87-426
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RESOLUTION NO. __ß7R-426
RESOLUTION OF TI.IE CITY COUNCIL OF THE CITY OF ANAHEIM
APPROVING ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
FOR PROJECT TO BE DEVELOPED BY
CHEVY CHASE ANAHEIM PARTNERS AND ASSIGNING
PRIVATE ACTIVITY BOND ALLOCATION
WHEREAS, the Anaheim Housing 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, and in particular
Section 34312.3 of said code (the "Law"), to issue and sell its revenue bonds for the purpose of
providing financing for the acquisition of land and rehabilitation, construction and development
thereon of multifamily rental housing facilities located within the area of operation of the Authority;
and
WHEREAS, Chevy Chase Anôheim Partners, A California Limited Partnership (the
"Developer"), has requested the Authority to issue its multifamily housing revenue bonds (the
"Bonds") under the Law for the purpose of financing the acquisition of land and rehabilitation of
approximately 384-unit multifamily rental housing units, including the construction of 8 additional
unils, to be located within the City of Anaheim on a 1 9-acre site bounded by California State
Route 91 on the north, Romnya Drive on the south, Manzanita Park on the east and Patrick Henry
School on the west (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
14T(f) of the Code requires that the "applicable elected representative" 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 Anaheim is the
"applicable elected representative" to hold said public hearing; and
WHEREAS, notice of said public hearing has been duly given as required by the Code,
and the City Council of lhe City of Anaheim has heretofore held such public hearing at which all
interested persons were given an opportunity to be heard on all matters relative to the location
and financing of the Project and the Authority's issuance of the Bonds therefor; and
WHEREAS, the City Council of the City of Anaheim, as the "applicable elected
representative" of the Authority, approves of the issuance of the Bonds as in the public interests
of the Authority; and
WHEREAS, the Morlgage Bond Allocation Committee of the State of California has granted
a portion of lhe private activity bond allocation of the State of California to the City assigned to it
by the California Debt Limit Advisory Commission, in the amount of $26,000,000 (the
"Allocation"), for use in connection with the issuance of revenue honds for the financing of the
Project and the City now desires to assign lhe Allocation to the I'uthority for use in connection
with lhe issuance of lhe Bonds.
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NOW, THEREFORE. BE IT RESOLVED by the City Council of the City of Anaheim, as
follows'
1. The City Council of the City of Anaheim hereby finds and determines that the foregoing
recitals are true and correct.
2 The City Council of the City of Anaheim hereby approves the issuance of the Bonds by
the Authority under the Law for the purpose of providing funds to finance the acquisition,
rehabilitation, constructíon and development of the Project by the Developer.
3, The issuance of the Bonds shall be subject to approval by the Authority of all financing
documents relating thereto 10 which the Authority is a party and subject to the sale of the Bonds
to the underwriter thereof.
4. The Allocation is hereby assigned to the Authority for use in connection with the
issuance of the Bonds for the Project.
5. This resolution shall take effE'."t immediately.
THE FOREGOING RESOLUTION is approved and adopted by the Anaheim Housing
Authority this 20th day of October, 1987,
--~-~ ~ . ~
Mayor of the City of Anaheim
ATTEST:
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City Clerk of the City of Anaheim
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STATE OF CALIFORNIA
COUNTY OF ORANGt
CITY OF A..Jo..¡AHEIM
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ss.
1, LEONOKA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 87R-426 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
tIle 20th day of October, 1987, by the following vote of the members thereof:
AYES:
COUNCIL MEMBERS:
Ehr1e, Hunter, Kaywood and Bay
NOES:
COUNCIL MEMBERS:
None
AbSEj\¡T:
COUNCIL MEMBERS:
Pickler
AND 1 FURTHER certify ttlat the Mayor ot the City of Anaheim signed said
Resolution No. 87R-426 on the 20th day of October, 1987.
[N w LTNESS WHEREOF, 1 have hereunto set my hand and affixed the seal of the
City of Anaheim this 20th day of October, 1987.
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CITY CLERK OF THE C 7Y OF ANAHE M
(SEAL)
L, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution ¡~o. 87R-426 duly passed and
adopted by the Anaheim City Council on October 20, 1987.
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CITY CLERK OF THE CITY OF ANAHEI~
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