Resolution 13623CITY OF ALAMEDA RESOLUTION NO. 13 6 2 3
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 Government Code
Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement "), among certain local agencies
throughout the State of California, including the City of Alameda (the "City"), to issue revenue
bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety
Code for the purpose of financing multifamily rental housing projects; and
WHEREAS, OSL of Alameda, LLC, a California limited liability company
(collectively, with any related entity, the "Borrower ") has requested that the Authority issue
multifamily housing revenue bonds in an aggregate principal amount not to exceed $15,000,000
(the "Bonds ") for the purpose of providing financing for the construction and development of a
98 -unit multifamily residential rental project located at 2415 Mariner Square, Alameda,
California, and generally known as OSL of Alameda; and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (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 unit 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, the members of this City Council (this "Council ") are the applicable
elected representatives of the City; 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 the date hereof; and
WHEREAS, such public hearing was conducted on said date 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, 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.
Alameda that:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
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 of the Council that this resolution constitute approval of
the Bonds for the purposes of (a) Section 147(f) of the Code 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 terms and
intent of this resolution and the financing approved hereby.
BE IT FURTHER RESOLVED that 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:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94
I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly
adopted and passed by the Council of the City of Alameda in a regular meeting assembled on the 5th
day of August, 2003, by the following vote to wit:
AYES: Councilmembers Daysog, Kerr, Matarrese, and Mayor Johnson - 4.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City this
6th day of August, 2003.
Lara Weisiger, City Cle
City of Alameda