COMPLETED BOARD ORDER"�|Eu �S-2
Before the Board of Supervisors in and for the
County of Monterey, State of California
Resolution No.: 12-034
a. Conduct a public hearing under the requirements of
Tax Equity and Financial Responsibility Act
TEFRA) and the Internal Revenue Code of 1986, as
amended; and
b. Adopt a resolution approving the issuance of up to
$13,300,000 in Private Activity Bonds by the
California Municipal Finance Authority CMFA) for
the benefit of MP Manzanita Associates, Limited
Partnership to provide for the financing of the
Project
Upon motion of Supervisor Armenta, seconded by Supervisor Salinas, and carried by
those members present, the Board of Supervisors hereby:
a. Conducted a public hearing under the requirements of Tax Equity and Financial
Responsibility Act TEFRA) and the Internal Revenue Code of 1986, as amended;
and
b. Adopted the attached Resolution No. 12-034 approving the issuance of up to
$13,300,000 in Private Activity Bonds by the California Municipal Finance Authority
CMFA) for the benefit of MP Manzanita Associates, Limited Partnership to provide
for the financing of the Project.
PASSED AND ADOPTED on this 7t' day of February, 2012, by the following vote, to-wit:
AYES: Supervisors Armenta, Supervisor Calcagno, Salinas, Potter and Parker
NOES: None
ABSENT: None
I, Gail T. Borkowski, Clerk of the Board of Supervisors of the County of Monterey, State of California,
hereby certify that the foregoing is a true copy of an original order of said Board of Supervisors duly made
and entered in the minutes thereof of Minute Book 76 for the meeting on February 7, 2012.
Dated: February 10, 2012 Gail T. Borkowski, Clerk of the Board of Supervisors
County of Monterey, State of California
By Q % a~i''lr(ii o,!X
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COMPLETED BOARD ORDER"�|Eu �Before the Board of Supervisors in and for the
County of Monterey, State of California
RESOLUTION NO. 12-034
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
MONTEREY APPROVING THE ISSUANCE OF TAX-EXEMPT BONDS BY
THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR MP
MANZANITA ASSOCIATES, LP, OR ANOTHER LIMITED PARTNERSHIP TO
BE ESTABLISHED BY MIDPEN HOUSING CORPORATION OR AN
AFFILIATE THEREOF, WITH RESPECT TO A MULTIFAMILY RENTAL
PROJECT
WHEREAS, MP Manzanita Associates, LP, or another limited partnership to be
established by MidPen Housing Corporation or an affiliate thereof the Borrower")
intends to acquire and construct a 66 unit multifamily housing development the
Project") located at 17900 Kearny Street and 17500 Reynolds Street Assessor's Parcels
Numbers 031-164-089 and 031-164-092) in the County of Monterey, California 93933,
and has requested the California Municipal Finance Authority the Authority") to issue
tax-exempt bonds the Bonds") in the not-to-exceed amount of $13,300,000, the
proceeds of which shall be used for the purpose of financing the acquisition and
construction of the Project; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 the Code")
requires that the applicable elected representative" with respect to the Project to approve
the issuance of the Bonds with respect to the Project after a public hearing has been held
concerning the issuance and delivery of the Bonds with respect to the Project; and
WHEREAS, the Board of Supervisors of the County of Monterey the Board") is
the elected legislative body of the County of Monterey the County") and is one of the
applicable elected representatives required to approve the issuance of the Bonds under
Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the Board approve the issuance of
the Bonds by the Authority in order to satisfy the public approval requirement of Section
147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers
Agreement, dated as of January 1, 2004 the Agreement"), among certain local agencies,
including the County; and
WHEREAS, pursuant to Section 147(f) of the Code, the Board has, following
notice duly given, held a public hearing regarding the issuance of the Bonds at which all
those interested in speaking with respect to the financing of the Project were heard, and
now desires to approve the issuance of the Bonds by the Authority, as provided below;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF MONTEREY, AS FOLLOWS;
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COMPLETED BOARD ORDER"�|Eu �Section 1. The Board hereby finds and determines that the foregoing recitals
are true and correct.
Section 2. The Board hereby approves the issuance of the Bonds with respect
to the Project by the Authority. It is the purpose and intent of the Board that this
resolution constitute approval of the issuance of the Bonds by the Authority only for the
purposes of i) Section 147(f) of the Code by the applicable elected representative of the
governmental unit having jurisdiction over the area in which the Project will be located,
in accordance with said Section 147(f), and ii) Section 4 of the Agreement.
Section 3. The issuance and delivery of the Bonds 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 Bonds by the Authority.
Section 4. The payment of the principal, prepayment premium, if any, and
purchase price of and interest on the Bonds shall be solely the responsibility of Borrower.
The Bonds shall not constitute a debt or obligation of the County.
Section 5. The officers of the County are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver any and all documents
which 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 transaction approved
hereby.
Section 6. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED AND ADOPTED this 7th day of February, 2012, upon motion of Supervisor
Armenta, seconded by Supervisor Salinas, and carried by the following vote, to wit:
AYES: Supervisors Armenta, Supervisor Calcagno, Salinas, Potter and Parker
NOES: None
ABSENT: None
Um,,, Ppbba,
Chair of the Board of Supervisors
ATTEST:
GAIL T. BORKOWSKI
Clfkaf the Board
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SIGNED BOARD REPORT"�|Eu
�MONTEREY COUNTY BOARD OF SUPERVISORS
MEETING: February 7, 2012 1:30 pm AGENDA NO.: S- oZ
SUBJECT a. Conduct a public hearing under the requirements of Tax Equity and Financial
Responsibility Act TEFRA) and the Internal Revenue Code of 1986, as
amended; and,
b. Adopt a resolution approving the issuance of up to $13,300,000 in Private
Activity Bonds by the California Municipal Finance Authority CMFA) for the
benefit of MP Manzanita Associates, Limited Partnership to provide for the
financing of the Project.
DEPARTMENT: Auditor-Controller's Office
RECOMMENDATION:
It is recommended the Board of Supervisors:
a. Conduct a public hearing under the requirements of Tax Equity and Financial
Responsibility Act TEFRA) and the Internal Revenue Code of 1986, as amended; and,
b. Adopt the attached resolution approving the issuance of up to $13,300,000 in Private
Activity Bonds by the California Municipal Finance Authority CMFA) for the benefit of
MP Manzanita Associates, Limited Partnership to provide for the financing of the
Project.
SUMMARY:
MP Manzanita Associates, LP is working with the California Municipal Finance Authority to
issue up to $13,300,000 Thirteen Million Three Hundred Thousand Dollars) in tax-exempt
revenue bonds to help finance the construction of 66-affordable apartments. The recommended
actions are required before the CMFA can proceed with an application to the California Debt
Limit Allocation Committee CDLAC). Because TEFRA hearings are only valid for 1 year, this
action duplicates action taken by this Board on February 15, 2011.
DISCUSSION:
MP Manzanita Associates, LP, intends to construct a multifamily rental housing development
totaling 66 units to be located at 17900 Kearny Street and 17500 Reynolds Street Assessor's
Parcels Numbers 031-164-089 and 031-164-092) in the County of Monterey, California 93933.
The owner of the Project is MP Manzanita Associates, L.P.
In order for the CMFA to request an allocation of tax-exempt bonds from CDLAC and for the
bonds to ultimately qualify for tax-exempt status under the Internal Revenue Code, the local
government agency having jurisdiction over the area in which the project is located must hold a
properly noticed public hearing pursuant to TEFRA 26 U.S.C 147 f)) and adopt a resolution
approving sale of the private activity bonds.
The County of Monterey is a member of the CMFA. The Joint Exercise of Powers Agreement
provides that the CMFA is a public entity, separate and apart from each member executing such
agreement. The debts, liabilities and obligations of the CMFA do not constitute debts, liabilities
or obligations of the members executing such agreement.
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SIGNED BOARD REPORT"�|Eu
�The Bonds to be issued by the CMFA for the Project will be the sole responsibility of the
Borrower, and the County will have no financial, legal, moral obligation, liability or
responsibility for the Project or the repayment of the Bonds for the financing of the Project. All
financing documents with respect to the issuance of the Bonds will contain clear disclaimers that
the Bonds are not obligations of the County or the State of California but are to be paid for solely
from funds provided by the Borrower.
OTHER AGENCY INVOLVEMENT:
RMA Housing and Redevelopment Office, County Counsel, and the County Administrative
Office have reviewed this request and concur with the recommendations.
FINANCING:
The staff cost of processing this request has been financed by Fund 001, Budget Unit 1110
Auditor-Controller). If the bonds are issued, a portion of the issuance fees estimated to total
$7,500 will be deposited in Fund 001.
Approved by:
Ron Holly Michael J. it r, CISA, CPA
Y
Auditor-Controller
Chief Deputy Auditor Controller
U
Attachments: Resolution
Copy of Notice
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PROOF OF PUBLICATION"�|Eu�NOTICE OF PUBLIC
HEARING
NOTICE IS HEREBY
GIVEN that the
Board of Supervi-
sors of the County
of Monterey the
County"), at its
regular meeting on
Tuesday. February
7, 2012, will hold a
public hearing and
consider approval
of the issuance by
the California Mu-
nicipal Finance Au-
thority the Au-
thority") of multi-
family housing rev-
enue bonds the
Bonds") in a prin-
cipal amount not to
exceed $13,300,000
to assist in the fi-
nancing of the ac-
quisition and con-
struction of a 66
unit multifamily
housing develop-
ment the Projec-
t") located at 17900
Kearny Street and
17500 Reynolds
Street Assessor's
Parcels Numbers
031-164-089 and
031-164-092) in the
County of Monte-
rey California
93933, and to be oc-
cupied, in part or in
whole, by persons
and families of very
lows low or moder-
ate income.
The owner of the
Project is expected
to be MP Manzanita
Associates, LP, or
another limited
partnership to be
established by
MidPen Housing
Corporation or an
ailiate thereof
TT Borrower").
The Bonds may be
issued in one or
more series from
time to time and
shall include bonds
issued to refund the
original issue or is-
sues of Bonds in
one or more series
from time to time,
provided that at no
time shall the total
amount of Bonds
outstanding exceed
the amounts set
forth above.
The Bonds will not
constitute an in-
debtedness or obli�
gation, or a pledge
of the faith and
credit of, the Coun-
ty_ The Bonds will
be special, limited
obligations of the
Authority, payable
solely from the rev-
enues of the Project
and by other funds
pledged by the Bor-
rower.
All those interested
in matters related
to the issuance of
the Bonds and the
financing of the ac-
quisition and con-
struction of the
Project are invited
to attend and be
heard at the meet-
ing which will com-
mence at 10:30 a.m.
and will be held in
the Board Cham-
bers at 168 West
Alisal Street, Sali-
nas, California
93901. If you have
any questions re-
arcing the public
hearing, please
contact Ron Holly.
Chief Deputy
Auditor-Controller, o at 831) 755.5493 rey
B GAIL T.
BORKOWSKI
Clerk of the Board
1/18/12
CNS-2237896#
MONTEREY COUNTY
HERALD
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PROOF OF PUBLICATION"�|Eu�Monterey County
Th it pin,
www.montereyherald.com
A Media News Group Newspaper
PO BOX 271 MONTEREY, CALIFORNIA 93942-0271
831-646-4387
Fax: 831-372-4225
Email: mhlegals@montereyherald.com
CALIFORNIA NEWSPAPER SERVICE BUREAU
Account No. 2140303
PO BOX 60460
LOS ANGELES, CA 90060
Legal No. 0004292954
CNS-2237896#
Ordered by: curtis_small@dailyjourna
PROOF OF PUBLICATION
STATE OF CALIFORNIA
County of Monterey
I am a citizen of the United States and a resident of the
County aforesaid. I am over the age of eighteen years, and
not a party to or interested in the above-entitled matter. I
am the principal clerk of the printer of The Herald, a
newspaper of general circulation, printed and published daily
and Sunday in the City of Monterey, County of Monterey.
and which newspaper has been adjudged a newspaper of
general circulation by the Superior Court of the County of
Monterey, State of California: that the notice, of which the
annexed is a printed copy set in type not smaller than 7
point), has been published in each regular and entire issue
of said newspaper and not in any supplement thereof on the
following dates, to wit:
01/18/12
I certify or declare), under penalty of perjury. that the
foregoing is true and correct
Executed on 01/18/2012 at Monterey, California.
Signature
7
p0 0 a0 0 2 uaw9 8
This space is reserved for the County Clerk's Filing Stamp
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