RES-2014-007 RESOLUTION NO. 2014
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 VILLAGE CENTER
APARTMENTS
WHEREAS, the Anaheim Housing Authority (the "Authority ") intends to issue
not to exceed $15.000,000 aggregate principal amount of multifamily housing revenue bonds
(the "Bonds ") to finance the acquisition, rehabilitation and equipping of a 100 -unit multifamily
rental housing development known generally as "Village Center Apartments," located at 200East
Lincoln Avenue, 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 December 19th,
2013; and
WHEREAS, the public hearing was held on January 7th. 2014, 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.
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THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
CITY COUNCIL OF THE CITY OF ANAHEIM THIS SEVENTH (7t ") DAY OF
JANUARY, 2014, BY THE FOLLOWING ROLL -CALL VOTE:
AYES: Mayor Tait, Council Members Eastman, Murray, Brandman and Kring
NOES: None
ABSTAIN: None
ABSENT: None
r -2 t4l
MAYOR
ATTEST:
CITY CLERK
2
DOCSOC/1648784v2/022620 -0000
EXHIBIT A
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim on
Tuesday, January 7, 2014, at 5:30 p.m. or as soon thereafter as the matter may be heard, in the
Anaheim City Council Chambers, located at 200 South Anaheim Boulevard, Anaheim,
California, will hold a public hearing in accordance with Section 147(f) 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 $15,000,000,
in order to finance the acquisition, rehabilitation and equipping of the multifamily rental housing
project described below:
Name: Village Center Apartments
Location: 200 East Lincoln Avenue, Anaheim, CA
Number of Units: 100 units
Maximum Bond Amount: $15,000,000
The owner or operator of the Project will be Village Center Preservation, L.P., a
California limited partnership (the "Owner "), or an affiliate thereof All but the manager's unit
in the Project are expected to be income and rent restricted and 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
Sergio M. Ramirez, Project Manager II, Anaheim Housing Authority, (714) 765 -4318.
Dated: December 19, 2013
THE CITY COUNCIL OF THE CITY OF ANAHEIM