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HomeMy WebLinkAbout1985-05-07; Housing & Redevelopment Commission; Resolution 46e 0 1 2 3 4 5 6 7 8 RESOLUTION NO. 046 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COI OF THE CITY OF CARLSBAD, CALIFORNIA AUTHORIZING ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSI: REVENUE BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEE: $1 6r500,000 FOR THE PURPOSE OF MAKING A LOAN TO FUNDS TO PROVIDE THE INTERIM AND PERMANENT FINAN1 THE COST OF DEVELOPING A MULTIFAMILY RENTAL PROJ DETERMINING AND PRESCRIBING CERTAIN MATTERS RELA' THERETO, AND APPROVING AND AUTHORIZING THE EXECU' RELATED DOCUMENTS, AGREEMENTS AND ACTIONS. (SEASCAPE VILLAGE PROJECT). WHEREAS, by the provisions of Chapter 1 of Part 9 1o Division 24 of the Health and Safety Code of the State of multifamily mortgage revenue bonds for the purpose of mak 12 of the City of Carlsbad (the "Commission") is authorized l~ California (the "Act") the Housing and Redevelopment Comm L3 U ma, 3s g2 0) gLL=z z:y5 9l-<u. E:.< +&W - fZ82 N vwa AV vuZm $5 $ >-v c 13 14 15 16 17 - V 18 I1 loans or otherwise providing funds to finance the develop affordable multifamily rental housing in order to meet a substantial housing need identified in the community; and WHEREAS, the Commission desires to make a loan ( "Developer Loan") to Lincoln Seascape, A California Limit Partnership (the "Developer"), to finance the constructio 19 and in order to do so intends to sell and issue not to ex 20 I 208 unit multifamily rental housing development (the "Pro 21 B (Seascape Village Project) (the "Bonds"); and 22 $16,500,000 of its Multifamily Housing Revenue Bonds, Ser 23 WHEREAS, the Commission has now determined to ma 24 Developer Loan to provide funds to assist in the financin 25 26 27 Project for the purpose of providing housing for low and income persons or families; and WHEREAS, the City has previously adopted a res03 28 December 18, 1984 declaring its intention to issue bonds 0 0 1 the Project, which resolution constituted an official act, 2 Project under applicable law and the Commission now desirl 5 WHEREAS, the City is now unable to issue bonds fc 4 authorizing the issuance of Bonds for the Project; and 3 the City, and then adopted Resolution No. 7940 on March 1' 6 issue Bonds for the Project under substantially the same 7 WHEREAS, there have been prepared and presented 9 18, 1984 and March 19, 1985 resolutions; and a and limitations as were imposed by the City under its Decl 10 City Council for consideration at this meeting the follow 11 12 a d 1?8 GCJ <% m N gldz 205g GEZL ;".a iio 5hlCi >5 ow< wzo< oK2m Eg 2 13 14 15 16 17 6 18 instruments: 1. The form of Indenture of Trust (the "Indentu including the form of Bond; 2. The form of Loan Agreement; 3. The form of Regulatory Agreement and Declara Restrictive Covenants (the "Regulatory Agreement") ; 4 . The form of Bond Purchase Contract; 5, The form of the Deed of Trust, Assignment of 19 )I and Security Agreement (the "Deed of Trust") ; 20 21 6. The form of the Developer Agreement; 7 . The form of Official Statement relating to t 22 in appropriate form and is an appropriate instrument to k 26 instruments referred to above which is now before this me 25 WHEREAS, it appears that each of the documents a 24 8. The form of Intercreditor Agreement. 23 Bonds ; and 27 executed and delivered for the purposes intended; and 28 2. II // 0 0 1 WHEREAS, Newman and Associates , Inc. and PaineWel 2 3 Incorporated (collectively, the "Underwriter") have expres 4 their intention to purchase the Bonds, and the Commission Commission at this time make arrangements for the sale of 5 that the public interest and necessity require that the 6 7 WHEREAS, pursuant to Section 103(k) of the Inter] Bonds ; and 8 NOW, THEREFORE, the Board of Commissioners of thl has held a public hearing regarding the issuance of the Bl 9 Revenue Code of 1954, as amended, the City Council of the 10 ll DETERMINES, ORDERS and RESOLVES as follows: 12 Housing Commission of the City of Carlsbad hereby FINDS, 0 a 90 owa mm Ci5 g g-u-xz osg E>> iyr2 +clod do 6Zoa oK2m ~k6!& q $ >o 13 14 15 16 17 i- - 0 18 19 20 SECTION 1: Finding and Determination. It is he found and determined that it is necessary and desirable 5 Commission to assist in the financing of the Project thro issuance and sale of the Bonds in order to aid in the dev of dwelling units to be occupied by low and moderate inco persons in the community. SECTION 2: Authorization of the Bonds. For the of raising moneys with which to make the Developer Loan i 21 I to effectuate the construction and permanent financing of 22 a principal amount not to exceed $1 6 , 500 , 000, with the ex 23 Project, the Commission hereby determines to issue the Bo 24 principal amount to be such amount as is necessary to fin 25 Developer Loan for the Project. The Bonds shall be in 26 3 28 appropriate variations, omissions, insertions and provisi 27 substantially the form set forth in the Indenture, with E 2. a e 1 2 3 4 5 6 7 8 9 10 11 12 D rn m 13 a 28 <% 2 6uDF om< 14 gO5E Gczg I-L '$0 m,-z-< 15 &&on WZOQ 16 $5 2 17 oE$m >d I- o 18 19 20 21 22 23 24 25 26 27 28 are permitted or required by the Indenture, which shall t appropriately completed when the Bonds are prepared. The Bonds shall be limited obligations of the Cc and shall be payable as to principal, premium, if any, E interest, and the obligations of the Commission under the Indenture shall be paid and satisfied, solely from the re receipts and other moneys pledged therefor under the Inde SECTION 3. Execution and Delivery of the Bonds. Bonds shall be executed on behalf of the Commission by th or facsimile signature of the Chairman, and the official the Authority, or a facsimile thereof, shall be impressed imprinted thereon and attested with the manual or facsimi signature of the Secretary of the Commission. SECTION 4. Approval of Indenture. To provide f details of the Bonds, and to prescribe the terms and cond upon which they are to be issued, secured, executed, authenticated and held and upon which the Developer Loan made and serviced, the Chairman and the Secretary are her4 authorized to execute and deliver the Indenture, in subst( the form presented to this meeting or with such changes ar approved by the officers of the Commission executing the upon consultation with the City Attorney, their execution to constitute conclusive evidence of their approval of all changes from the form of Indenture presented to this meetl which form of Indenture is hereby in all respects approve( incorporated by reference and made a a part hereof. 4. 0 1 2 3 4 5 6 7 8 9 10 I1 12 a 13 n a 2s Ga m g-LLIZ OWa 14 zo5m Ggzg "GZ$ 15 k&W li "I" zo I? '5 5 17 z o d 16 wzoa oaSrrn SECTION 5. Approval of Loan Agreement. To prov the details of the making of the Developer Loan, and the and obligations of the Developer, the Chairman and the Se are hereby authorized to execute and deliver the Loan Agr in substantially the form presented to this meeting or wi changes as may be approved by the officers of the Commiss executing the same, upon consultation with the City Attor their execution thereof to constitute conclusive evidence their approval of all changes from the form of Loan Agree presented to this meeting, which form of Loan Agreement i in all respects approved and incorporated by reference an part hereof. SECTION 6. Approval of Regulatory Agreement. T provide for certain conditions and terms of the operation Project and the duties and obligations of the Developer, Chairman and the Secretary are hereby authorized to execu Regulatory Agreement, in substantially the form presented >o c 0 18 19 20 21 22 23 24 25 26 27 28 I1 meeting or with such changes as may be approved by the of of the Commission executing the same, upon consultation w City Attorney, their execution thereof to constitute conc evidence of. their approval of all changes from the form c Regulatory Agreement presented to this meeting, which for Regulatory Ageement is in all respects approved and incor by reference and made a part hereof. Based upon informat available from County of San Diego, State of California a federal housing programs, it is hereby found and determin it is not feasible to make any of the units to be reserve 5. 0 e 0 sa 48 gs 8 d,2Z Do$.: 5>>: ika- iyz4 5L6 io gi?g zo Y >s a a tu 5 vwa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 I/ low and moderate income individuals or families in the Pr available to very low income households except in the man to the extent set forth in the form of Regulatory Agreeme SECTION 7. Approval of Bond Purchase Contract. form of Bond Purchase Contract presented to this meeting hereby approved in all respects and incorporated herein b reference and made a part hereof, and the Chairman is her authorized to execute and deliver to the Underwriter a Bo Purchase Contract in substantially such form or with such as may be approved by the officer of the Commission execu same, upon consultation with the City Attorney, such exec constitute conclusive evidence of the approval by such of all changes from the form of Bond Purchase Contract prese this meeting, which form of Bond Purchase Contract is in respects approved and incorporated by reference and made hereof. SECTION 8. Approval of the Deed of Trust. The the Deed of Trust presented to this meeting is hereby app all respects and incorporated herein by reference and mad hereof, and the Chairman is hereby authorized to execute deliver the Deeds of Trust in substantially such form or such changes as may be approved by the officer of the Corn executing the same, upon consultation with the City Attor such execution to constitute conclusive evidence of the a by such officer of all changes from the form of the Deed presented to this meeting, which form of the Deed of Trus all respects approved and incorporated by reference and n part hereof. 6. 0 0 1 2 3 4 5 6 7 a 9 10 11 12 0 2 rQ $$ 8 g-U-22 zoza SEZE ;:.a do $LC? gZ52 owa $5 ; >.o 13 14 15 16 17 t 0 18 19 20 21 22 23 24 25 26 27 28 SECTION 9. Approval of Developer Agreement. Th of. Developer Agreement presented to this meeting is hereb approved in all respects and incorporated herein by refer made a part hereof, and the Chairman and the Secretary ar authorized to execute and deliver a Developer Agreement i substantially such form or with such changes as may be ap by the officer of the City executing the same, upon consu with the City Attorney, such execution to constitute conc evidence of the approval by such officer of all changes f form of Developer Agreement presented to this meeting, wh of Developer Agreement is in all respects approved and incorporated by reference and made a part hereof. SECTION 10. Approval of Official Statement. Th of Official Statement presented to this meeting is hereby respects approved and incorporated herein by reference an part hereof and the Underwriter is authorized to distribu Official Statement in connection with the sale of the Bon the Chairman is hereby authorized to execute and deliver Official Statement in substantially such form or with SUC changes therein as may be approved by the officer of the Commission executing the same, upon consultation with the Attorney, such execution to constitute conclusive evidenc approval by such officer of all changes from the form of Statement presented to this meeting, which form of Offici Statement is in all respects approved and incorporated by reference and made a part hereof. SECTION 11. Approval of Intercreditor Agreement form of Intercreditor Agreement substantially in the forn It - 1. e 0 5 Gal 98 <% m &If 205.: QEZE ;:z< io t;Lo zzg b9 N ow< q 2 t 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 l8 I 19 I 20 21 22 23 24 25 26 27 28 I1 submitted to this meeting is herby approved, and the Chai the Secretary are hereby authorized to execute and delive Intercreditor Agreement in substantially such form or wit changes therein as may be approved by the officers of the Commission executing the same, upon consultation with the Attorney, such execution to constitute conclusive evidenc approval by such officers of all changes from the form of Intercreditor Agreement presented to this meeting, which Intercreditor Agreement is in all respects approved and incorporated by reference and made a part hereof. SECTION 12. Selection of trustee. The Bank of California, N.A. is hereby selected to serve as the Trust the Indenture, provided that, if necessary, the Director Building and Planning of the City is hereby authorized an' directed to select a substitute trustee to serve as Trust the Indenture, provided that such Trustee must comply wit qualification requirements set forth in Section 901 of th Indenture. The Trustee is hereby requested and directed authenticate the Bonds by executing the Trustee's Certifi, Authentication appearing thereon and to deliver the Bonds duly executed and authenticated, to the parties named in Purchase Contract, in accordance with written instruction executed on behalf of the Commission by the Director of B and Planning for the City or another duly appointed desig. the Chairman, which instructions said officer is hereby authorized and directed, for and in the name and on behal Commission, to execute and deliver to the Trustee. Such 8. I/ a e a sa 98 <% 8 g1.2; 9zzg E:.< ,>io 55 5 zo y QUU zowu z"od wzoa oczm >o 5 + 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 instructions shall provide for the delivery of the Bonds accordance with the Bond Purchase Contract, upon payment I purchase price thereof . SECTION 13. Actions Ratified and Authorized. A. actions heretofore taken by the officers and agents of thc Commission and the City with respect to the sale and issu; the Bonds are hereby approved, confirmed and ratified, ant officers of the City and the Commission, including, in particular, the Director of Building and Planning, or any representative of the Commission duly designated by the C1 is hereby authorized and directed, for and in the name an( behalf of the Commission, to do any and all things and tal and all actions and execute and deliver any and all certil agreements and other documents, including but not limited those described in the Bond Purchase Contract, which they of them, may deem necessary or advisable in order to cons1 the lawful issuance and delivery of the Bonds and the mak: the Developer Loan in accordance with the Act and this resolution. Should the Chairman or the Secretary be unavi to execute any of the documents required to issue the Bonc member of the Agency may sign in the place of the Chairmal Secretary. SECTION 14, Conflictinq Resolutions Revealed. i - ~ -~~~~ resolutions or parts thereto in conflict herewith are, to extent of such conflict, hereby repealed. SECTION 15. Severability. If any section, parac provision of this resolution shall be held to be invalid ( unenforceable for any reason, the invalidity or unenforcei 9. e e 1 2 3 4 5 6 7 8 9 10 11 12 n sa 2s gz rn 6k3F $o$.: Ggsg ma,< :t;dq pg”” 6ZS2 N owa - >$ a: 9 t.0 t 0 a 13 14 15 16 17 18 19 i 20 21 22 23 24 25 26 27 28 of such section, paragraph or provision shall not affect remaining provisions of this resolution. SECTION 16. Effective Date. This resolution sh, take effect on the date of its adoption. PASSED AND ADOPTED on this Jth day of May 1985 by the following vote to wit: AYES: Commissioners Casler, Lewis, Kulchin, Chic NOES : None ABSENT: None Pettine (SEAL) Ld d” -+ ASLER, Chairman F. D. ALESHIRE, Secretary 10.