RES-2007-205RESOLUTION NO. 2007 -205
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM PURSUANT TO SECTION 147(1) OF THE
INTERNAL REVENUE CODE OF 1986 APPROVING THE
ISSUANCE OF BONDS BY THE ANAHEIM HOUSING
AUTHORITY FOR THE BEL'AGE MANOR
WHEREAS, the Anaheim Housing Authority (the "Authority intends to issue
not to exceed $30,000,000 aggregate principal amount of multifamily housing revenue bonds
(the "Bonds to finance the acquisition, development and rehabilitation of a 180 -unit
multifamily rental housing development known generally as "Bel'Age Manor," located at
1660 W. Broadway in the City of Anaheim described in the notice of public hearing attached as
Exhibit A hereto (the "Project and
WHEREAS, in order for interest on the Bonds to be tax exempt, Section 147(f) of
the Internal Revenue Code of 1986 requires that the Bonds be approved by the City Council as
the applicable elected representatives after a public hearing following reasonable public notice;
and
WHEREAS, notice of a public hearing with respect to the proposed issuance of
the Bonds was published in a newspaper of general circulation in the City on October 9, 2007;
and
WHEREAS, the public hearing was held on October 23, 2007, and an opportunity
was provided for interested persons to express their views on the issuance of the Bonds and on
the nature and location of the Project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City does not warrant the creditworthiness of the Bonds or
guarantee, in any way, the payment of the Bonds. No moneys of the City will be pledged or
applied to the repayment of the Bonds.
Section 2. This City Council, as the applicable elected representatives under
Section 147(f) of the Code, approves the issuance of the Bonds by the Authority.
DOCSOC/ 1245217v3/022620 -0029
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
CITY COUNCIL OF THE CITY OF ANAHEIM THIS TWENTY -THIRD (23RD) DAY
OF OCTOBER, 2007, BY THE FOLLOWING ROLL -CALL VOTE:
AYES: Mayor Pringle, Council Members Hernandez, Sidhu, Galloway, Kring
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
ATTEST:
4
CITY CLERK
APPROVED AS TO FORM:
By:
STRADLING YOCCA CARLSON RAUTH,
as Bond Counsel
APPR OVED AS TO FORM:
JACK L. WHITE, CITY ATTORNEY
J N E. WOODHEAD, IV
As ant City Attorney
DOCSOC/ 1245 217v3/022620 -0029
2
MAYOR
EXHIBIT A
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim on
Tuesday, October 23, 2007, at the hour of 5:00 p.m. and will be held at City Council Chambers,
200 South Anaheim Boulevard, Anaheim, California 92802, will hold a public hearing in
accordance with Section 147(0 of the Internal Revenue Code of 1986 with respect to the
proposed issuance by the Anaheim Housing Authority of its multifamily housing revenue bonds
in an aggregate principal amount not to exceed $30,000,000, in order to finance the acquisition,
development and rehabilitation of the multifamily rental housing project described below:
Name:
Location:
Number of Units:
Maximum Bond Amount:
The owner or operator of the Project will be Bel'Age Preservation Limited Partnership, a
California limited partnership (the "Owner A total of 180 units in the project are to be income
and rent restricted with 59 units to be occupied by very low- income tenants at affordable rents
and an additional 121 units to be occupied by low- income tenants at affordable rents.
Notice is further given that at said hearing, all interested parties will have an
opportunity to be heard on the question of whether or not such multifamily housing revenue
bonds should be issued. If you have any questions regarding the public hearing, please contact
Elisa Stipkovich, Executive Director, Anaheim Housing Authority, (714) 765 -4300.
Dated: October 9, 2007
DOC SOC/ 1245 217v3/022620 -0029
Bel'Age Manor
1660 W. Broadway, Anaheim, CA
180
$30,000,000
THE CITY COUNCIL OF THE CITY OF
ANAHEIM