RES-2016-160RESOLUTION NO. 2 016 -16 0
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 HERMOSA VILLAGE
APARTMENTS PHASE I
WHEREAS, the Anaheim Housing Authority ("Authority") intends to issue not to
exceed $43,000,000 aggregate principal amount of multifamily housing revenue bonds
("Bonds") to finance the acquisition, rehabilitation and equipping of a 295 -unit plus two
manager's units multifamily rental housing development known generally as "Hermosa Village
Apartments Phase I," located at 1515 S. Calle Del Mar, 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
ATTE
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CITY CLERK
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH,
as Bond Counsel
APPROVED AS TO FORM:
ATTORNEY
Theodore�y�olds, Esq.
Assistant tv ttornev
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 $43,000,000, in order to finance the acquisition,
rehabilitation and equipping of the multifamily rental housing project described below:
Name: Hermosa Village Apartments Phase I
Location: 1515 S. Calle Del Mar, Anaheim, CA
Number of Units: 295 units plus Two Manager's Units
Maximum Bond Amount: $43,000,000
The owner or operator of the Project will be Hermosa Village Phase I Housing
Partners, L.P., a California limited partnership ("Developer"), or an affiliate thereof. All but two
manager's units 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