CC Resolution 1993-100^!F RESOLUTION 93 100
A RESOLUTION OF THE CITY COUNCIL OF ThE CITY OF LA
QUINTA DETERMINING THE NECESSITY TO PROVIDE
FINANCING FOR THE SALE OF CONSTRUCTION FINANCING
AND/OR MORTGAGE REVENUE BONDS LA QUINTA VILLAGE)
WHEREAS, the City of La Quinta the City") is authorized by the provisions
of Health and Safety Code Section 52000 etseu. the Act") to issue and sell construction
financing and/or mortgage revenue bonds for the purpose of making loans or otherwise
providing funds to finance the development of multi-family residential rental housing projects,
including units for households meeting the income limits set forth in the Act; and,
WHEREAS, Amcor Realty Fund III and AAA Housing Partners, ajoint venture
the *Developer") has requested the City to issue and sell its revenue bonds pursuant to the Act
to provide financing for the acquisition of certain land and/or the construction of a certain multi-
family R-2 housing development comprising approximately 116 units to be located on the
northwest corner of Calle Tampico and Washington Street in the City the Project"); and,
WHEREAS, the Project will be of benefit to the City and its residents; and,
WHEREAS, as an inducement to the Developer to carry out the Project, the City
desires to authorize the issuance of bonds in the approximate principal amount not to exceed
$5,000,000; and,
WHEREAS, Section 146 of the Internal Revenue Code of 1986 lImits the amount
of multi*f*imily housing revenue bonds that may be issued in any calendar year by entities within
a state and authorizes the govei *i*r or the legislature of a state to provide the method of
allocation within the state; and,
WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of
the State of California the Govei*ment Code") governs the allocation of the state ceiling
among governmental units in the State of California having the authority to issue multi-family
housing revenue bonds; and,
WHEREAS, Section 8869.85 of the Government Code requires a local agency to
file an application with the California Debt Limit Allocation Committee prior to the issuance of
multi-family housing revenue bonds.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City hereby determines that it is necessary and desirable to provide financing for the
Project by the issuance and sale of construction financing and/or mortgage revenue bonds
pursuant to the Act and hereby authorizes the issuance and sale of such bonds in a
principal amount not to exceed $5,000,000. This action is taken expressly for the
purpose of inducing the Developer, or its successors or assigns, or such other person or
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^!FReso1*tion 93-100
entity designated by this City Council, to undertake the Prc*ject, provided that nothing
contained herein shall be construed to signify that the Project complies with the planning,
zoning, subdivision, and bu*lding law* L*id ordin*i**s applicable theicto i)r to sugg*t
that the City or any officer, agent, or employee of the r.i* will Eraflt a;*y approval,
consent or permit which may be i*uired in connection with the development of the
Proj***t.
2. The isSUance and sale of the bonds shall be upon such terms and conditions as n*ay be
agreed upon by the City, the Developer,and the initi*9l purc*aser* of the bnnds; provided.
ho"'*yer, that the bond'* shall not be so7'*,'* or issued *fljCS5 specifically *;*t*3riZ* by LIie
subsequent resolution of this City Council
3. The City Manager or his designee is hereby authorized and directed to prepare and
submit an application, and such other documents as may be required, to the California
Debt T;u*init Allocation Committee for an allocation of authority to issue construction
financing and/or mortgage revenu* bonds in an amount no* LO exceed $5,OO*,C*OO, to
collect from the Developer and place into an escrow account an amount equal to one
percent 1 %) of the requested allocation, and to certify to the California Debt Limit
Allocation Committee as to the placement into escrow of such amount.
4. The City Manager or his designee is hereby authorized and directed to take whatever
further action, relating to the aforesaid financial assistance, may be deemed reasonable
and de*imble, provided that the terms and conditions under which the bond* are issued
and sold must be approved by this City Council in the manner provided by law prior to
the *1(* thereof.
5. This resolution shall take effect im*ediatcly *poi* its adoptior..
PA**ED, APPRC','*D, qp4 ADOPTED at a iegular meeting of thc La Quinta
City Coun*iI * * +his 7th day of flecember, 1993, by the following vote, to wit
AYES: Council Members Bangerter, McCartney, Mayor Pena
NOES: Council Members Perkins, Sniff
ABSENT: None
ABSTAIN: None
JOHN PE A, yor
City of La Quinta, California
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^!F Reso*ution 93-100
3NDRA L. JUHOLK, City Clerk
City of La Quinta, California
APPROVED AS TO FORM
l*
DAWN HONEYWELL, *ity Attorney
City of La Quinta, California
*
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