RES-2012-119 RESOLUTION NO, 2012 - 119
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 PASEO VILLAGE APARTMENTS
WHEREAS, the Anaheim Housing Authority (the "Authority ") intends to issue
not to exceed $24,000,000 aggregate principal amount of multifamily housing revenue bonds
(the "Bonds ") to finance the acquisition, rehabilitation and equipping of a 232 -unit multifamily
rental housing development known generally as "Paseo Village Apartments," located at
1115 North Citron Street, 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 September 11,
2012; and
WHEREAS, the public hearing was held on September 25, 2012, 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 TWENTY -FIFTH (25 DAY OF
SEPTEMBER, 2012, BY THE FOLLOWING ROLL -CALL VOTE:
AYES: Mayor Tait, Council Members Galloway, Eastman and Murray
NOES: None
ABSTAIN: None
ABSENT: Mayor Pro Tem Sidhu
MA OR
ATTEST:
rIlAdA IF.
. I
CITY CLERK
2
EXHIBIT A
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim on
Tuesday, September 25, 2012, at the hour of 5:00 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 $24,000,000, in order to finance the
acquisition, rehabilitation and equipping of the multifamily rental housing project described
below:
Name: Paseo Village Apartments
Location: 1115 North Citron Street, Anaheim, CA
Number of Units: 174 units, plus 2 manager's units
Maximum Bond Amount: $24,000,000
The owner or operator of the Project will be Paseo Village Housing Partners, L.P., a
California limited partnership (the "Owner "), or an affiliate thereof. All but the two manager's
units 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 Ramirez,
Project Manager, Anaheim Housing Authority, (714) 765 -4318.
Dated: September 11 , 2012
THE CITY COUNCIL OF THE CITY OF
ANAHEIM