HomeMy WebLinkAbout1999-05-18; City Council; Resolution 99-177v e 0
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I RESOLUTION NO. 99-177
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO AUTHORIZE THE ISSUANCE,
REVENUE BONDS, AND TO APPROVE AND AUTHORIZE THE
EXECUTION AND DELIVERY OF RELATED DOCUMENTS AND
ACTIONS IN CONNECTION THEREWITH.
APPLICANT: POINSETTIA HOUSING ASSOCIATES
CASE NO: SDP 98-09
SALE AND DELIVERY OF MULTI-FAMILY HOUSING
WHEREAS, the City of Carlsbad (the "City") is authorized by Chapter 7 of Part 5 of Divisiol
3 1 of the Health and Safety Code of the State of California (the "Act") to issue and sell revenue bond
for the purpose of financing the acquisition, construction and development of multi-family renta
housing facilities to be occupied in part by low income tenants; and
WHEREAS, the City hereby finds and declares that it is necessary, essential and a publil
purpose for the City to engage in a program (the "Program") of financing the acquisition, constructior
and development of multi-family rental housing facilities, and has determined to borrow money fo~
such purpose by the issuance of revenue bonds as authorized by the Act; and
WHEREAS, the City hereby finds and declares that this resolution is being adopted pursuan
to the powers granted by the Act; and
WHEREAS, Poinsettia Housing Associates, a California limited partnership (the "Developer")
has requested the City to issue and deliver multifamily housing revenue bonds (the "Bonds"), the
proceeds of which shall be used by the Developer to finance the acquisition, construction and
development of a multi-family housing rental facility to be located at the northwest corner of
Poinsettia Lane and Avenida Encinas in the City of Carlsbad, California and to be commonly known
as Poinsettia Station Apartments (the "Project"); and
WHEREAS, all conditions, things and acts required to exist, to have happened and to have
been perfomed precedent to and in connection with the issuance of the Bonds and the implementation
of the Program as contemplated by this resolution and the documents referred to herein will exist, have
happened and have been performed in due time, form and manner as required by the laws of the State
of California, including the Act;
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NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows
1. The City hereby finds and determines that the foregoing recitals are true and correct.
2. Pursuant to the Act, this Resolution and Indenture (as hereafter defined) the issuanc’
of tax-exempt Bonds in an aggregate principal amount not to exceed$5,525,000 an1
taxable Bonds in an aggregate principal amount not to exceed $800,000 is herek
authorized. The City Manager of the City, or such other officials of the City as mq
be designated by the City Manager (each an “Authorized Officer”), each acting alone
is hereby separately authorized and directed to execute the Bonds for, and on behal
of, the City by manual or facsimile signature, in the form set forth in the Indenturc
with such changes, deletions and insertions as may be approved by such Authorize
Officer and legal counsel to the City, such approvals being conclusively evidenced b
the execution and delivery thereof, and the Authorized Officers, each acting alone, arq
hereby authorized and directed to attest the Bonds in said form and otherwise ir
accordance with the Indenture.
3. The following documents, substantially in the forms on file with the City Clerk, art
hereby approved (collectively, the “Bond Documents”):
a. the Indenture of Trust by and between the City and Bank One Trust Co., N.A.
b. the Loan Agreement by and among the City, Bank of America, FSB, and the
(the “Trustee”);
Borrower; and
Trustee.
C. the Regulatory Agreement by and among the City, the Borrower and the
4. The Authorized Officers, each acting alone, are hereby authorized for, in the name 0:
and on behalf of the City to execute and deliver the Bond Documents, and the CiO
Clerk, or any deputy thereof, is hereby authorized and directed for, in the name of ani
on behalf of the City, to attest the Authorized Officer’s signature on the Bonc
Documents, in substantially said form, with such changes, additions or deletions as arc
recommended or approved by such officers upon consultation with bond counsel tc
the City, including such changes, additions or deletions as are necessary or advisablt
in accordance with Section 5 hereof (provided that no changes, additions or deletion;
shall authorize an aggregate principal amount of Bonds in excess of $6,325,000), the
approval of such changes, additions or deletions to be conclusively evidenced by the
execution and delivery thereof. The date, maturity dates, interest rate or rates, interest
payment dates, denominations, form registration privileges, manner of execution,
place of payment, terms of redemption, the right of the owners of the Bonds to tender
their Bonds for repurchase, and other terms of the Bonds shall be as provided in the
Indenture as finally executed.
5. The Bonds, when executed, shall be delivered to the Trustee for authentication. The
Trustee is hereby requested and directed to authenticate the Bonds by executing the
Trustee’s certificate of authentication and registration appearing thereon, and to
deliver the Bonds, when duly executed and authenticated, to the purchasers thereof in
accordance with written instructions executed on behalf of the City by one of the
cc RESO NO. 94- 177
PACE 2
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Authorized Officers, which instructions such officers are, and each of them is, hereb,
authorized and directed, for and in the name and on behalf of the City, to execute ani
deliver to the Trustee.
6. All actions heretofore taken by the officers and agents of the City with respect to tht
establishment of the Program and the sale and issuance of the Bonds are hereb:
approved, confirmed and ratified, and the proper officers of the City, including thc
Authorized Officers, are hereby authorized and directed, for and in the name and 01
behalf of the City, to do any and all things and take any and all actions and executc
and deliver any and all certificates, agreements and other documents, includinj
without limitation a tax certificate, which they, or any of them, may deem necessary o
advisable in order to consummate the lawful issuance and delivery of the Bonds il
accordance with this Resolution and resolutions heretofore adopted by the City and ir
order to carry out the Program, including but not limited to those certificates
agreements, deeds of trust and other documents described in the Bond Documents anc
the other documents herein approved and any certificates, agreements or documents a:
may be necessary to further the purpose hereof or evidence credit support or additiona
security for the Bonds, but which shall not create any obligation or liability of the Cit,
other than with respect to the revenues and assets derived from the proceeds of thc
Bonds. All actions to be taken by a specified Authorized Officer, as specified herein
may be taken by the Authorized Officer or any designee, with the same force an(
effect as if taken by such Authorized Officer.
7. This resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of
the City of Carlsbad, California, held on the 18& day of May, 1999, by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Finnila, Hall & Kulchin
NOES: None
ABSENT: N~~~
ABSTAIN: None
ATTEST:
(SEAL)
CC RES0 N0.901- i7 7
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