority intends to issue its multifamily housing revenue refunding
bonds in an estimated principal amount of Five Million Four Hundred Thousand Dollars
($5,400,000) (the "Bonds") under the Act for the purpose of refinancing a 112 -multifamily
rental housing development commonly known as SEASONS Senior Apartments at San
Juan Capistrano located at 31641 Rancho Viejo Road in the City of San Juan Capistrano,
California owned by San Juan Capistrano Housing Investors, LP, a California limited
partnership (the "Project"); and
' WHEREAS, the Bonds will be considered to be "qualified exempt facility bonds"
under Section 142 (a) of the Internal Revenue Code of 1986, as amended (the "Code"),
and Section 147(f) of the Code requires that the "applicable elected representatives" with
respect to the Authority hold a public hearing on the issuance of the Bonds; and
WHEREAS, the Authority has determined that the City Council of the City of San
Juan Capistrano is the "applicable elected representatives" to hold said public hearing; and
WHEREAS, pursuant to the Code, the City Council of the City of San Juan
Capistrano is qualified to hold said public hearing, and said public hearing has been held.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of San
Juan Capistrano does hereby
1. Find and determine that the foregoing recitals are true and correct.
2. The City Council hereby approves the refinancing of the Project by the Authority under
the Act.
3. The issuance of the Bonds shall be subject to approval by the Authority of all financing
documents relating thereto to which the Authority is a party and subject to the sale of
' the Bonds by the Authority to the underwriter thereof.
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4. The adoption of this Resolution is solely for the purpose of meeting the requirements of
the provisions of the Internal Revenue Code of 1986, as amended, and shall not be
construed in any other manner, with neither the City nor its staff having fully reviewed or
considered the financial feasibility of the refinancing of the Project or the expected
operation of the Project with regards to any State of California statutory requirements,
and such adoption shall not obligate, without further formal action to be taken by this
City Council nor by the staff of the City, including, but not limited to, (i) the approval of
the refinancing documents by the City Council by resolution, (ii) providing refinancing to
the owner of the Project for the acquisition, construction and development of the
Projects or to issue the Bonds for purposes of such refinancing; or (ii) approving any
application or request for, or take any other action in connection with, any
environmental, General Plan, zoning or any other permit or other action necessary for
the acquisition, construction, development or operation of the Project.
The Bonds will not constitute indebtedness or obligation, or a pledge of the faith and
credit of, the City. The Bonds will be special, limited obligations of the Authority,
payable solely from the revenues of the Project.
6. The City Clerk of the City shall forward a certified copy of this Resolution and a copy of
the affidavit of publication of the public hearing notice to:
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
7. This resolution shall take effect immediately.
PASSED, APPROVED, AND ADOPTED this 20th day of March 2007.
X
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' 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. 07-03-20-03 was duly adopted by the City Council of the
City of San Juan Capistrano at a Regular meeting thereof, held the 201" day of March 2007, by the
following vote:
AYES: C UNCIL MEMBERS:
NOUNCIL MEMBER:
A A OUNCIL MEMBER:
9
Is
r
Nielsen, Hribar, Uso, Soto and Mayor Allevato
None
None