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HomeMy WebLinkAboutReso 129-2016 (16-843) City of South San Francisco P.O. Box 711 (City Hall, 400 Grand Avenue) r — South San Francisco,CA r;11 7'‘\� Resolution: RES 129-2016 File Number: 16-843 Enactment Number: RES 129-2016 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $20,000,000 TO FINANCE A MULTI-FAMILY RENTAL HOUSING FACILITY FOR THE BENEFIT OF MILLER AVENUE SENIOR HOUSING LP, AND CERTAIN OTHER MATTERS RELATING THERETO. WHEREAS, the Miller Avenue Senior Housing LP, a California limited partnership (the "Borrower"), has requested that the California Municipal Finance Authority (the "Authority") participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $20,000,000 (the "Bonds") for the acquisition, construction, improvement and equipping of an 81-unit affordable multi-family rental housing facility(the"Project") to be owned and operated by the Borrower and located at 313 B Tamarack Lane and 310, 312 and 314 Miller Avenue within the City of South San Francisco(the"City"); and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is to be 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(1) 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, The Bonds to be issued by the Authority for the Project will be the sole responsibility of the Borrower, and the City 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; and WHEREAS, all financing documents with respect to the issuance of the Bonds will contain clear disclaimers that the Bonds are not obligations of the City or the State of California,but are to be Page 1 File Number: 16-843 Enactment Number: RES 129-2016 paid for solely from funds provided by the Borrower; 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, by the City Council of the City of South San Francisco as follows: Section 1. The foregoing recitals 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 to be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement. Section 3. 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 4. The Clerk shall forward a certified copy of this Resolution to the Authority in care of its counsel: Ronald E. Lee, Esq. Jones Hall,APLC 475 Sansome Street, Suite 1700 San Francisco, CA 94111 Section 5. This Resolution shall take effect immediately upon its adoption. * * * * * At a meeting of the City Council on 11/9/2016, a motion was made by Pradeep Gupta, seconded by Liza Normandy, that this Resolution be adopted. The motion passed. Yes: 4 Councilmember Normandy, Councilmember Matsumoto, Vice Mayor Gupta, and Mayor Addiego Page 2 File Number: 16-843 Enactment Number: RES 129-2016 Absent: 1 Councilmember Garbarino Attest by Wir Krista rtinelli Page 3