HomeMy WebLinkAbout6747_CCv0001.pdf RESOLUTION NO. 6747
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
AUTHORIZING THE EXECUTION AND DELIVERY OF AN EXTENSION
OF REGULATORY AGREEMENT IN CONNECTION WITH THE CITY'S
VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE
BONDS 1988 SERIES A AND 1988 SERIES B (ORANGE VILLAGE
APARTMENTS PROJECT)
WHEREAS, the City of Redlands (the "City") has previously issued its $8,000,000
Variable Rate Demand Multifamily Housing Revenue Bonds 1988 Series A and 1988 Series B
(Orange Village Apartments Project) (the "Bonds") to provide for the financing of a multifamily
housing project located in the City of Redlands known as the Orange Village Apartments (the
"Project"); and
WHEREAS, a Regulatory Agreement and Declaration of Restrictive Covenants among
the City, the original owner of the Project and the bond trustee (the "Regulatory Agreement")
was recorded against the Project to ensure compliance with Federal Tax Law as it related to
income limits and occupancy restrictions; and
WHEREAS, the Orange Village Apartments, L.P., the current owner of the Project (the
"Owner") defeased and redeemed the Bonds on August 1, 2008 with moneys derived from a
taxable bank loan; and
WHEREAS, upon the redemption of the Bonds the restrictions and covenants contained
in the Regulatory Agreement terminated; and
WHEREAS, the Owner has requested the City's assistance in removing the Regulatory
Agreement as an encumbrance on the title to the Project and has agreed to extend the covenants
and restrictions in the Regulatory for an additional two years under an Extension of Regulatory
Agreement in the form presented at this meeting;
NOW, THEREFORE, the City Council of the City of Redlands resolves as follows:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. The proposed form of Extension of Regulatory Agreement presented at this
meeting is hereby approved. The Mayor or the City Manager and the City Clerk are, and each of
them is, hereby authorized and directed, for and in the name of the City, to execute the Second
Supplemental Indenture in substantially the form hereby approved, with such additions thereto
and changes therein as are approved by such officers, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 3. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and all things to execute and delivery any and all documents and certificates
which they may deem necessary or advisable in order to facilitate the execution and delivery of
the Extension of Regulatory Agreement, and to otherwise to effectuate the purposes of this
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resolution; and such actions previously taken by such officers are herby ratified and confirmed,
including, without limitation, the execution and delivery of the Termination Agreement.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the
City of Redlands on August 5, 2008:
Mayo
ATTEST:
City Jerk
1, Lorrie Poyzer, City Clerk of the City of Redlands, hereby certify that Resolution No.
6747 was duly adopted by the City Council of the City of Redlands at a regular meeting thereof
held on the 5th day of August, 2008, by the following vote:
AYES: Couneilmembers Gilbreath, Gallagher, Aguilar, Bean; Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
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