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
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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
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File Number: 16-843 Enactment Number: RES 129-2016
Absent: 1 Councilmember Garbarino
Attest by
Wir
Krista rtinelli
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