CC Resolution No. 01-213RESOLUTION NO. 01-213
A RESOLUTION OF THE CITY OF CUPERTINO AUTHORIZING THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS TO
FINANCE A MULTIFAMILY RENTAL HOUSING PROJECT FOR
CUPERTINO COMMUNITY SERVICES, AND APPROVING RELATED
DOCUMENTS AND ACTIONS
RESOLVED, by the City Council of the City of Cupertino, California, as follows:
WHEREAS, the City of Cupertino (the "City") is authorized by Chapter 8 (commencing
with Section 52100) of Part 5 of Division 31 of the Health and Safety Code of the State of
California, as amended (the "Act") to issue revenue bonds and make loans to nonprofit
organizations of the proceeds of the bonds for the purpose of providing financing for the
development of multffamily rental housing facilities located within the City;
WHEREAS, the City Council hereby finds and declares that it is necessary, essential and
a public purpose for the City to engage in a program (the "Program") of financing the costs of
the acquisition and construction of multifamily rental housing, and has determined to issue its
City of Cupertino Multifamily Housing Revenue Bonds (Heart of Cupertino Project), Series
200lA (the "Bonds"), as authorized by the Act, in an amount not to exceed $1,600,000 for such
purpose pursuant to an Indenture of Trust (the "Indenture"), between the City and Cupertino
National Bank, as Bondowner Representative (the "Bondowner Representative"), and by
loaning (the "Loan") the proceeds of the Bonds to Cupertino Community Services, a California
nonprofit public benefit corporation (the "Borrower") pursuant to a loan agreement (the "Loan
Agreement") between the City and the Borrower for the purpose of financing the acquisition
and construction by the Borrower of 24 units of multifamily housing to be located at the 10114
and 10214 Vista Drive in the City (the "Project~'); and
WHEREAS, the City Council has held a duly noticed public hearing regarding the
financing, where all persons were given an opportunity to be heard regarding the financing of
the Project with the proceeds of the Bonds and the location, ownership and operation of the
Project; and
WHEREAS, all conditions, things and acts required to exist, to have happened and to
have been performed precedent to and in connection with the issuance of the Bonds, making of
the Loan and the implementation of the Program as contemplated by this Resolution and the
documents referred to herein exist, have happened and have been performed in due time, form
and manner as required by the laws of the State of California, including the Act.
NOW, THEREFORE, it is hereby DETERMINED and ORDERED as follows:
Section 1. The City Council hereby finds and declares that the above recitals are
true and correct.
Resolution No. 01-213
Section 6. The firm of E. Wagner & Associates, Inc. is hereby designated as financial
advisor to the City with respect to the Bonds, and the law firm of Quint & Thimmig LLP is
hereby designated as bond counsel to the City with respect to the Bonds. The fees and expenses
of such firms shall be payable solely from the proceeds of the Bonds or contributions by the
Borrower from its own funds or from other sources of funding available to Borrower.
Section 7. All actions heretofore taken by the officers and agents of the City with
respect to the establishment of the Program, the Bonds and the Loan are hereby approved,
confirmed and ratified, and the proper officers of the City are hereby authorized and directed,
for and in the name and on behalf of the City, to do any and all things and take any and all
actions and execute any and all certificates, agreements and other documents, which they, or
any of them, may deem necessary or advisable in order to consummate the lawful issuance of
the Bonds and the making of the Loan in accordance with this Resolution and resolutions
heretofore adopted by the City and in order to carry out the Program, including but not limited
to any certificates, agreements and documents described in the Indenture, the Loan Agreement
or the Regulatory Agreement.
Section 8. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 1st day of October, 2001, by the following vote:
Vote
Members of the City Council
AYES:
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
Bumett, Chang, James, Lowenthal
JMayor, City of C~fino
-3-