RES-2016-162RESOLUTION NO. 2 016 -16 2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM PURSUANT TO SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986 APPROVING THE
ISSUANCE OF BONDS BY THE ANAHEIM HOUSING
AUTHORITY FOR THE COBBLESTONE APARTMENTS
WHEREAS, the Anaheim Housing Authority ("Authority") intends to issue not to
exceed $10,000,000 aggregate principal amount of multifamily housing revenue bonds
("Bonds") to finance the acquisition, rehabilitation and equipping of a 63 -unit plus one
manager's unit multifamily rental housing development known generally as "Cobblestone
Apartments," located at 870 South Beach Boulevard, in the City of Anaheim described in the
notice of public hearing attached as Exhibit A hereto ("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 July 21, 2016; and
WHEREAS, the public hearing was held on August 9, 2016, 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.
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
CITY COUNCIL OF THE CITY OF ANAHEIM THIS NINTH (9th) DAY OF AUGUST,
2016, BY THE FOLLOWING ROLL -CALL VOTE:
AYES: Mayor Tait and Council Members Kring, Murray, Brandman,
and Vanderbilt
NOES: None
ABSTAIN: None
ABSENT: None
MAYOR
F1Wr2rAWMA1rW14W.1__WA
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH,
as Bond Counsel
APPROVED AS TO FORM:
OFFICE OF TIDE- TY ATTORNEY
Theodore Refn ds, Esq.
Assistant CKtv Mfornev
2
EXHIBIT A
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim on
Tuesday, August 9, 2016, at the hour of 5:30 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(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 $10,000,000, in order to finance the acquisition,
rehabilitation and equipping of the multifamily rental housing project described below:
Name:
Location:
Cobblestone Apartments
870 South Beach Boulevard, Anaheim, CA
Number of Units: 63 units plus One Manager's Unit
Maximum Bond Amount: $10,000,000
The owner or operator of the Project will be Cobblestone 2016 LP, a California
limited partnership ("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, Senior Project Manager, Anaheim Housing Authority, (714) 765-4368.
Dated: July 21, 2016
THE CITY COUNCIL OF THE CITY OF
ANAHEIM