Resolution No. 5853213
RESOLUTION NO. 5853
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS CONSENTING TO
THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE
OF FINANCING THE ACQUISITION AND REHABILITATION OF THE CYPRESS
SUNRISE APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the
"Authority ") is authorized by the laws of the State of California (the "Law ") to execute and
deliver multifamily housing revenue obligations for the purpose of financing the acquisition,
construction and rehabilitation of multifamily residential rental facilities located within the area
of operation of the Authority which are to be occupied, in part, by very low and low income
tenants; and
WHEREAS, National Church Residences, a nonprofit public benefit corporation, or a
limited liability company or limited partnership to be formed by National Church Residences (the
"Borrower") has requested the Authority to issue and deliver multifamily housing revenue
obligations in the anticipated principal amount of $6,000,000 (the "Obligations "), the proceeds of
which may only be used for the purpose of financing the acquisition and rehabilitation of a 75-
unit multifamily residential rental facility commonly known as the Cypress Sunrise Apartments
which is located at 9151 Grindlay Street in the City of Cypress, California (the "Project"); and
WHEREAS, the Obligations which are expected to be issued and delivered to finance the
acquisition and rehabilitation of the Project would be considered "qualified exempt facility
bonds" under Section 142 (a) of the Internal revenue Code of 1986, as amended (the "Code ");
and
WHEREAS, Section 147(0 of the Code requires that the "applicable elected
representative" with respect to the Project hold a noticed public hearing on the issuance and
delivery of the Obligations; and
WHEREAS, the City Council of the City of Cypress, as the "applicable elected
representatives," held said public hearing on May 23, 2005, at which public hearing all those
interest in speaking with respect to the proposed financing of the Project were heard.
NOW, THEREFORE, the City Council of the City of Cypress hereby finds, resolves,
determines, and orders as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true
and correct and are incorporated herein and made a part hereof.
2. For purposes of the requirements of the Code only, the City Council hereby
approves the proposed financing of the Project by the Authority with the proceeds of the
Obligations.
3. The issuance and delivery of the Obligations shall be subject to the approval of
and execution by the Authority of all financing documents relating thereto to which the Authority
is a party and subject to the sale of the Obligations by the Authority.
4. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the Code and shall not be construed in any other manner, neither the City nor its
staff have reviewed or considered the financial feasibility of the Project or the expected financing
or operation of the Project, including but not limited to with regards to any State of California
statutory requirements, and the adoption of this Resolution and the approval by the City set forth
herein shall not obligate (i) the City to provide financing to the Borrower for the acquisition,
rehabilitation and development of the Project or to issue the Obligations for purposes of such
financing; (ii) the City to provide any payment, repayment, funding, or refunding of any of the
Obligations or any debt service on such Obligations; or (iii) the City, of or any department of the
City, to approve any application or request for, or take any other action in connection with, any
environmental, General Plan, zoning or any permit or other action necessary for the acquisition,
rehabilitation, development, or operation of the Project.
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5. The City Clerk of the City shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the public hearing notice to:
Thomas A. Downey
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
6. This resolution shall take effect upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular meeting
held on the 23rd day of May, 2005.
ATTEST:
jtt /A
Y CLE • OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
74% /
MAYOR OF THE CITY OF CYPRESS
I, Jill R. Guertin, City Clerk of the City of Cypress, DO HEREBY CERTIFY that the
foregoing Resolution was duly adopted at a regular meeting of the said City Council held on the
23rd day of May, 2005, by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: McCoy, Seymore, Sondhi and McGill
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Luebben
41k4
Y CLERK OF THE CITY OF CYPRESS