HomeMy WebLinkAbout049-97 RESOLUTION NO. 49-97
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
BY THE CALIFORNIA STATEXVIDE COMMUNITIES DEVELOPMENT AUTHORITY
FOR THE OAKMONT OF DANVILLE ASSISTED CARE FACILITY
WHERF~S, the California Statewide Communities Development Authority (the 'Authority')
is authorized pursuant to the provisions of California Government Code Section 6500 et seq.
and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
June 1, 1988 (the 'Agreement'), among certain local agencies throughout the State of
California, including the Town of Danville (the 'Town'), to issue revenue bonds in
accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code
for the purpose of financing multifamily rental housing projects; and
WHEREAS, Oakmont of Danville LLC (collectively, with any related entity, the 'Borrower')
has requested that the Authority issue multifamily housing revenue bonds in an aggregate
principal amount not to exceed $6,200,000 (the 'Bonds') for the purpose of providing
financing for the acquisition, construction and development of a 76-unit multifamily
residential rental project known as Oakmont of Danville, located at 1027 Diablo Road in
Danville; and
WHEREAS, the Bonds will be 'private activity bonds' for purposes of the Internal Revenue
Code of 1986 (the 'Code'); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity
bonds are required to be approved by the 'applicable elected representative' of the
governmental units on whose behalf such bonds are expected to be issued and by a
governmental unit having jurisdiction over the entire area in which any facility financed by
such bonds is to be located, after a public hearing held following reasonable public notice;
and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the Town, a notice that a public hearing regarding
the Bonds would be held on the date hereof; and
WltERF~S, the members of the Danville Town Council are the applicable elected
representatives of the Town; and
WHEREAS, this the Danville Town Council has conducted a public hearing on this date, at
which time an opportunity was provided to interested parties to present arguments both for
and against the issuance of the Bonds; and
WHERF~S, it is intended that this resolution shall constitute the approval of the issuance of
the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement; now,
therefore, be it
RESOLVED by the Danville Town Council as follows:
1. The above recitals are true and correct.
The Council hereby approves the issuance of the Bonds by the Authority. It is the
purpose and intent of the Town Council that this resolution constitute approval of
the Bonds for the purposes of (a) section 147(f) of the Code by the elected
representative of the governmental unit having jurisdiction over the area in which the
project is located, and (b) Section 9 of the Agreement.
3. The Town Manager is hereby authorized and directed to do any and all things and
to execute and deliver any and all documents that are necessary or advisable to carry
out, give effect to and comply with the terms and intent of this resolution and the
financing approved hereby.
4. This resolution shall take effect immediately upon its passage.
APPROVED by the Danville Town Council at a Regular Meeting on April 1, 1997, by the
following vote:
AYES: Doyle, Waldo, Arnerich, Greenberg, Shimansky
NOES: None
N
ABSTAIN: None ~~,~ X~-~ ...... -.% /--,~
ABSENT: None ' ~f, i ....-, ~.~-.
MAYOR -2,
APPROVED AS TO FORM:
CITY ATTORNEY ~" CITY CLERK
PAGE 2 OF RESOLUTION NO. 49-97