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HomeMy WebLinkAboutResolution No. 7624RESOLUTION NO. 7624 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZING SALE OF NOT TO EXCEED$21,090,000 PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING REVENUE BONDS (PACIFIC GLEN APARTMENTS PROTECT), SERIES 1985, APPROVING RELATED DOCUMENTS AND OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTION. WHEREAS, the City of Azusa (the "City") proposed to issue its City of Azusa, California Multifamily Housing Revenue Bonds (Pacific Glen Apartments Project), Series 1985 (the "Bonds"), in the aggregate principal amount of not to exceed $21,090,000, under and pursuant to Chapter 7,'Part 5 of Division 31 of the California Health and Safety Code, in order to provide financing to Lincoln Pacific, A California Limited Partnership (the "Developer") for the acquisition and construction of a multifamily residential rental project (the "Project") to be located at the northwest corner of Citrus and Alsota in the City; and WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust (the "Indenture"), dated as of January 1, 1985, between the City and Manufacturers Hanover Trust Company as trustee (the "Trustee"); and WHEREAS, pursuant to the terms of a proposed Regulatory Agreement and Declaration of Restrictive Covenants dated as of January 1, 1985, among the, City, the Trustee and the Developer (the "Regulatory Agreement"), at least 20% of the dwelling units in the Project are required to be leased or rented to persons or families of low or moderate income; and WHEREAS, the proceeds of the Bonds are to be loaned to the Developer under a Loan Agreement dated as of January 1, 1985, by and between the City and the Developer (the "Loan Agreement") pursuant to which the City has agreed to lend the proceeds of the Bonds to the Developer to enable the Developer to finance the Project; and WHEREAS, Newman & Associates Inc., as underwriter (the "Underwriter") intends to submit an offer to purchase the Bonds; and WHEREAS, the City approves of said transactions in the public interests of the City; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Azusa as follows: Section 1. Findings and Declarations. The City Council hereby finds and declares that the financing of the Project from the proceeds of the Bonds as herein described serves the public purposes of assisting persons and families of low and moderate income within the City to afford the costs of 0 0 0 0 decent, safe and sanitary housing, and that it is not feasible to reserve any units in the Project on a priority basis for persons or families whose income does not exceed 50% of the median adjusted gross income. The City Council further hereby finds and declares that this resolution is adopted pursuant to the powers granted by Part 5 of Division 31 of the California Health and Safety Code and, in particular, Chapter 7 thereof. Section 2. Issuance and Sale of Bonds. The City Council hereby authorizes the issuance of the Bonds pursuant to and in accordance with the terms and provisions of the Indenture, all of which terms and provisions are incorporated herein by reference. The Bonds are hereby authorized to be sold to the Underwriter pursuant to and in accordance with the terms of an agreement (the "Bond Purchase Agreement") in substantially the form on file with the City Clerk, by and between the City and the Underwriter. The City Manager is hereby authorized and directed to approve the terms of and accept an offer to purchase the Bonds which is acceptable to the City Manager, and to execute the Bond Purchase Agreement for and in the name and on behalf of the City; provided that the rate of interest with respect to the Bonds shall not exceed eleven and one-half percent (11-1/2%) per annum and the Bonds shall be sold to the Underwriter for a price of not less than ninety-five percent (95%) of the par amount thereof. Section 3. Indenture. The Indenture, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the City Manager upon the advice of bond counsel, is hereby approved. The Mayor and the City Clerk are hereby authorized and directed to execute and deliver the Indenture for and in the name and on behalf of the City. Section 4. Loan Agreement. The Loan Agreement, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the City Manager upon the advice of bond counsel, is hereby approved. The Mayor and the City Clerk are hereby authorized and directed to execute and deliver the Loan Agreement for and in the name and on behalf of the City. Section 5. Regulatory Agreement. The Regulatory Agreement, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the City Manager upon the advice of bond counsel, is hereby approved. The Mayor and the City Clerk are hereby authorized and directed to execute and deliver the Regulatory Agreement for and in the name and on behalf of the City. Section 6. Official Statement. The final official statement relating to the_ ­Bonds, to be dated as of the date of the Bond Purchase Agreement, substantially in the form presented at this meeting, is hereby approved and the Mayor of the City is hereby authorized and directed to execute said official statement for and in the name and on behalf of the City, and to approve any additions to or changes in the form of said official statement as the Mayor may deem necessary or advisable, such approval to be conclusively 2 evidenced by the execution of said official statement as so added to or changed. The Underwriter is hereby authorized to distribute copies of said official statement (as so added to or changed) in connection with its reoffering and resale of the Bonds. Distribution by the Underwriter of the preliminary official statement relating to the Bonds is hereby approved, confirmed and ratified. Section 7. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Mayor, the City Clerk, the Finance Director, the City Manager, the City Attorney and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions relating to the execution and delivery of any and all certificates, requisitions, agreements and other documents, including but not limited to those described in the Bond Purchase Agreement, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Bond Purchase Agreement, the Indenture and this resolution. Section 8. Effective Date. This resolution shall take effect from and after its —adoption.— PASSED doption.PASSED AND ADOPTED by the City Council of the City of Azusa, at a regular meeting thereof held on the 17th day of December, 1984, by the following roll call vote: AYES: Councilmembers:` CRUZ, COOK, CAMARENA, LATTA, MOSES NOES: Councilmembers: NONE ABSENT: Councilmembers: NONE Attest: City C erk Mayor