RESOLUTION NO. ____________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE HOUSING AUTHORITY OF THE COUNTY OF KERN PLAN
OF FINANCE FOR THE ISSUANCE OF REVENUE BONDS (NOT TO EXCEED $5.5 MILLION) FOR THE ACQUISITION AND REHABILITATION OF MULTI- FAMILY HOUSING AT 1015 BAKER STREET
WHEREAS, the Housing Authority of the County of Kern (the “Authority”) is authorized pursuant to the provisions of Chapter 1 of Part 2 of Division 24 of the California Health and Safety Code to issue revenue bonds for the purpose of financing rental housing projects; and
WHEREAS, the Authority proposes to undertake a plan of finance to issue its multifamily housing revenue bonds in one or more series from time to time in an aggregate principal amount not to exceed $ 5,500,000 outstanding at any one time (the “Housing Authority Bonds”) for the purpose of financing the acquisition and rehabilitation of 37-units of multi-family rental housing known as Baker Street Village RAD, located at 1015 Baker Street and 711 Lake Street, on the east side of Baker Street between Lake Street and Kentucky Street within the City of Bakersfield, California (the “Project”); and
WHEREAS, proceeds of the Housing Authority Bonds are expected by the Authority to be used to make a loan to a to -be-formed limited partnership tentatively named Baker Street Village RAD LP, a California limited partnership, the proposed owner and operator of the Project (the “Owner”), the general partners of which will tentatively include GEAHI Baker Street Village RAD LLC (controlled by Golden Empire Affordable Housing, Inc.), as the managing general partner of the Owner, and Kern Baker Street Village RAD LLC (controlled by the Authority), as the administrative general partner of the Owner , to finance the acquisition and rehabilitation of the Project; and
WHEREAS, the Housing Authority Bonds will be qualified “private activity bonds” for purposes of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, pursuant to Section 147(f) of the Code, the proposed plan for the issuance of private activity bonds to finance the Project is required to be approved by the “applicable elected representative” of the governmental unit having jurisdiction over the area in which the facility financed by such bonds is to be located, after a public hearing held following reasonable public notice (collectively, the “TEFRA Actions”); and
WHEREAS, the Project is located in the City of Bakersfield (the “City”) and the members of the City Council (“City Council”) are the applicable elected representatives of the City; and
WHEREAS, there has been published, at least 7 days prior to the date hereof, a notice on the public City website that a public hearing regarding the plan for the proposed issuance of the Housing Authority Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on the date hereof by this City Council, at which time an opportunity was provided to interested parties to be heard with respect to the proposed plan for the issuance of the Housing Authority Bonds and financing of the Project; and
WHEREAS, the City shall not have any liability for the repayment of the Housing Authority Bonds or any responsibility for the Project; and WHEREAS, it is intended that this resolution shall constitute the approval of the proposed plan for the issuance of the Housing Authority Bonds required by Section 147(f) of the Code.
NOW, THEREFORE, BE RESOLVED by the City Council of the City of Bakersfield as follows:
1. The City Council finds and declares that the foregoing recitals are true and correct and are incorporated herein by reference.
2. Approval of Plan of Finance for the Issuance of Housing Authority Bonds.
This City Council hereby approves the proposed plan for the issuance of the Housing Authority Bonds by the Authority for the purposes of financing the Project . It is the purpose and intent of this City Council that this resolution constitutes approval of the proposed plan for the issuance of the Housing Authority Bonds for the purposes of Section 147(f) of the Code.
3. No City Liability for Authority Bonds. The issuance of the Housing Authority Bonds shall be subject to the approval by the Authority of all financing documents relating thereto to which the Authority is a party.
The City shall have no responsibility or liability whatsoever with respect to the Housing Authority Bonds.
4. No City Responsibility for Project. The adoption of this resolution shall not obligate the City or any department thereof to:
i. Provide any financing to acquire, rehabilitate, or otherwise finance the Project or any refinancing of the Project, as a result of the TEFRA Actions;
ii. Approve any application or request for or take any other action in connection with any planning approval, permit, or other action necessary for the acquisition, construction, or operation of the Project;
iii. Make any contribution or advance any funds whatsoever to the Authority; or
iv. Take any further action with respect to the Authority, its issuance of the Housing Authority Bonds, or its acquisition, rehabilitation, or operation of the Project.
5. Effective Date. This resolution shall take effect immediately upon its passage.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a regular meeting thereof held on _______________________________________ by the following vote:
AYES: COUNCILMEMBER ARIAS, GONZALES, WEIR, SMITH, KOMAN, BASHIRTASH, KAUR NOES: COUNCILMEMBER _______________________________________________________________ ABSTAIN: COUNCILMEMBER _______________________________________________________________ ABSENT: COUNCILMEMBER _______________________________________________________________
______________________________________
JULIE DRIMAKIS, MMC
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED ______________
By: _________________________________________
KAREN GOH
Mayor
APPROVED AS TO FORM:
By: _________________________________________
VIRGINIA GENNARO
City Attorney