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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