HomeMy WebLinkAbout2011-45 JPA CA Muni Finance AuthorityRESOLUTION NO. 2011-45
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
APPROVING A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO
THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
WHEREAS, pursuant Chapter 5 of Division 7 of Title 1 of the Government Code of the
State of California, certain public agencies (the "Members") have entered into a Joint Exercise
of Powers Agreement, effective on January 1, 2004 (the "Agreement") in order to form the
California Municipal Finance Authority (the "Authority"), for the purpose of promoting economic,
cultural and community development, and in order to exercise any powers common to the
Members, including the issuance of bonds, notes or other evidences of indebtedness; and
WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose,
among others, of financing or refinancing the acquisition and rehabilitation of multifamily rental
housing projects; and
WHEREAS, Pine Gardens 1, Inc., a California nonprofit public benefit corporation ("Pine
Gardens"), an affiliate of Rural Communities Housing Development Corporation ("RCHDC"), has
requested that the Authority issue debt obligations one or more series (which may be in the form
of a loan evidenced by a note or revenue bonds, and referred to in this Resolution as the
"Bonds") in an aggregate principal amount not to exceed $8,400,000, and lend the proceeds of
the Bonds to either or both of Pine Gardens and/or a California limited partnership or
partnerships of which Pine Gardens will be the managing general partner (collectively, the
"Borrowers") for the purpose of financing the costs of the acquisition and rehabilitation of three
(3) residential rental facilities (the "Projects") located in the City of Ukiah, California (the "City"),
to be owned by one of the Borrowers and to be operated initially by RCHDC; and
WHEREAS, in order for the Authority to have the legal authority to issue the Bonds, it is
necessary for the City to become a Member of the Authority, and the City Council of the City
has determined that it is in the public interest and for the public benefit that the City become a
Member of the Authority in order to facilitate the financing of the acquisition and rehabilitation of
the Projects; and
WHEREAS, a copy of the Agreement has been filed with the City Clerk, and the City
Council, with the assistance of City staff, has reviewed the Agreement;
follows:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ukiah, as
Section 1. The Agreement is hereby approved and the City Manager or designee
thereof is hereby authorized and directed to execute the Agreement, and the City Clerk is
hereby authorized and directed to attest thereto.
Section 2. The City Clerk is hereby directed to forward a certified copy of this
Resolution and an originally executed signature page of the City to the Agreement to the
Authority in care of its counsel, addressed as follows:
Andrea Caruso Townsend, Esq.
Squire, Sanders & Dempsey LLP.
555 South Flower Street, Suite 3100
Los Angeles, CA 90071-2300;
Section 3. This Resolution shall take effect from and after the date of its passage
and adoption.
PASSED AND APPROVED this 2nd day of November, 2011, by the following roll call
vote:
AYES: Councilmember Landis, Thomas, Crane, Baldwin, and Mayor Rodin
NOES: None !
ABSTAIN: None
ABSENT: None
r
By'
Mari odin, Mayor
ATTEST:
C V
JoAnne M. Currie, City Clerk
03042.51:J11456
10/5/11
82661.00001\6991024.3
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