HomeMy WebLinkAboutCC Reso No 1999-48RESOLUTION NO. 99 - 48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE
APPROVING THE REFUNDING OF NOT TO EXCEED $5,000,000 AGGREGATE
PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING REVENUE BONDS.
WIIEREAS, the Lakeside Apartments located at 15195 Lincoln in the City of Lake Elsinore (the
"Project") consists of 124 multifamily dwelling units; and
WHEREAS, the owner of the Project, Steadfast LSA, LLC ("Steadfast"), has requested the
refunding of the Redevelopment Agency of the City of Lake Elsinore Multifamily Housing Revenue Bonds
1985 Series A(the "1985 Bonds"). Steadfast proposes that the Redevelopment Agency issue refunding
bonds in an amount not to exceed $5,000,000 (the "Refunding Bonds"); and
WHEREA5, the City Council of the City of Lake Elsinore (the "City") must approve the issuance
of the Refund'mg Bonds in order to satisfy the public approval requirement of Section 147( fl of the Internal
Revenue Code of 1986, as amended (the "Code"); and
WI3~REAS, the City has held a public hearing providing a reasonable opportunity for persons to
comment on the issuance of the Refixnding Bonds; and
WHEREA5, it is intended that this resolution shall constitute the approval of the issuance of the
Refunding Bonds required by Section 147(fl of the Code; provided, however, that this approval is
conditioned on the requirement that the following be included in the financing documents prepared in
connection with the issuance of the Refunding Bonds:(i) Steadfast agrees to enroll the Project as a
participant in the City's Crime Free Multi-Family Housing Program; (ii) the City be named as a beneficiary
to the affordable housing covenants contained in the applicable regulatory agreement recorded against the
Project in connection with the issuance of the Refixnding Bonds; (iii) an acceptable annual administration
fee to be paid by the borrower to the City; and (iv) a commitment by Steadfast to complete the rehabilitation
of the Project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES
RESOLVE AS FOLLOWS:
Section 1. The City Council of the City of Lake Elsinore hereby approves the issuance of the
Refunding Bonds for the purposes of Section 147(fl of the Code.
Section 2. The City Clerk of the City shall certify the adoption of this Resolution, and thenceforth
and thereafter the same sha11 be in full force and effect.
PASSED, APPROVED AND ADOPTED this 24th day of August, 1999.
AYES: COUNCILMEMBERS: BRINLEY, METZE, PAPE, SCHIFFNER,
KELLEY
NOES: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
G KELLEY, OR
AT°f ~ T:
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V1C rI KASAD, CITY CL RK
APPROVED AS TO
~
CITY ATTORNEY
STATE OF CALIFOIZNIA )
COLTNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE
ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted
by the City Council of the City of Lake Elsinore at a regular meeting of said
Council on the 24th day of August, 1999, and that it was so adopted by the
following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS
AF35T'A.IN: COUNCILMEMBERS
~
2)~.:.`~.'~J,
VICKI KASA.D, CITY CLERK
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORr]IA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
BRINLEY, METZE, PAPE,
SCHIFFNER, KELLLEY
NONE
NONE
NONE
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct
copy of Resolution No. 99-48 of said Council, and that the same has not been
amended or repealed.
_. A ED: September 22, 1999
VIC~~CITY CLERK
CITY OF LAKE ELSINORE
(SE~,1: j