HomeMy WebLinkAbout2016-02-09; City Council; Resolution 2016-0301
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EXHIBITl
RESOLUTION NO. 2016-030
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY MULTIFAMILY HOUSING
REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $15,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT
AND EQUIPPING OF QUARRY CREEK APARTMENTS AND CERTAIN
OTHER MATIERS RELATING THERETO
The City Council of the City of Carlsbad, California, does hereby resolve as follows:
WHEREAS, Quarry Creek CIC, LP, a California limited partnership (the "Borrower"),
has requested that the California Municipal Finance Authority (the "Authority") participate in the
issuance of one or more series of revenue bon'ds issued from time to time, including bonds issued
to refund such revenue bonds in one or more series from time to time, in an aggregate principal
amount not to exceed $15,000,000 (the "Bonds") for the acquisition, construction, improvement
and equipping of a 64-unit multifamily rental housing project located south of Haymar Drive in
the northeast corner of the Quarry Creek Master Plan (APN 167-040-11 and 167-040-21),
Carlsbad, California, generally known as Q!Jarry Creek (the "Project") and operated by CIC ! ,_._
Management, Inc,; 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 approved by the City of Carlsbad
(the "City") because the Project is to be located within the territorial limits of the City; and
WHEREAS, the City Council ofthe City (the "City Council") is the elected legislative
body of the City and is one of the "applicable elected representatives" required to approve the
issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance
of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f)
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ofthe Code and the requirements of Section 4 ofthe Joint Exercise of Powers Agreement Relating
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to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"),
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among certain local agencies, including the City; and
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4 WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
5 notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to
6 approve the issuance of the Bonds by the Authority;
7 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Carlsbad as
8 follows:
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1. The above recitations are true and correct.
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2. The City Council hereby approves the issuance of the Bonds by the
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12 Authority. It is the purpose and intent of the City Council that this resolution constitute approval
13 of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code
14 by the applicable elected representative of the governmental unit having jurisdiction over the
15 area in which the Project is to be located, in accordance with said Section 147(f) and (b) Section 4
16 ofthe Agreement.
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3. The issuance of the Bonds shall be subject to the approval of the Authority
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of all financing documents relating thereto to which the Authority is a party. The City shall have
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20 no responsibility or liability whatsoever with respect to the Bonds.
21 4. The adoption of this Resolution shall not obligate the City or any
22 department thereof to (i) provide any financing to acquire or construct the Project or any
23 refinancing of the Project; (ii) approve any application or request for or take any other action in
24 connection with any planning approval, permit or other action necessary for the acquisition,
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construction, rehabilitation, installation or operation of the Project; (iii) make any contribution
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or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to
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the Authority or its membership therein.
5. The City Manager or designee is hereby authorized and directed, jointly
and severally, to do any and all things and 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.
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6. This resolution shall take effect immediately upon its adoption.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City
of Carlsbad on the gth day of February 2016, by the following vote to wit:
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AYES: Council Members Wood, Schumacher, Blackburn, Packard.
NOES: None.
ABSTAIN: None.
ABSENT: Mayor Matt Hall
'LORRAINE WOOD, Mayor Pro Tern
ATTEST:
(SEAL)
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