Resolution 1999-54
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RESOLUTION NO, 99 54
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Govemment Code Section 6500
et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
J1llle I, 1988 (the "Agreement"), among certain local agencies throughout the State of California,
including the City of Gilroy (the "City"), to issue revenue bonds in accordance with Chapter 7 of
Part 5 of Division 31 of the Califomia Health and Safety Code for the purpose of financing
multifamily rental housing projects; and
WHEREAS, TRI Capital Corporation (collectively, with any related entity, the
"Borrower") has requested that the Authority issue multifamily housing revenues bonds in an
aggregate principal am01lllt not to exceed $8,000,000 (the "Bonds") for the purpose of providing
financing for the acquisition and rehabilitation of an approximately 70-1lllit multifamily residential
rental located at 1055 Montebello Drive, Gilroy, California; and
WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
Revenue Code of1986 (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
1lllit 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 City, a notice that a public hearing regarding the Bonds
would be held on J1llle 7, 1999, which hearing was opened and continued for further hearing to June
14,1999;and
WHEREAS, such public hearings were conducted on said dates by the City
Council, at which time an opportunity was provided to interested parties to present arguments both
for and against the issuance of the Bonds; and
WHEREAS, the members of this City Council (this "Council") are the applicable
elected representatives of the City; and
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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 my COUNCIL OF THE
CITY OF GILROY AS FOLLOWS:
Section 1.
The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent ofthe Council that this resolution constitute approval of the
Bonds for the purposes of (a) Section 147(1) of the Code by the applicable elected representative of
the governmental wilt having jurisdiction over the area in which the project is located, in
accordance with said Section 147(f), and (b) Section 9 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver any and all documents that they
deem necessary or advisable in order to carry out, give effect to and comply with the tenns and
intent of this resolution and the financing approved hereby.
Section 4, The City Clerk of the City shall forward a certified copy of this
Resolution and a copy of the affidavit of publication of the hearing notice to:
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5.
This resolution shall take effect immediately upon its passage.
RESOLUTION NO. 99-54
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ADOPTED by the City Council of the City of Gilroy at an adjourned regular
meeting of said Council held on the 14th day of June, 1999, by the following vote:
AYES:
COUNCILMEMBERS: Arellano, Morales, Rowlison, Springer, Sudol,
and Gilroy
COUNCILMEMBERS: None
NOES:
ABSENT:
COUNCILMEMBERS: Gifford
ATTEST:
K.
GILROY
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. City' Clerk
RHONDA PELLIN
RESOLUTION NO. 99-54
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I, RHONDA PELLIN, City Clerk of the City of Gilroy, do hereby certifY that the attached
Resolution No. 99-54 is an original resolution, duly adopted by the Council of the City of Gilroy
at an adjourned regular meeting of said Council held on the 14th day of June, 1999, at which
meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of
the City of Gilroy this 17th day ofJune, 1999.
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City Clerk of the City of Gilroy
(Seal)