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RESOLUTION NO. RES-22-0021
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LONG BEACH, CALIFORNIA APPROVING,
AUTHORIZING AND DIRECTING EXECUTION OF A JOINT
EXERCISE OF POWERS AGREEMENT RELATING TO THE
CALIFORNIA COMMUNITY HOUSING AGENCY, AND THE
FORM OF A PUBLIC BENEFIT AGREEMENT; AND
APPROVING THE ISSUANCE OF REVENUE BONDS BY
THE AGENCY FOR THE PURPOSE OF FINANCING THE
ACQUISITION, CONSTRUCTION OR IMPROVEMENT OF
PROJECTS LISTED HEREIN
WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), certain public agencies (the "Members") have entered into a Joint Exercise of Powers Agreement Relating to the California Community Housing Agency, dated as of January 29, 2019 (as amended, the "Agreement"), in order to form the California Community Housing Agency (the "Agency"), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members or granted by the Act, including by the issuance of bonds, notes or other evidences of indebtedness; and
WHEREAS, the City of Long Beach (the "City"), has determined that it is in the public interest and for the public benefit that the City become an Additional Member of the Agency pursuant to Section 12 of the Agreement in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefor by the Agency; and
WHEREAS, the Agreement has been filed with the City, and the members of the City Counc.il of the City (the "City Council"), with the assistance of its staff, have 1 RFA:bg A21-04551
Resolution - PLENARY.docx
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1 reviewed said document; and
2 WHEREAS, the Agency is authorized to issue and sell revenue bonds for the 3 purpose, among others, of financing or refinancing the construction, acquisition and 4 rehabilitation of capital projects; and
5 WHEREAS, the Agency proposes to issue revenue bonds (the "Bonds") to 6 finance the acquisition, construction, development and certain related costs of a 580 -unit 7 multifamily housing property within the City located at 321 West Ocean Boulevard (the 8 "Project"); and
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WHEREAS, the Agency proposes to grant to the City in connection with the financing of the Project the right to cause the Agency to sell such Project to the City or its designee, starting upon the date fifteen (15) years from the issuance of the Bonds pursuant to a Public Benefit Agreement (the "Public Benefit Agreement"), by and between the Agency and the City, substantially in the form which has been filed with the City Council, subject to insertion of such non-material modifications as have been approved by the City Manager and approved as to form by the City Attorney; and WHEREAS, it is in the public interest and for the public benefit that the City Council approve the issuance of the Bonds by the Agency for the aforesaid purposes; and WHEREAS, Section 3.A of the Agreement and Section 650 8.1 of the California Government Code expressly provide that the Agency's "debts, liabilities and obligations do not constitute debts, liabilities, or obligations of any Members"; 21 NOW, THEREFORE, the City Council of the City of Long Beach resolves as 22 follows:
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Section 1. The foregoing recitals are true and correct.
Section 2. The City hereby requests to become an Additional Member of 25 the Agency pursuant to Section 12 of the Agreement. The Agreement is hereby approved 26 and the City Manager or the designee thereof is hereby authorized and directed to execute 27 said document.
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1 Section 3. The proposed form of Public Benefit Agreement on file with the 2 City is hereby approved. In connection with the Project, the City Manager or the designee 3 thereof is hereby authorized and directed to execute an agreement in substan tially said 4 form, subject to insertion of such non-material changes therein as such officer executing 5 the same may deem consistent with this Resolution and its basic purpose, and subject to 6 the approval as to form of the City Attorney, such approval to be conclusively evidenced 7 by the execution and delivery thereof.
8 Section 4. The City Council hereby approves the issuance of Bonds by the 9 Agency to finance the Project.
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Section 5. The issuance of Bonds shall be subject to the approval of the Agency of all financing documents relating thereto to which the Agency is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds.
Section 6. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct any Project or any refinancing of any Project; (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, rehabilitation or operation of any Project; (iii) make any contribution or advance any funds whatsoever to the Agency; or (iv) except as provided in this Resolution, take any further action with respect to the Agency or its membership 20 therein.
21 Section 7. The executing officers( s) and all other proper officers and 22 officials of the City are hereby authorized and directed to execute such other agreements, 23 documents and certificates, and to perform such other acts and deeds, as may be 24 necessary or convenient to effect the purposes of this Resolution and the transactions 25 herein authorized.
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1 Section 8. The City Clerk shall forward a certified copy of this Resolution 2 and an originally executed Agreement to the Agency:
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California Community Housing Agency
1400 W. Lacey Boulevard
Hanford, California 93230
Attention: Michael LaPierre
Section 9. This resolution shall take effect immediately upon its adoption by the City Council, and the City Clerk shall certify the vote adopting this resolution.
I hereby certify that the foregoing resolution was adopted by the City Council of the City of Long Beach at its meeting of _____ F _e _br_ u_ a-= ry_1 ___ , 2022 by the following vote:
Ayes: Councilmembers:
Noes: Councilmembers:
Absent: Councilmembers:
Recusal(s): Councilmembers:
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Zendejas, Allen, Price, Supernaw,
Mungo, Saro, Uranga, Austin,
Richardson.
None.
None.
None.
ciCierk
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