HomeMy WebLinkAboutReso 41-2020 (20-136)N 0 City of South San Francisco
-ft City Council
� Resolution: RES 41-2020
File Number: 20-136
P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
Enactment Number: RES 41-2020
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 $42,000,000 TO FINANCE THE
ACQUISITION AND REHABILITATION OF TWO AFFORDABLE
RENTAL HOUSING FACILITIES FOR THE BENEFIT OF MIDPEN
HOUSING CORPORATION OR AN AFFILIATE THEREOF, AND
CERTAIN OTHER MATTERS RELATING THERETO.
WHEREAS, MidPen Housing Corporation, a California nonprofit corporation (the "Sponsor"), on
behalf of an entity to be created by the Sponsor or an affiliate of the Sponsor (such entity to be referred
to herein as the "Borrower"), has requested that the California Municipal Finance Authority (the
"Authority") issue one or more series of revenue bonds in an aggregate principal amount not to exceed
$42,000,000, including but not limited to revenue bonds issued as part of a plan to finance and refinance
the facilities described herein (the "Bonds");
WHEREAS, proceeds of not to exceed $21,000,000 principal amount of the Bonds will be used to
finance the acquisition, development, rehabilitation and equipping of the Willow Gardens Apartments, a
36 -unit affordable rental housing facility for low- and lower-income households, located in the City of
South San Francisco (the "City") at 982, 986 and 990 Brusco Way, 344, 364, 383 and 395 Susie Way,
976 Sandra Court and 986 Nora Way, to be owned and/or operated by the Borrower (the "Willow
Gardens Project"); and
WHEREAS, proceeds of not to exceed $21,000,000 principal amount of the Bonds will be used to
finance the acquisition, development, rehabilitation and equipping of the Greenridge Apartments, a
34 -unit affordable rental housing facility for low- and lower-income households, located in the City at
1565 El Camino Real, to be owned and/or operated by the Borrower (the "Greenridge Project" and
collectively with the Willow Gardens Project, the "Project"); 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 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(fl of the Code and the
City of South San Francisco Page 1
File Number: 20-136
Enactment Number: RES 41-2020
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, 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,
including but not limited to Bonds issued as part of a plan to finance the facilities described herein. 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(fl 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(fl 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 and an originally executed
Agreement 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 4/8/2020, a motion was made by Councilmember Nagales, seconded by
Vice Mayor Addiego, that this Resolution be approved. The motion passed.
Yes: 5 Mayor Garbarino, Vice Mayor Addiego, Councilmember Nagales, Councilmember
Nicolas, and Councilmember Matsumoto
Attest by d1tt04
Vosa Govea Acosta, City Clerk
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