2004-041RESOLUTION NO. 2004 - 41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM AUTHORIZING THE EXECUTION AND
DELIVERY OF A FIRST SUPPLEMENT TO THE
INDENTURE OF TRUST AND CERTAIN OTHER ACTIONS
IN CONNECTION THEREWITH
WHEREAS, the Anaheim Housing Authority (the "Authority") has previously issued its
Anaheim Housing Authority Multifamily Housing Revenue Bond (Solara Court Apartments) 2001
Series A (the "Bonds") to provide a multifamily residential project known as Solara Court
Apartments (the "Project") and to make a loan to West Lincoln Housing Partners Limited
Partnership, a Delaware limited partnership, in order to finance the acquisition and construction of
the Project; and
WHEREAS, in connection with such financing, the Authority and Wells Fargo Bank,
National Association, entered into that certain Indenture of Trust (the "Indenture"), dated as of
November 1,2001; and
WHEREAS, the ^ uthority is authorized to amend and supplement, and has expressed its
intent to amend and supplement, the Indenture in order to facilitate subordinate long-term financing
for the Project in furtherance of the program previously undertaken by the Authority to finance
multifamily rental housing; and
WHEREAS, pursuant to Section 147(0 of the Internal Revenue Code of 1986, as amended
(the "Code"), such amendment and supplement to the Indenture is required to be approved,
following a public hearing, by an elected representative of the Authority and an elected
representative of the governmental unit having jurisdiction over the area in which the Project is
located; and
WHEREAS, the Authority is made up of members who have been appointed but not elected
to their positions as members of the governing board of the Authority, and the City of Anaheim (the
"City") is the next higher governmental unit with an applicable elected representative from which the
Authority derives its authority; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, the City has caused a notice to be published in a newspaper of general
circulation in the City, at least two weeks prior to this meeting, to the effect that a public hearing
would be held by this City Council on March 30, 2004, regarding the execution and delivery of the
First Supplement to the Indenture of Trust, dated as of April 1, 2004, by and between the Authority
and Wells Fargo Bank, National Association; and
WHEREAS, this City Council has conducted a public hearing on this date, at which time an
opportunity was provided to the public to present arguments both for and against the execution and
delivery of the First Supplement to the Indenture of Trust.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES
HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
1. The above recitals, and each of them, are true and correct.
2. Pursuant to Section 147(0 of the Code, this City Council hereby approves the
execution and delivery of the First Supplement to the Indenture of Trust by the Authority in
furtherance of the program previously undertaken by the Authority to finance multifamily rental
housing. It is the purpose and intent of this City Council that this Resolution constitute approval of
the execution and delivery of the First Supplement to the Indenture of Trust (and the resulting
reissuance of the Bonds for federal tax purposes) by the applicable elected representative of the
governmental unit having jurisdiction over the area in which the Project is located, all in accordance
with Section 147(f) of the Code.
3. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED, this 30th day of March, 2004.
CITY O~
By:
MAYOR
~:LERK '"
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH,
as Bond Counsel
By: ~/~
JA.~H~TE, CITY~'TTORNE~
i ).) ' ! ,/
Assistant City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, SHERYLL SCHROEDER, City Clerk of the City of Anaheim, do hereby certify that the foregoing
Resolution No. 2004-41 was introduced and adopted at a regular meeting provided by law, of the
Anaheim City Council held on the 30th day of March 2004, by the following vote of the members
thereof:
AYES: MAYOR/COUNCIL MEMBERS: Pringle, Hernandez, McCracken, Tait,
Chavez
NOES:
MAYOR/COUNCIL MEMBERS: None
ABSTAINED: MAYOR/COUNCIL MEMBERS: None
ABSENT: MAYOR/COUNCIL MEMBERS: None
(~ITY CLERK OF~I-HE CITY OF ANAHEIM
(SEAL)