RES-2015-162RESOLUTION NO. 2015 -162
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM PURSUANT TO SECTION 1470 OF THE
INTERNAL REVENUE CODE OF 1986 APPROVING THE
ISSUANCE OF BONDS BY THE ANAHEIM HOUSING
AUTHORITY FOR THE PEBBLE COVE 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 111 -unit plus one
manager's unit multifamily rental housing development known generally as "Pebble Cove
Apartments," located at 2555 West Winston Road, 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 April 23, 2015; and
WHEREAS, the public hearing was held on May 5, 2015, 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 FIFTH (5 ") DAY OF MAY, 2015,
BY THE FOLLOWING ROLL -CALL VOTE:
AYES: Mayor Tait, Mayor Pro Tem. Kring, Council Members: Murray, Brandman, and
Vanderbilt
NOES: None
ABSTAIN: None
ABSENT: None /
Z_
MAYOR
ATT T:
CITY CLERK
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH,
as Bond Counsel
,y
APPROVED AS TO FORM:
MICH HOUSTON, CITY ATTORNEY
Theodo e Reynolds, Esq.
Assista ity Attorney
2
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EXHIBIT A
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim on
Tuesday, May 5, 2015, 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: Pebble Cove Apartments
Location: 2555 West Winston Road, Anaheim, CA
Number of Units: 111 units plus One Manager's Unit
Maximum Bond Amount: $15,000,000
The owner or operator of the Project will be 2555 W. Winston Road, LP, a
California limited partnership (the "Owner "), or an affiliate thereof. All but one manager's unit
in the Project are expected to be income and rent restricted and to be occupied by low - income
and very -low 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
Andy Nogal, Project Manager, Anaheim Housing Authority, (714) 765 -4368.
Dated: April 23, 2015
THE CITY COUNCIL OF THE CITY OF
ANAHEIM
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