HomeMy WebLinkAbout2018-07-24; City Council; Resolution 2018-146RESOLUTION NO. 2018-146
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, AUTHORIZING ISSUANCE OF TAX EXEMPT REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $5,000,000
TO REFINANCE AND REHABILITATE A 28-UNIT MULTIFAMILY
RENTAL AFFORDABLE HOUSING FACILITY LOCATED AT 6408
HALYARD PLACE FOR THE BENEFIT OF VISTA LAS FLORES, LP., OR
ANOTHER ENTITY CREATED BY WAKELAND HOUSING AND
DEVELOPMENT CORPORATION (OR AN AFFILIATE).
EXHIBIT I
WHEREAS, on behalf of Vista Las Flores, LP., a California limited partnership, or another entity
created by Wakeland Housing and Development Corporation (or an affiliate) (the "Borrower"),
Borrower has requested that the California Municipal Finance Authority (the "Authority") issue one or
more series of tax exempt revenue bonds in an aggregate principal amount not to exceed $5,000,000,
as part of a plan to finance the rehabilitation of an existing 28-unit multifamily rental affordable housing
facility (the "Project") to be owned and operated by the Borrower and located at 6408 Halyard Place
within the City of Carlsbad (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), the
issuance of the Bonds by the Authority must be authorized by the City because the Project is located
within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the
City and is one of the "applicable elected representatives" required to authorize the issuance of the
Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council authorize the issuance of the Bonds
by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and
the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California
Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among certain local
agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly
given, held a public hearing regarding the issuance of the Bonds, and now desires to authorize the
issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
July 24, 2018 Item #17 Page 4 of 6
EXHIBIT 1
1. That the above recitations are true and correct.
2. That the City Council hereby authorizes issuance of the Tax Exempt Revenue Bonds by
the Authority for the rehabilitation project of the existing 28-unit multifamily affordable
rental property located at 6408 Halyard Place for the benefit of Vista La Flores, LP., or
another entity created by Wakeland Housing and Development Corporation (or an
affiliate).
3. That is the purpose and intent of the City Council that this resolution constitute approval
and authorization for issuance of the Bonds by the Authority, for the purposes of
Section 147(f) of the Internal Revenue 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).
4. That the officers of the City are hereby authorized and directed, jointly and severally, to
do any and all things to execute and deliver any and all documents which 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 transaction approved hereby.
5. That the City Clerk shall forward a certified copy of this Resolution to the Authority in
care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
6. This resolution shall take effect immediately upon its adoption.
July 24, 2018 Item #17 Page 5 of 6
EXHIBIT 1
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 24th day of J..!!!.y, 2018, by the following vote, to wit:
AYES:
NOES:
ABSENT:
M. Hall, K. Blackburn, M. Schumacher, C. Schumacher, M. Packard.
None.
None.
MATT HALL, Ma
(SEAL)
July 24, 2018 Item #17 Page 6 of 6