Resolution - 9527RESOLUTION NO. 9527
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section 6500
et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California,
including the City of West Covina (the "City"), to issue revenue bonds in accordance with Chapter
7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing
multifamily rental housing projects; and
WHEREAS, Steadfast McCord LLC (collectively, with any related entity, the
"Borrower") has requested that the Authority issue multifamily housing revenues bonds in an
aggregate principal amount not to exceed $16,000,000 (the "Bonds") for the purpose of providing
financing for the acquisition and rehabilitation of an approximately 188-unit multifamily residential
rental project located at 2600 South Azusa Avenue in the City; and
WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a governmental
unit having jurisdiction over the entire area in which any facility financed by such bonds is to be
located, after a public hearing held following reasonable public notice; and 4
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds
would be held on the date hereof; and
WHEREAS, such public hearing was conducted on said date by the City Council,
at which time an opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
WHEREAS, the members of this City Council (this "Council") are the applicable
elected representatives of the City; and
WHEREAS, -it is intended that this resolution shall constitute the approval of the
issuance of the Bo.n&required by Section 147(f) of the Code and Section 9 of the Agreement;
NOW. THEREFORE, BE IT RESOLVED by the City Council of the City of the
City of West Covina follows:
Section 1. The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the
Authority; provided that both the Project and the City's Executive Lodge Motel Rehabilitation
Project receive private activity bond allocation from the California Debt Limit Allocation
Committee. It is the purpose and intent of the Council that this resolution constitute approval of the
Bonds for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of
the governmental unit .having jurisdiction over the area in which the project is located, in
accordance with said Section 147(f), and (b) Section 9 of the Agreement.
FIS'G413Mht.DOC DOCSST 1. 223093.2
Section 3. The officers of the City are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver any and all documents that they
deem necessary or advisable in order to carry out, give effect to and comply with the terms and
intent of this resolution and the financing approved hereby.
Section 5. This resolution shall take effect immediately upon its passage.
Section 4. The City Clerk shall certify to the adoption of this Resolution and
forward a certified copy to the following: 0
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
ADOPTED by the City Council of the City of West Covina at a regular meeting of
said Council held on the 20th day of January, 1998, by the following vote:
ATTEST:
City Clerk
C
Mayor
I HEREBY CERTIFY that the foregoing Resolution No. 9527 was duly adopted by
the City Council of the City of West Covina at a regular meeting thereof held on the 20th day
of January , 1998, by the following vote:
AYES: Herfert, Howard, fteiendez, Tduhey; Wong
NOES: None
ABSENT: None
City Clerk
APPROVED AS TO FORM:
City Attorney �-
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