HomeMy WebLinkAboutCC Reso 2019-51 - Approving Housing Revenue Bonds1
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RESOLUTION NO. 2019-51
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH APPROVING THE
ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY
HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$8,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF UKIAH SENIOR ASSOCIATES AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Ukiah Pacific Associates, a California Limited Partnership (the "Borrower") a
partnership of which Pacific West Communities, Inc. (the "Developer") or a related person to the
Developer is the general partner, has requested that the California Municipal Finance Authority
(the "Authority") adopt a plan of financing providing for the issuance of exempt facility bonds for a
qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of
1986 (the "Code") in one or more series issued from time to time, including bonds issued to refund
such exempt facility bonds in one or more series from time to time, and at no time to exceed
$8,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition,
construction, improvement and equipping of a 31 -unit senior multifamily rental housing project
located at the Northeast Corner of South Oak Street & West Gobbi Street (APN 002-301- 55-00),
Ukiah, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
Authority must be approved by the City of Ukiah (the "City") because the Project is located within
the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative body
of the City 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 City Council 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 Relating to
the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice
duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve
the issuance of the Bonds by the Authority:
NOW, THEREFORE, BE IT RESOLVED that:
Section 1. The foregoing resolutions are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority.
It is the purpose and intent of the City Council that this resolution constitute approval of the
issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the
applicable elected representative of the governmental unit having jurisdiction over the area in
which the Project is located. in accordance with said Section 147(f) and (b) Section 4 of the
Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of
all financing documents relating thereto to which the Authority is a party. The City shall have no
responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the
Project; (ii) approve any application or request for or take any other action in connection with any
planning approval, permit or other action necessary for the acquisition, construction, rehabilitation,
installation or operation of the Project; (iii) make any contribution or advance any funds
whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its
membership therein.
Section 5. The officers of the City 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 immediately upon its adoption.
PASSED AND ADOPTED on November 6, 2019 by the following Roll Call Vote:
AYES: Councilmembers Orozco, Brown, Scalmanini, Crane, and Mayor Mulheren
NOES: None
ABSTAIN: None
ABSENT: None
'11,6(A)
Maureen Mulheren, Mayor
ATTEST:
Kristine Lawler, City Clerk
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