CC Resolution 2007-061
RESOLUTION NO. 2007-061
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA GUINTA, CALIFORNIA, APPROVING THE ISSUANCE
OF TAX-EXEMPT OBLIGATIONS IN AN AMOUNT NOT
TO EXCEED $50,000,000 BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY TO FINANCE THE
CONSTRUCTION OF TWO HUNDRED EIGHTEEN (218)
AFFORDABLE APARTMENT UNITS WITHIN THE CITY OF
LA GUINTA
WHEREAS, the California Municipal Finance Authority, a public entity of the
State of California and a Joint Powers Authority("CMFA"), intends to issue tax-
exempt obligations in a amount principal amount not expected to exceed
$50,000,000 (the "Obligations") for the purpose, among other things, of making a
loan to Coachella Valley Housing Coalition, a California nonprofit public benefit
corporation, on behalf of a limited partnership or limited liability company to be
formed by Coachella Valley Housing Coalition (the "Developer"). the proceeds of
which shall be used by the Developer to finance the acquisition, construction and
development of a multifamily housing rental facility to be located at the Northwest
corner of Avenue 48 and Dune Palms Road in the City of La Quinta, California and
to be known as the La Quinta Dune Palms Apartments (the "Development"); and
WHEREAS, the CMFA is authorized by Chapter 7 of Part 5 of Division 31 of
the Healtlil and Safety Code of the State of California (the "Law") to issue and sell
revenue bonds for the purpose of financing the acquisition, construction and
development of multifamily rental housing facilities to be occupied in part by low-
and very low-income tenants; and
WHEREAS, the Obligations will be considered to be "qualified exempt facility
bonds" under Section 142(a) of the Internal Revenue Code of 1986, as amended
(the "Code"). and Section 147(f) of the Code requires that the "applicable elected
representative", which is the City Council of the City of La Quinta, shall hold a
public hearing on and approve the issuance of the Obligations; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, a notice of public hearing was published in a newspaper of
general ci!rculation in the City, to the effect that a public hearing would be held by
this City Council on the date hereof regarding the issuance of the Obligations by
the CMFA and the nature and location of the Development; and
Resolution No. 2007-061
Tax-Exempt Obligations - TEFRA
Adopted: July 3. 2007
Page 2
WHEREAS, this City Council held said public hearing, at which time an
opportunity was provided to present arguments both for and against the issuance
of such Bonds and the nature and location of the Development; and
WHEREAS, it is in the public interest and for the public benefit that the City
approve the issuance and delivery of the Obligations by CMFA for the purpose of
financing the acquisition, construction and development of the Development; and
WHEREAS, the City shall not have any liability for the repayment of the
Obligations or any responsibility for the Development.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the
City of La Quinta, California, as follows:
1. The City hereby finds and determines that the foregoing recitals are
true and correct.
2. The City hereby approves the issuance and delivery of the Obligations
by CMFA for the purpose of paying the costs of financing the acquisition,
construction and development of said Development.
3. The adoption of this Resolution shall not bind the City or CMFA to
issue the Obligations. Additionally, the adoption of this Resolution does not and
shall not limit in any manner whatever the full discretion of the City to deny any
further permit or approval that may be necessary for ultimate completion of the
proposed Development.
4. This Resolution shall take effect upon its adoption.
. PASSED, APPROVED, and ADOPTED at a regular meeting of the
La Quinta City Council held on this 3rd day of July, 2007, by the following vote, to
wit:
AYES: Council Members Henderson, Kirk, Osborne, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
Resolution Nd. 2.007-061
Tax..Exempt Obligations - TEFRA
Adopted: Jul~ 3. 2007
Pege 3
ATTEST:
~~
~~ONlaA
City of L~ uinta, California
(CITY SEAL)
APPROVED AS TO FORM:
~_.
ON, City Attorney
alifornia