2014-1149 If
RESOLUTION NO. 2014-1149
A RESOLUTION APPROVING THE ISSUANCE BY
THE PUBLIC FINANCE AUTHORITY OF BONDS
ON BEHALF OF CROWN COURT JANESVILLE GARDENS, LLC
WHEREAS, Crown Court Janesville Gardens, LLC (the "Borrower "), has requested that the Public Finance
Authority (the "Authority ") issue bonds (the "Bonds ") in an amount not to exceed $9,500,000, the proceeds of which
will be used to finance the costs of the acquisition, renovation and equipping of residential rental facilities for
individuals and families of low and moderate income known as Janesville Garden Court Apartments, located at 208 N.
Main Street, Janesville, Wisconsin 53545, and Grant Village Apartments, located at 2119 King Street, Janesville,
Wisconsin 53546 (together, the "Project "); and
WHEREAS, the Project will initially be owned and operated by the Borrower; 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(0 of the Code, prior to their issuance, private activity bonds are required
to be approved by the "applicable elected representative" of 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 (the "Governing Body ") are the applicable elected
representatives of the City of Janesville, Wisconsin (the "City "); and
WHEREAS, the Borrower has requested that the Governing Body approve the financing of the Project and
the issuance of the Bonds in order to satisfy the public approval requirement of Section 147(0 of the Code and the
requirements of Section 4 of the Amended and Restated Joint Exercise of Powers Agreement Relating to the Public
Finance Authority, dated as of September 28, 2010 (the "Joint Exercise Agreement ") and Section 66.0304(11)(a) of
the Wisconsin Statutes; and
WHEREAS, pursuant to Section 147(0 of the Code, the Governing Body or its designee has, following notice
duly given in the form attached hereto as Exhibit A (the "TEFRA Notice "), held a public hearing regarding the
financing of the Project and the issuance of the Bonds, and now desires to approve the financing and the issuance of
the Bonds; and
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville as follows:
Section 1. The above recitals are true and correct.
Section 2. The form and publication of the TEFRA Notice is approved.
Section 3. The Governing Body hereby approves the issuance of the Bonds by the Authority for
financing the Project. It is the purpose and intent of the Governing Body that this resolution constitute approval of the
issuance of the Bonds by the applicable elected representative of the governmental unit having jurisdiction over the
area in which the Project is located, in accordance with Section 147(0 of the Code and Section 66.0304(11)(a) of the
Wisconsin Statutes and Section 4 of the Joint Exercise Agreement.
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Resolution No. 2014 -1149
Page 2 of 2
Section 4. The officers of the Governing Body 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.
Section 5. The approval of the issuance of the bonds does not constitute an endorsement to a prospective
purchaser of the Bonds of the creditworthiness of the Project or the Borrower. THE BONDS DO NOT CONSTITUTE
A DEBT OF THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR ANY AGENCY THEREOF,
INCLUDING THE CITY OF JANESVILLE, OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF
WISCONSIN OR ANY POLITICAL SUBDIVISION OR ANY SUCH AGENCY, INCLUDING THE CITY OF
JANESVILLE.
ADOPTED: November 24, 2014 Motion by: Marklein
Second by: Kealy
APPROVED: Councilmember Aye Nay Pass Absent
Bobzien X
Farrell X
Mark . Freitag, City Ma er Fitzgerald X
Kealy X
ATTEST: Liebert X
Marklein X
' �7 L 7 Severson X
Je Ann Wu`Tf, City Clerk -Tr surer
APPROVED AS TO FORM:
�� .4/' z it Attorney
Wald Klimc y , y y
Proposed by: Neighborhood & Community
Services Department
Prepared by: Jennifer Petruzzello,
Neighborhood & Community Services Director
{CN002391.2}