Resolution - 9648RESOLUTION NO. 9648
0
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS BY THE ABAG FINANCE AUTHORITY FOR
NONPROFIT CORPORATIONS (VINTAGE GARDEN SENIOR
APARTMENTS PROJECT)
WHEREAS, the ABAG Finance Authority For Nonprofit Corporations intends to
sell and issue not to exceed $10,100,000 of multifamily housing revenue bonds (the 'Bonds") in
order to finance the construction by Badillo Street Senior Apartments, L.P., a California Limited
Partnership, or assigns, of a multifamily rental housing development located at the southeast
corner of Badillo Street and Phillips Avenue in the City of West Covina, County of Los Angeles,
California (the "Project');
WHEREAS, the interest on the Bonds may qualify for exclusion from gross
income under Section 103 of the Internal Revenue Code of 1986 (the "Code"), only if the Bonds
are approved in accordance with Section 147(f) of the Code;
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance the
Bonds are required to be approved by the applicable elected representative of the governmental
unit on whose behalf the bonds are expected to be issued and by each governmental unit having
jurisdiction over the area in which any facility financed by such bonds is to be located, after a
public hearing held following reasonable public notice; and
WHEREAS, the Project is located wholly within the City of West Covina,
California;
WHEREAS, this City Council of the City of West Covina (the "Council') is the
elected legislative body of the City of West Covina (the "City") and is the applicable elected
representative required to approve the issuance of the Bonds within the meaning of
Section 147(f) of the Code;
WHEREAS, in accordance with Section 147(f) of the Code, the Council held a
public hearing regarding the issuance of the Bonds, the notice of such hearing having been
published in a newspaper of general circulation within the City, whereby all interested persons
were invited and given an opportunity to comment upon the issuance of the Bonds; and
WHEREAS, the Council now desires to approve the issuance of the Bonds;
NOW THEREFORE, the Council of the City of West Covina hereby finds,
determines, declares and resolves as follows:
1. Each of the foregoing recitals is correct and is certified to be a
representation of the Council.
2. The Council hereby approves the issuance of the Bonds by the ABAG
Finance Authority For Nonprofit Corporations to finance the costs of the Project. It is the
purpose and intent of the Council that this Resolution constitute approval of the Bonds by the
applicable elected representative of the issuer of the Bonds and the applicable elected
representative of the governmental unit having jurisdiction over the area in which the Project is
located, in accordance with Section 147(f) of the Code.
3. The City Clerk shall certify to the adoption of this Resolution and forward
a certified copy to the following:
David Castillo
Orrick, Herrington & Sutcliffe LLP
400 Sansome Street
San Francisco, California 94111
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APPROVED and ADOPTED by the City Council of the City of
meeting of said Council held on the 19`h day of January, 1999 by
ATTES�Sf-.'/
> City_Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF WEST COVINA )
t Covina at a regular
following vote:
I HEREBY CERTIFY that the foregoing Resolution No. 9648 was duly adopted by
the City Council of the City of West Covina at a regular meeting thereof held on the 19th day
of January , 1999, by the following vote:
AYES: Howard, Touhey, Wong, Melendez
NOES: None
ABSENT: Herfert
ABSTAIN: None
Ae
City C7k��
1�
APPROVED AS TO FORM:
City Attorn y
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