CC Resolution 8807
RESOLUTION NO. 8807
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF CAMPBELL
APPROVING THE ISSUANCE OF NOT TO EXCEED $50,000,000
AGGREGATE PRINCIPAL AMOUNT OF
MULTI-FAMILY HOUSING REVENUE BONDS
WHEREAS, the California Statewide Communities
Development Authority (the "Issuer"), has proposed to issue an
amount not to exceed $50,000,000 aggregate principal amount of
Revenue Bonds (the "Bonds") pursuant to Part 5, commencing with
Section 52000 of the Health and Safety Code of the State of
California, as amended and supplemented; and
WHEREAS, the project to be financed by the Bonds
consists of costs associated with the construction,
rehabilitation and purchase of real and personal property to be
used as a mUlti-family rental housing project located in the City
of Campbell, together with related financing costs (the
"Project") as described in written materials presented to this
meeting; and
WHEREAS, the Issuer has requested that the City Council
of the city of Campbell (the "City"), approve the issuance of the
Bonds in order to satisfy the public approval requirement of
Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code") and the requirements of section 9 of the Amended and
Restated Joint Exercise of Powers Agreement (the "Agreement"),
dated as of June 1, 1988, among certain local agencies, including
the City; and
WHEREAS, the city has held a public hearing on April
18, 1995, providing a reasonable opportunity for persons to
comment on the issuance of the Bonds and the location of the
Project; and
WHEREAS, 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 City Council of
the City, that the issuance of the Bonds is hereby approved for
the purposes of Section 147(f) of the Code and Section 9 of the
Agreement.
RESOLVED FURTHER, for purposes of Section 9 of the
Agreement, the City Council's approval of issuance of the Bonds
is conditioned upon satisfaction and observance of the conditions
set forth in Exhibit A attached to this Resolution and
incorporated in this Resolution by this reference.
LAl-98295.1
40929-64-JKZ-03/30/95
RESOLVED FURTHER, the city Clerk shall certify the
adoption of this Resolution, and thenceforth and thereafter the
same shall be in full force and effect.
RESOLVED FURTHER, the city Clerk shall forward a
certified copy of this Resolution to the following:
william W. Bothwell, Esq.
orrick, Herrington & Sutcliffe
777 South Figueroa street, suite 3200
Los Angeles, California 90017
THE FOREGOING RESOLUTION was approved and adopted by
the City Council of the City of Campbell this 18th day of April,
1995 by the following vote:
AYES:
Councilmembers:
Watson, Dougherty, Conant, Burr
NOES:
Councilmembers:
None
ABSENT: Councilmembers:
Wilkinson
APPROVED:
---~~~~
Donald R. Burr, Mayor
ATTEST:
tL-~
Anne Bybee, City Clerk
EXHIBIT A
CONDITIONS OF APPROVAL
The city Council's approval of issuance of the Bonds is
conditioned upon satisfaction and observance of the following:
1. The indenture, loan agreement, regulatory agreement and
other agreements and documents executed by the Issuer and/or
Project owner (the "Owner") in connection with issuance of the
Bonds and the loan to the Owner of the net Bond proceeds, as well
as any subordination agreement required to be executed by the
City of Campbell Redevelopment Agency (the "Agency") in favor of
the credit enhancer for the Bonds (collectively, the "Bond
Documents") shall be subject to the reasonable review and
approval by the City Manager to ensure that the Bond Documents
are consistent with, and do not materially adversely affect or
impair the rights and expectations of the Agency under, the terms
of the Owner Participation Agreement between the Agency and the
Owner dated as of July 5, 1994.
2. The method of housing affordability compliance and
monitoring and the identity of the monitoring agent for such
housing affordability compliance in connection with the Bonds(and
any change in such method or monitoring agent from time to time)
shall be subject to the reasonable approval of the City Manager.
3. In amplification of the Agreement as it relates to the
Bonds, the Bonds shall be payable solely from amounts pledged
under the Bond Documents and will not be deemed to constitute a
debt or liability of the City or the Agency. The Owner shall be
the sole party liable for the payment (either directly or
indirectly) of the Bonds and all costs of issuing the Bonds, and
shall hold the City, the Agency, and their representatives
harmless from any liability with respect to the Bonds.
4. without limiting the generality of Condition #3, the
Owner shall pay the costs of the City's financial advisor and the
City's legal counsel in connection with review of the Bond
Documents and related matters as provided in the letter from the
City's financial advisor and legal counsel of March 24, 1995, as
countersigned by the Owner.
103003.P50
03/28/95